Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

During President-elect Donald Trump’s first term, America launched an all-out trade war with China to boost US manufacturing, secure US national security interests and resolve what Trump believed was an extremely out-of-balance trade relationship.

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.