Wed, 07/08/2020 – 10:25
White House economic adviser Larry Kudlow joined CNBC on Wednesday morning, and did what he does best, or what he’s paid to do – that is, pump, pump, and pump some more.
For the Trump administration to send The Kudlow out to the mainstream financial press to convince everyone the trade deal is still intact, suggests there’s a major problem.
That problem is on commitments and China’s monthly purchases of US goods covered by the phase one deal is severely underwhelming (per the trade deal tracker via Peterson Institute for International Economics (PIIE).
“Through May 2020, China’s year-to-date total imports of covered products from the United States were $32.7 billion, compared with a prorated year-to-date target of $71.9 billion. Over the same period, US exports to China of covered products were $26.9 billion, compared with a year-to-date target of $59.5 billion. Through the first five months of 2020, China’s purchases of all covered products were thus only at 45 percent (US exports) or 46 percent (Chinese imports) of their year-to-date targets,” PIIE said.
As we’ve explained before, China has ditched American markets for others:
- “Rush Hour Traffic” Of Soybean Ships From LatAm To Asia, As China Ditches US
- “Running Out Of Time” – US Soybean Farmers Disappointed As China Goes Elsewhere
On Monday, 40 American business groups called on Beijing to increase purchases of US manufactured goods as well as agriculture and energy products as part of the agreement signed in January.
For now, the trade deal is emerging as a dud, as China is lagging behind commitments.
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Author: Tyler Durden
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