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US Dec trade data reveals massive shortfall in China's 'Phase 1' purchases

The U.S. Census Bureau said on Tuesday that the United States' 2021 goods trade deficit with China rose by $45 billion, or14.5%, to $355.3 billion

Photo: Reuters
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Photo: Reuters

Reuters
U.S. goods exports to China fell in December, cementing a massive shortfall in Beijing's two-year purchase commitments under the "Phase 1" trade deal negotiated by former President Donald Trump's administration.

The U.S. Census Bureau said on Tuesday that the United States' 2021 goods trade deficit with China rose by $45 billion, or
14.5%, to $355.3 billion, the largest since a 2018 record of $418.2 billion.

The 2020 gap was $310.3 billion, a 10-year low driven by coronavirus pandemic lockdowns.

The global U.S. trade deficit in 2021 surged 27% to a record $859.1 billion as businesses restocked inventories to meet robust

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)