To put that in perspective, after Washington and Beijing signed the so-called Phase One trade agreement in 2020, China committed to purchasing additional American goods and services worth $200 billion over 2020 and 2021, nearly seven times the $30 billion now under discussion. Even then, China did not fully meet that target.
Now, China is expected to increase imports of American agricultural products, energy, and aircraft, though the purchase commitments remain far more limited than anticipated. Beijing has agreed to buy 200 Boeing planes, well short of the 500 reported to be under discussion ahead of the summit.
On the Chinese side, the likely beneficiaries of the so-called “Board of Trade” are producers of low-tech consumer goods—clothing, furniture, shoes, and toys—products that Washington no longer considers strategically significant. More sensitive sectors are expected to remain effectively off limits.