US trade gap soars in 2020 amid pandemic disruptions

"Rather than benefiting the economy, it has reduced US economic growth and employment, resulting in an estimated peak loss of 245,000 jobs," the US-China Business Council said in a report last month, adding that "Tariff rates remain at a multi-decade high" in spite of the agreement. What kind of course correction President Joe Biden will press for in trade relations remains unclear, but he has indicated he will not immediately roll back tariffs on China.