Beijing only fulfilled 57% of its commitments, meaning it did not even achieve its pre-pandemic imports.
a "historic" deal with China in January 2020 which would see Beijing increase its imports by Dec. 31, 2021. A study from the Peterson Institute for International Economics examined the "Phase 1" agreement, which dictated that China would buy at least $227.9 billion of U.S. goods in 2020 and $274.5 billion in 2021, but the company hit only $288.8 billion over the two-year period instead.
Lohman explained that the trade relationship between the two countries, despite some noise made by leaders, has remained "pretty strong." China remains among America’s top three trading partners with roughly equal shares to Mexico and Canada, and sales from American companies with subsidiaries in China sell almost twice as much as America generally exports to the country.
"The companies have often given away their property as the cost of doing business," he said. "It’s basically illegal in international trade law to demand someone gives you their intellectual property as a cost of business, but the Chinese do it, and the companies do it.
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