In Naperville, Illinois, on February 4th, a potential trade deal between the United States and its neighboring countries is currently on hold. Despite both sides imposing tariffs on Tuesday, their leaders have yet to engage in discussions as of late afternoon.
These four nations play significant roles in each other's trade activities, with China, Canada, and Mexico being top partners in U.S. import and export sectors. The data, sourced from the Observatory of Economic Complexity, sheds light on the intricate relationship between these countries.
The United States and China, for instance, are key trading partners with declining shares in each other's exports. In 2019, the U.S. exports to China hit an 11-year low, while Chinese exports to the U.S. also saw a decrease in share.
For Mexico and Canada, exports to the U.S. are crucial, amounting to a substantial percentage of their total export values. Similarly, the U.S. holds significance for both Mexico and Canada regarding imports, with U.S. goods constituting a substantial portion of their import values.
Overall, these intertwined trade relationships highlight the intricate web of global trade dynamics, with potential impacts extending beyond the immediate tariffs.