by Summary:
The United States’ trade deficit with China narrowed significantly following the imposition of additional tariffs on imports from China in multiple waves beginning in 2018—or at least it did based on U.S. trade data. Chinese data tell a much different story, with the bilateral deficit rising nearly to historical highs at the end of 2020. What’s going on here? We find that (as also discussed in a related note) much of the decline in the deficit recorded in U.S. data was driven by successful efforts to evade U.S. tariffs, with an estimated billion loss in tariff revenues in 2020.Interesting numbers.FRBNY — Liberty Street EconomicsWhat Happened to the U.S. Deficit with China during the U.S.-China Trade Conflict?Hunter L. Clark, assistant vice president in the Federal Reserve Bank of New
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The United States’ trade deficit with China narrowed significantly following the imposition of additional tariffs on imports from China in multiple waves beginning in 2018—or at least it did based on U.S. trade data. Chinese data tell a much different story, with the bilateral deficit rising nearly to historical highs at the end of 2020. What’s going on here? We find that (as also discussed in a related note) much of the decline in the deficit recorded in U.S. data was driven by successful efforts to evade U.S. tariffs, with an estimated billion loss in tariff revenues in 2020.Interesting numbers.FRBNY — Liberty Street EconomicsWhat Happened to the U.S. Deficit with China during the U.S.-China Trade Conflict?Hunter L. Clark, assistant vice president in the Federal Reserve Bank of New
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Mike Norman considers the following as important:
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The United States’ trade deficit with China narrowed significantly following the imposition of additional tariffs on imports from China in multiple waves beginning in 2018—or at least it did based on U.S. trade data. Chinese data tell a much different story, with the bilateral deficit rising nearly to historical highs at the end of 2020. What’s going on here? We find that (as also discussed in a related note) much of the decline in the deficit recorded in U.S. data was driven by successful efforts to evade U.S. tariffs, with an estimated $10 billion loss in tariff revenues in 2020.Interesting numbers.
FRBNY — Liberty Street Economics
What Happened to the U.S. Deficit with China during the U.S.-China Trade Conflict?
Hunter L. Clark, assistant vice president in the Federal Reserve Bank of New York’s Research and Statistics Group and Anna Wong, a principal economist at the Board of Governors of the Federal Reserve System