The Biden Economy

[whell]

Originally Posted by finnbow

Two years ago, President Donald Trump signed what he called a "historical trade deal" with China that committed China to purchase $200 billion of additional US exports before December 31, 2021. Today the only undisputed "historical" aspect of that agreement is its failure. One lesson is not to make deals that cannot be fulfilled when unforeseen events inevitably occur—in this case, a pandemic and a recession. Another is not to forget the complementary policies needed to give an agreement a chance to succeed.

In the end, China bought only 58 percent of the US exports it had committed to purchase under the agreement, not even enough to reach its import levels from before the trade war. Put differently, China bought none of the additional $200 billion of exports Trump's deal had promised.
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https://www.piie.com/blogs/realtime-...s-trumps-trade

Of course that was the outcome, and its explained right within the article you posted:

The emergence of the COVID-19 pandemic undermined any chance of success. Public health–related lockdowns and a short economic recession were accompanied by a temporary collapse in goods trade globally, even if China's imports were mostly spared. Restrictions on mobility also decimated US services exports like tourism and business travel.

Almost 2 years after Trump left office, Biden is still blaming the troubles of the world's economy on the pandemic and "Putin's War".