In the first phase of new trade deal between the US and China in January, China agreed to import energy commodities in the volume of more than $25 billion. Instead, China had imported crude oil, coal and liquefied natural gas in the volume of $1.29 billion only, what represents around 5% of the targeted volume for 2020.
Experts agree that China is unable to fulfill the agreed amount in the remaining part of this year. To some extent, coronavirus pandemic could be blamed for the situation, when China’s economy was paused for few weeks. On the other hand, Donald Trump may benefit from the situation, as the topic of the US-China trade deal belongs among key topics for his presidential campaign. Chances are that tensions between the two top economies will further escalate. Such a progress could negatively affect global economic recovery, which is expected to happen once anti-pandemic measures are eased.
