In his RNC speech on Tuesday, US Secretary of State Mike Pompeo insured Americans that China promises to follow phase one of the trade deal. Chad Bown, Senior Fellow for the Peterson Institute for International Economics, stops by to break down the deal and says we are nowhere near close to the level of commitment that was promised.
China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal. The additional purchases will come on top of the 2017 U.S. export numbers. The deal stipulates that Beijing will buy $77 billion in additional goods and services in 2020 and $123 billion in 2021 to meet…