In a strategic move ahead of the November 2024 presidential election, former President Donald Trump has announced plans to impose tariffs on key trading partners Mexico, China, and Canada. In 2024, collectively, these three countries made up a stunning 42% of all U.S. imports. Mexico was the new number one, coming in as the largest exporter, with $466.6 billion in goods exported. Trump’s emphasis on these countries is clearly meant to strengthen the U.S. economy and help American producers.
The former president’s decision is somewhat surprising given that trade issues are more important to voters now than ever before. By targeting Mexico, China, and Canada, Trump aims to address concerns over trade imbalances and protect domestic industries. This emphasis on tariffs helps bolster his approach to appeal directly to his voter base. For these voters, economic growth and job creation take precedence over all other issues.
Trade Statistics Paint a Clear Picture
NAFTA’s legacy is evident in recent trade statistics, which further emphasize the importance of Mexico, China, and Canada as likely partners in the U.S. import landscape. In 2024, these three countries together accounted for 42% of all U.S. imports, underscoring their importance in American trade. Mexico was the belated star among major U.S. exporters, with $466.6 billion in goods flowing to the United States from south of the border.
This data highlighted just how important these trading relationships are, particularly when viewed through the lens of ongoing U.S. economic policy and rhetoric. These countries are the main sources of our imports. Given the potentially huge implications of tariff policy changes for American consumers and businesses, we seek to create a space for constructive engagement.
The former president has made clear that tariffs – and their use as punishment – will be a cornerstone of his economic strategy. And through these trade policies, he intends to champion American manufacturers. His stated aim is to reduce the country’s dependence on foreign goods. This strategy is part of a larger move in U.S. trade policy away from free trade principles that focus instead on increasing domestic production.
Trump’s Tariff Strategy
Trump’s personal conviction is that imposing tariffs on China will be good for the U.S. economy. To him, this move is a welcome strategy to protect American jobs. He has consistently signaled that Mexico, China and Canada will be first on his list when looking to impose tariff action. This emphasis is consistent with his original administration’s trade policies that sought to renegotiate trade agreements for the benefit of American interests.
Even when meeting with other heads of state, Trump has not hesitated to announce his intention to impose tariffs. He demonstrates an unusual eagerness to take an uncompromising stance on trade matters. His strategy of throwing in with USW is obviously well-crafted to appeal to voters who are worried about losing jobs based on foreign competition.
“We are advancing in the right direction at pace on tariffs.” – Maros Sefcovic
Additionally, Trump’s stance is increasingly indicative of larger geopolitical factors as rivalries with China increasingly dominate global free trade discourse. Here’s how Trump targets each of these three nations to protect U.S. economic interests. In doing so, he surprisingly places himself in opposition to a very complicated international landscape.
Implications for U.S.-Mexico Relations
Our relationship with Mexico is exceedingly vital right now. Now, in theory, Mexico is the No. Topping China as the No. The threat of new tariffs might warrant retaliatory measures by Mexican government leaders that would make it challenging to maintain diplomatic relations between the two nations.
To address these concerns, trade envoys from both countries will soon begin negotiations. Their stated goal is to refocus and reduce the anticipated fallout from Trump’s tariff schemes. Maros Sefcovic recently noted that he had “constructive talks with U.S. Trade Representative (USTR) Jamieson Greer,” indicating ongoing dialogues aimed at finding common ground on trade issues.
As the election draws near, these changes in a number of economic policies will assume a key influence on voter sentiment. Trump’s war on trade – Canada, China and Mexico are all economic enemies under Trump’s strategy. This strategy has a political benefit as well, strengthening his political support among key constituencies fearful about the impacts of trade.