Three weeks after his election win, on November 25, President-elect Donald Trump announced plans for tariffs on goods imported from America’s three largest trading partners: Mexico, Canada, and China. Trump proposed a 25% tariff on all imports from Mexico and Canada and a 10% increase in tariffs on Chinese goods, effective from his inauguration on January 25, 2025.
Regarding Mexico and Canada, the President-elect stated that these tariffs would remain in place until both countries took action to stem the flow of illegal drugs and immigration into the US. As for China, Trump argued that the tariff increase was intended to push Beijing to take stronger action to curb the production and trade of addictive substances, particularly the drug Fentanyl, into the US.
The infographic below illustrates the largest trading partners of the US, based on data from the US Census Bureau and the US Bureau of Economic Analysis.
As the data shows, Mexico, China, and Canada are the top three importers to the US, accounting for over 40% of the country’s total import value last year. Analysts suggest that increased tariffs on goods from these three partners will not only impact American consumers through potential price hikes but also affect businesses reliant on supplies from China, Canada, and Mexico. These businesses may need to reconsider their entire supply chain.
Vietnam is America’s seventh-largest trading partner, with imports to the US valued at $114.4 billion in 2023.
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