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Balance of trade with the United States. The 30 largest trade partners of the United States represent 87.9 percent of U.S. exports, and 87.4 percent of U.S. imports as of 2021. These figures do not include services or foreign direct investment. In 2023, Canada is the largest trading partner of the United States, followed by Mexico. [1]
The country’s biggest trading partners were Mexico, China, and Canada. The $4 trillion in imports marked the highest amount on record for the US, with $3.3 trillion of imports coming from goods.
Canada was the largest export trade partner for 36 states in 2023, while Mexico was the main export trade partner for several other states. The new tariffs would likely affect US consumers.
For most economies worldwide, their leading export and import trading partners in terms of value are typically the United States, the European Union (EU) or China. Emerging markets such as Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Turkey, and Iran are becoming increasingly important as major markets or source countries in various regions.
Over the long run, nations with trade surpluses tend also to have a savings surplus. The U.S. generally has developed lower savings rates than its trading partners, which have tended to have trade surpluses. Germany, France, Japan, and Canada have maintained higher savings rates than the U.S. over the long run. [2]
The Trump administration initiated long-awaited tariffs on top US trading partners Saturday. Mexico faces a 25% tariff, China 10%, and Canada 25%, but Canadian energy imports will see a lower duty ...
The authority of Congress to regulate international trade is set out in the United States Constitution (Article I, Section 8, Paragraph 1): . The Congress shall have power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and to promote the general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform ...
Mexico, Canada and China are the top three U.S. trading partners responsible for about 40% of U.S. imports in 2024. Some economists say the move could push prices higher for U.S. consumers. It ...