Booming farm exports
didn’t dent the trade deficit, which came in at a record and 38% above a year ago.
In fairness these are very unusual times. But the deficit hung near the ‘07 highs for several years.
Farm exports are good but aren’t near big enough to change the deficit materially.
The Chinese have so far met about 1/3 of their commitments from the pre-election agreement/non-agreement.