Such a large increase in its U.S. imports will mean that China will reduce imports from other countries in order to balance the country`s overall trade balance. The United States and China will resolve their differences over how the agreement will be implemented through bilateral consultations, starting at the level of work and then at the level of senior officials. If these negotiations fail to resolve the ongoing dispute, there will be procedures for the imposition of tariffs or other sanctions. Data Release Note: This update is based on October 2020 data released on November 25, 2020, for both Chinese and U.S. exports – preliminary data on U.S. exports to China, which are monitored under the agreement, will be released prior to full release scheduled for December 7, 2020. The next update is based on Data from November 2020, which was released on December 25, 23, 2020 (Chinese imports) and December 23, 2020 (U.S. exports). Preliminary U.S. export data for October recorded zero imports for aircraft (Harmonized Tariff Schedule 8800 and 8802); All data revisions will be included in a revision published on December 7. China Customs said China`s imports of aircraft (8802) were only $506 million in October.

7. See United States Trade Representative and U.S. Department of Agriculture, Interim Report on the Economic and Trade Agreement between the United States of America and the People`s Republic of China: Agriculture Trade, 23 October 2020. . . .