Trump tracker: US trade

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Latest trade data

• The US trade deficit swelled in January to a record $131.4bn, from a $98.1bn deficit in December. Economists said the increase was due at least in part to companies rushing to stockpile goods before the imposition of tariffs

• Since taking office, Donald Trump has applied a blanket tariff of 25 per cent to all steel and aluminium imports, while steep new tariffs on vehicles are set to apply from April 2

Interactive: explore global trade

Overview of US trade in goods

• Mexico has been the largest foreign supplier of goods to the US annually since 2023, following a decline in imports from China after tariffs were introduced during Donald Trump’s first term as president

• Canada, China and Mexico are the three largest suppliers to the US, accounting for more than 40 per cent of imported goods

• Overall, the US runs an annual global trade in goods deficit in excess of $1tn, but the picture varies considerably on a per-country level

Overview of trade in services

• According to the OECD, the top three suppliers of services to the US in 2023 were the UK (13.4 per cent of total US service imports), Canada (6.8 per cent) and Germany (6.4 per cent)

• The top export markets for US services in the same period were Ireland (12.3 per cent of US services exports), Canada (7.6 per cent) and the UK (7.3 per cent)

Additional development by Caroline Nevitt and Eade Hemingway