The “really incredible” deal Donald Trump signed with his “very, very good friend” Xi Jinping has turned out to be rather one-sided. trade China
It hasn’t, of course, helped that the ink had barely dried on the agreement when the pandemic emerged and plunged the world into lockdowns and caused havoc to global supply chains and global trade.
Even without the pandemic, however, it was improbable that China would ever honour its commitments to buy more US products – it simply didn’t need the extra volumes of agricultural products, energy or manufactured goods envisaged by the deal. To the extent that it could buy more of them, it would have impacted trade relationships with third parties, creating friction elsewhere. The European Union, for instance, would have been enraged.
There has also been a further deterioration in the larger relationship between the two nations, including a significant broadening of the range of sanctions the US and other western countries have imposed on Chinese individuals and companies over issues ranging from national security to the Uighurs, to China’s treatment of Hong Kong.
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