You are spot on. We have heard this before. Trump got snookered in his first term on China's promise too increase imports of American goods. 

No, China did not fully fulfill its Phase 1 trade agreement commitments on soybeans and other goods during Trump's first term, as the agreement expired at the end of 2021 with China falling significantly short of the purchase targets. The COVID-19 pandemic and other factors contributed to the failure to meet the goals for purchasing $200 billion more in U.S. goods and services over two years, with agricultural purchases specifically falling short by about $13 billion.