Close behind each other, Canada, Mexico, and China ranked as US’s top trading partners in 2021.
The Census Bureau reported on Tuesday that Canada was placed in the first position with 14.5% of the total merchandise trade of the United States (imports plus exports).
Globally, US trade in goods was $4.588 billion in 2021.
Next, in second place, was Mexico, with 14.4%, and then China, with 14.3 percent.
While the United States operates a free trade agreement with its two neighbors (USMCA), a trade war continues with China, while the global exchange of merchandise continues to be strongly impacted as a result of the Covid-19 pandemic.
In nominal terms, the United States totaled the following customs values in its trade with its main trading partners last year: Canada, 664.8 billion dollars; Mexico, 661.2 billion, and China, 657.4 billion.
On January 15, 2020, the United States and China signed a historic economic and trade agreement, known as the «Phase One Agreement.»
This Phase One Agreement calls for structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and foreign exchange.
The Phase One Agreement also includes a commitment by China to make substantial additional purchases of US goods and services in calendar years 2020 and 2021.
Importantly, the Phase One Agreement establishes a robust dispute resolution system that ensures prompt and effective implementation and enforcement.
On the other hand, on January 29, 2020, President Donald Trump signed the legislation that implements the T-MEC.
The USMCA entered into force on July 1, 2020, modernizing and replacing the North American Free Trade Agreement (NAFTA).
Likewise, the USMCA maintains zero tariffs between the three countries that were in force under NAFTA.