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Trump’s trade targets crumble with China’s purchases behind schedule

Ags - Grains/Beans 251 Ags - Meat/Dairy 204 China 2605 Cons. Discr. - Autos 955 Consumer Staples 625 Energy - Conventional 385 Energy - Natural Gas 124 Health Care 258 Industrials - Capital Goods 472 Tariffs 1648 Trade Balance 868 Trade Deals 907 U.S. 4636

U.S. trade activity continued to decline in July with goods and services combined contracting by 15.3% year over year, an 11th straight decline. With exports down by 20.1% and imports having declined by 11.4% the trade deficit surged to $63.6 billion, its highest since June 2008. Cutting the deficit has been a key policy objective for the Trump administration. While COVID-19 has clearly played a part, it is clear that a shortfall in purchase commitments made by China under the two countries’ phase 1 trade deal have also not helped. Chinese purchases of the 548 products covered by the pha...

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