# The Fed - Did the U.S. Bilateral Goods Deficit With China Increase or Decrease During the US-China Trade Conflict?

> A Federal Reserve FEDS note estimates that the U.S. goods deficit with China appears narrower than Chinese data imply, largely because U.S. importers underreported Chinese imports to evade tariffs. The gap implies roughly $10 billion in annual lost U.S. tariff revenue.

- Date: 2021-06-21 · published 2021-06-21T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/46430-the-fed-did-the-u-s-bilateral-goods-deficit-with-china-increase-or-decrease
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

The note concerns trade accounting and tariff evasion rather than agricultural flows, so it has little direct effect on feed grain or oilseed prices.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-07-02 | [China Gearing-up To Meet Increase In Demand For Feed - Trade News - News - Zhejiang Yaofi Bio-Tech Co.,Ltd](https://feedsoft.ai/events/52131-china-gearing-up-to-meet-increase-in-demand-for-feed-trade-news-news-zhejiang.md) | +0.5% | -0.2% |
| SOY | 2019-11-20 | [A trade deal with China could end up hurting the U.S. soybean market -Braun](https://feedsoft.ai/events/55913-a-trade-deal-with-china-could-end-up-hurting-the-u-s-soybean-market-braun.md) | -3.0% | +1.9% |
| SOY | 2022-09-02 | [The Future of Food and Agricultural Trade with China - Farm Foundation](https://feedsoft.ai/events/14905-the-future-of-food-and-agricultural-trade-with-china-farm-foundation.md) | +1.1% | -7.3% |
| SOY | 2021-02-08 | [Anatomy of a flop: Why Trump's US-China phase one trade deal fell short \| PIIE](https://feedsoft.ai/events/48475-anatomy-of-a-flop-why-trump-s-us-china-phase-one-trade-deal-fell-short-piie.md) | +0.4% | +5.2% |
| SOY | 2020-01-07 | [China won't hike grain import quotas for U.S. trade deal: Caixin](https://feedsoft.ai/events/54941-china-won-t-hike-grain-import-quotas-for-u-s-trade-deal-caixin.md) | -0.4% | -5.7% |
| CORN | 2020-07-02 | [China Gearing-up To Meet Increase In Demand For Feed - Trade News - News - Zhejiang Yaofi Bio-Tech Co.,Ltd](https://feedsoft.ai/events/52131-china-gearing-up-to-meet-increase-in-demand-for-feed-trade-news-news-zhejiang.md) | +0.9% | -6.0% |
| CORN | 2022-10-24 | [Calls Increase for U.S. Trade Representative to Act on Mexico’s Pending Decree on Corn Imports](https://feedsoft.ai/events/39108-calls-increase-for-u-s-trade-representative-to-act-on-mexico-s-pending-decree.md) | -1.1% | -1.4% |
| CORN | 2020-10-07 | [Mexico plans to ban GM corn imports, stirring potential conflict with U.S. - The Organic & Non-GMO Report](https://feedsoft.ai/events/50621-mexico-plans-to-ban-gm-corn-imports-stirring-potential-conflict-with-u-s-the.md) | +2.0% | +6.5% |

## Sources

- federalreserve.gov: https://www.federalreserve.gov/econres/notes/feds-notes/did-the-us-bilateral-goods-deficit-with-china-increase-or-decrease-during-the-us-china-trade-conflict-20210621.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.