Search results
Results from the WOW.Com Content Network
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]
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]
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.
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.
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.
The United States needs to import crude oil to meet its daily consumption needs, and Canada is its biggest foreign supplier, sending more than 4 million barrels daily, largely by pipeline.
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 ...