Pray that justice would be done, that the American people and American businesses would get the money owed to them. We ask that President Biden would hold China accountable and we ask Lord that you would prevent China’s economic takeover of the world.

From Fox News: China failed to increase its purchase U.S. goods despite an agreement with President Trump to grab an additional $200 billion of U.S. exports, a new study found.

Trump signed a “historic” deal with China in January 2020 which would see Beijing increase its imports by Dec. 31, 2021. A study from the Peterson Institute for International Economics examined the “Phase 1” agreement, which dictated that China would buy at least $227.9 billion of U.S. goods in 2020 and $274.5 billion in 2021, but the company hit only $288.8 billion over the two-year period instead.

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China only achieved 57% of its promised purchases, which left it short of even its pre-pandemic levels and means China did not increase its imports from the U.S. at all. U.S. officials promised to continue pressing China to show “serious intent” to reach their purchase commitments but admitted the deal offered little leverage for enforcement, Reuters reported…

Lohman explained that the trade relationship between the two countries, despite some noise made by leaders, has remained “pretty strong.” China remains among America’s top three trading partners with roughly equal shares to Mexico and Canada, and sales from American companies with subsidiaries in China sell almost twice as much as America generally exports to the country.

Lohman argued that the deal set out to fix Chinese theft of American intellectual property (IP), but it was a poor way to handle the situation. China initially agreed to the deal because they were trying “wait the Trump administration out,” but it was “never likely” to meet the agreed upon targets.

“The companies have often given away their property as the cost of doing business,” he said. “It’s basically illegal in international trade law to demand someone gives you their intellectual property as a cost of business, but the Chinese do it, and the companies do it.”

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(Excerpt from Fox News. Photo Credit: Getty Images)