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The U.S. and China inked a Phase 1 trade deal on Jan. 15, which committed China to increase its purchase of U.S. goods by $77 billion in 2020 and by $123 billion in 2021. At the time, analysts said it would be difficult for Chinese companies to boost imports to that extent. Now, the economic fallout of the pandemic makes it even less likely the Chinese private sector will meet those targets.

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