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How Much Time Did The Coronavirus Pandemic Cost In U.S.-China Trade?  Share   Share Source: AP Photo/Marcio Jose Sanchez, File One year and one coronavirus pandemic after the U.S. and China agreed to the  Phase 1 trade deal in January 2020, the trailing twelve month average of the combined value of goods traded between the two countries has returned to its November 2019 level. At $47.6 billion, this measure is now roughly at the level a no coronavirus pandemic projected for March-April 2020. One way to think about that result is that it means the coronavirus pandemic has cost the U.S. and China the equivalent of 9 and a half months worth of lost trade. Here s a chart showing the combined value of U.S. exports to China and imports from China in the period from January 2008 through January 2021, where you can see how different this measure is from what could have been.

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