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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. [10] 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. [10] Roughly 60 percent of the oil imported by the United States is sourced ...
The US trade deficit widened to a record $945 billion in 2022, ... and the deficit with Mexico — now America’s biggest trading partner — increased $21.9 billion to $152.4 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.
Harley Shaiken, a labor expert and professor emeritus at the University of California, Berkeley, said that with the most recent trade agreement, the United States-Mexico-Canada Agreement ...
NAFTA GDP – 2012: IMF – World Economic Outlook Databases (October 2013) The North American Free Trade Agreement (NAFTA / ˈ n æ f t ə / NAF-tə; Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; French: Accord de libre-échange nord-américain, ALÉNA) was an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America.
When Trump mentioned “$1.1 trillion deficits,” he may have been thinking of the total US trade deficit with the world, which was about $1.1 trillion in 2023 if you only consider trade in goods ...
U.S. trade deficit, in billions, goods only, by country, 2014. On March 22, 2018, Trump signed a memorandum under the Section 301 of the Trade Act of 1974, instructing the United States Trade Representative (USTR) to apply tariffs of $50 billion on Chinese goods.
The goods trade deficit with Mexico alone increased more than 78% between 2020, the year the USMCA took effect, and the end of 2023. And the deficit with Canada grew by about 27%, according to the ...