Phase One U.S. trade deal progress a wild card to China’s imports: ANZ
BEIJING - China's imports fell more than expected in May. due to shrinking commodity imports and reduced trade flows from its major markets including EU and the US.
ANZ Bank says a wild card to China's imports is the progress being made by China in its adherence to the US-China phase one deal.
"We constructed a tracker to measure the progress made under the Phase One trade deal, using U.S. Government data," ANZ says in an assessment of today's trade situation.
"It (the tracker) suggests that China's imports from the U.S. had achieved 14% of the target for 2020 as of April on the back of the global pandemic.
"The underlying geopolitical dynamics imply increased uncertainty about the implementation of the Phase One trade agreement.
"The next event to monitor will be the high-level U.S.-China trade framework group meeting, which is likely to take place in July or August.