Despite the Trump Administration& #39;s spin, China is no where near living up to its phase one commitments https://www.wsj.com/articles/senior-u-s-chinese-officials-say-they-are-committed-to-phase-one-trade-deal-11598322056">https://www.wsj.com/articles/...

As Chad Bown notes, China only imported about half of what it would need to in the first half of 2020 to be on track to meet the phase one targets

Another way to put it is that U.S. exports to China this year are running below their 2017 (pre-trade war) pace, and the deal promised a big increase -- not a return to past levels

That& #39;s also true for agricultural exports too, even with big increases in exports of pork and chicken parts.

Rather surprisingly, YTD* exports of soybeans and cereals have lagged their pre-trade war pace.

*/ orders look a bit better, but it may be hard to make up for a weak q1

Lighthizer has in the past emphasized the importance of China actually living up to its commitments -- which makes the spin around today& #39;s call all the more striking

(it is very hard to make a case that China is delivering on the visible targets) https://www.wsj.com/articles/senior-u-s-chinese-officials-say-they-are-committed-to-phase-one-trade-deal-11598322056">https://www.wsj.com/articles/...