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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]
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.
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 ...
In 2022, the US imported $4 trillion in goods and services and exported $3 trillion. The country’s biggest trading partners were Mexico, China, and Canada.
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.
Trump adds Europe to the list of US trade partners he's threatening with tariffs; US flu season is underway, as cases surge in some areas and vaccinations lag; US civil rights probe faults Philadelphia school district over handling of antisemitism reports; The year in review: Influential people who died in 2024
Geopolitical pressures shift top trading partners. For the first time in decades, Mexico overtook China in the number of goods bought and sold to the U.S. in 2023.
Leading trade partners; By country. Trade mission; ... (26 November 2024) United Kingdom ... United States – Israel–United States Free Trade Agreement [49 ...