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GDP, or gross domestic product, is a measure of a country's economy. GDP is determined by the sum of several factors: Consumption (which includes durable
GDP, or gross domestic product, is a measure of a country's economy. GDP is determined by the sum of several factors: Consumption (which includes durable and nondurable goods), gross investment (business fixed, residential investment, and inventory investment), government purchases and net exports. In regards to the trade deal signed by the United States and China in 2020, of the $200 Billion of exports China had committed to purchase, in addition to the $600 Billion level of 2017, it has only purchased 58%. This amount was not enough to reach pre-agreement levels, which ultimately amounts to China not purchasing any of the additional $200 Billion exports it had agreed to. Uncertainty, escalating tariffs and the emergence of the COVID-19 pandemic have all contributed to what may now be deemed as a failed attempt to invigorate the US-China trade relationship. US / China trade accounted for 7.3 percent of all US exports and about 1 percent total US economic output. In 2020, China was the U.S. 3rd largest goods export market and the largest supplier of goods imports. Reply
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