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As of November 2024, the U.S. government estimated the United States's trade deficit with Canada to be US$55 billion. [7] This trade deficit is largely driven by American demand for Canadian oil; when oil exports are excluded, the U.S. has a trade surplus with Canada. [7] Roughly 60 percent of the oil imported by the United States is sourced ...
In 2024, the U.S. had a $63.3 billion goods trade deficit with Canada, narrowing from the year prior when it was $64.2 billion, ... “For Trump to secure the US’s energy future, he needs the ...
“Very simply, if they charge us, ... According to the Office of the U.S. Trade Representative, the U.S. goods trade deficit with Canada was $80.1 billion in 2022, a 68% increase over 2021.
The trade relationship of the United States with Canada is the largest in the world.. In 2023, the goods and services trade between the two countries totaled $923 billion. U.S. exports were $441 billion, while imports were $482 billion, resulting in a United States $41 billion trade deficit with Canada. [1]
The US trade deficit widened to a record $945 billion in 2022, narrowed to $785 billion in 2023, ... the US narrowed its deficit with Canada to $274.9 billion from $382.3 billion, ...
United States trade deficits from 1997 to 2021. Deficits are over 50 billion dollars as of 2021 with the countries shown. Data from the US Census Bureau.. The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries.
The US goods and services trade deficit with Canada was about $40.6 billion in 2023, the last year for which full data is available, according to the US government’s Bureau of Economic Analysis.
Richard Nixon addresses a joint session of the Parliament of Canada, 1972. The United States had become Canada's largest market, and after the war, the Canadian economy became dependent on smooth trade flows with the United States so much that in 1971 when the United States enacted the "Nixon Shock" economic policies (including a 10% tariff on ...