U.S. Exports to China Fell in December

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 dealnegotiated by former President Trump's administration, reportsReuters.

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 data showed China by far missed its commitments to purchase an additional $200 billion worth of U.S. farm and manufactured goods, energy and services above 2017 levels -- the year before a bitter trade war embroiled the world's two largest economies.

The purchase commitments were the centerpiece of Trump'sPhase 1 trade dealwith China, which launched in mid-February 2020 and halted a threatened escalation of tariffs.

An analysis of final 2021 Census trade data compiled by economist Chad Bown of the Peterson Institute for International Economics showed China met just 57% of its full two-year goods and services targets.