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Whether the calm in trade hostilities between the U.S. and Beijing will hold or not, the current tariffs imposed by the Trump administration on Chinese goods are already being felt by businesses and, soon, consumers. But while China is the United States’ single biggest trading partner, neighbors Canada and Mexico are a close second and third, and they combine for more than $1.1 trillion in annual trade. With the NAFTA-replacing USMCA enjoying bipartisan support, aggregate tariffs look certain to remain around historic lows.
Source: World Bank (most recent year available)
A version of this article appears in the January 2020 issue of Fortune with the headline “U.S. Tariffs Near Global, Historic Lows.”
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