Top 10 U.S. Trading Partners Through October 2024

U.S. President-elect Donald Trump plans to impose high trade tariffs on three major U.S. trading partners—Mexico, Canada, and China—starting in 2025.

"On January 20th, one of my first many executive orders will be, I will sign all the necessary documents to impose a 25% tariff on Mexico and Canada on all products entering the United States," Trump said, as reported by *VOA Indonesia* (November 26, 2024).

"We will impose an additional 10% tariff on China, on top of other additional tariffs, on all their products entering the United States," Trump added.

These three countries indeed hold significant market shares in U.S. foreign trade.

According to data from the U.S. Census Bureau, during the January-October 2024 period, the value of U.S. goods trade with Mexico (combined exports and imports) reached US$706.9 billion.

This represents 15.9% of the total U.S. foreign goods trade, the highest compared to other countries.

The value of U.S. goods trade with Canada reached US$637.1 billion (14.4%), and with China US$481.8 billion (10.9%).

Combined, Mexico, Canada, and China account for 41.2% of the total value of U.S. foreign goods trade during the January-October 2024 period.

According to Indonesian Finance Minister Sri Mulyani, the increase in trade tariffs between the U.S. and these three countries could have global repercussions.

"The impact of the relationship between the PRC (People's Republic of China) and America affects the whole world," Sri Mulyani said, as reported by *Tempo.co* (December 12, 2024).

"This affects the entire world. Inflation, which was expected to decline, but because of the policy regarding tariffs, then causes the possibility of price increases. This will also cause inflation in America to be held back," Sri added.