Eighteen months after the Trump administration signed the trade deal, the agreement has turned out to be a truce at best. The U.S. trade deficit hasn’t shrunk, most levies are still in place, and it hasn’t led to negotiations over other economic issues.
While the U.S. government’s numbers differ somewhat, the bustling trade has defied all expectations that the tariffs on hundreds of billions of dollars worth of merchandise would force a decoupling of supply chains. Instead, both sides have learned to live with the taxes, with Chinese firms buying more to fulfill the terms of the 2020 trade deal, and U.S.
Almost half of the $259 billion in cargo moving in and out of Los Angeles port -- the U.S.’s biggest -- involves China and Hong Kong. U.S. demand for goods continues unabated, with record inbound shipments to the port in May as companies start to restock ahead of the Christmas shopping season. The Biden administration hasn’t said whether it plans to continue with the deal and is reviewing U.S. policy toward China, but with U.S. Trade Representative Katherine Tai calling the trade relationship"unbalanced” and Treasury Secretary Janet Yellen saying the deal didn’t address the fundamental problems with China, the outlook is unfavorable.
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