Mexico & Canada respectively have emerged as the top 2 trading partners of the US in the first half of the year, according to The Wall Street Journal, thereby replacing China in the process. This is attributed to the ongoing US-China trade war, due to which imports from China to the US dropped by 12% and America’s exports to China declined by 19%. WSJ cited a Commerce Department report, which estimated the total fall in value of bilateral goods exchanged with China to be 14% in the first half of the year. Their bilateral trade amounted to US$ 271.04 billion.
The Trump administration has imposed 25% import tariff on Chinese products worth US$ 250 billion. An additional 10% tariff on products worth US$ 300 billion will become operational from September 1.
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