Economy articles
Who does the US trade with?
Mexico, Canada, and China were the US’ top trading partners in 2024, when combining total imports and exports. The US has trade relations with over 200 countries, territories, and regional associations.
What does the International Trade Administration (ITA) do?
The International Trade Administration (ITA) is a subdivision of the US Department of Commerce responsible for promoting international trade, strengthening the competitiveness of US industry, and ensuring fair trade through rigorous enforcement of trade laws and agreements. The ITA provides data, tools, and resources to help American businesses navigate the complexities of international markets, advocates for US commercial interests abroad, and works to remove trade barriers. It was established in 1980.
What is the value of US trade overall?
$3.23 trillion in exports and $4.14 trillion in imports in 2024. Benefits of trade can include higher wages and job growth, a wider variety of products available at lower prices, increased productivity, and more efficient resource allocation.
What does the Office of the US Trade Representative (USTR) do?
The Office of The United States Trade Representative (USTR) is a subdivision of the Executive Office of the President responsible for developing and coordinating US international trade, commodity, and direct investment policy, and overseeing negotiations with other countries. The agency works to create trade opportunities for American businesses and workers, enforce US trade laws, and ensure that trade agreements are fair and beneficial to the US economy. It was established in 1963.
US trading partners, imports and exports, and how tariffs factor in
In 2024, the US imported $4.1 trillion and exported $3.2 trillion in goods and services. Higher tariffs can raise prices and the impact on US jobs is a complex issue. Join Steve as he talks through US trade, tariffs and their impact, US trade partners, trade agreements, and more.
What are free trade agreements and how do they affect trade?
Free trade agreements are strategic partnerships between countries that trade with each other by reducing barriers to entry to the international market for producers, standardizing labor practices, and ensuring affordability and safety for consumers, and more.Compared to a trade war, free trade agreements are like peace treaties — they’re meant to bring countries into alignment and promote a fair and harmonious relationship that promotes trade and is mutually beneficial for all countries involved.What do free trade agreements do?Free trade agreements aim to keep international markets open and flexible for consumers and domestic industries by:Reducing trade barriers like tariffs. This lowers the cost of imports, keeping prices lower and giving consumers more purchase optionsProtecting intellectual property rights of domestic producers. Limiting competitive opportunities on proprietary products preserves access to international markets for domestic industries.Developing product and labor practice standards across markets. This protects consumers by ensuring that imported products are safe and meet the same kinds of standards as their domestic alternativesProtecting against exclusionary rules around investing or participating in financial markets
What is the average US tariff rate overall?
About 9.9% in January 2026. The average effective tariff rate shows how much the US collects in customs duties as a percentage of the total value of imported goods. However, imports may have different tariff rates (or none at all) depending on factors like country of origin, product type, trade agreements, and much more.
Who are the US’ top trade partners?
Combining imports and exports, the United States' top trade partner in 2023 was Mexico, with nearly $798 billion in goods and services exchanged between them.Following that were Canada ($773 billion) and China ($575 billion).These nations have been the US’s top three every annually at least 2009, accounting for 42% of all US trade in 2023.
What does it mean for the US to have a half a trillion dollar trade deficit?
Fifty years ago, the US trade balance went into a deficit. Since 1971, the US trade deficit has grown to more than half a trillion dollars. The trade deficit decreased from $73.2 billion to $70.1 billion from June to July of this year as the value of exports increased and imports decreased. The US trade deficit was $676 billion in 2020 according to the Bureau of Economic Analysis.While half a trillion dollars can be startling to read, whether the US has an overall trade deficit or surplus says more about trade patterns than the health of the US economy.Although the US is currently at a trade deficit, it remains the largest importer and exporter of goods and services, according to the Office of the US Trade Representative. This means that the value of imports, as well as exports, is larger than any other country’s.
How a US-China trade war might impact individual states
The tariff battle between the United States and China is set to impact hundreds of billions of dollars in trade between the two countries. That impact will vary at the state level, as each state has a different trading relationship with China.In July 2019, President Trump called for 25-percent tariffs on $250 billion worth of Chinese goods after trade talks between the United States and China stalled. In response, China called for an increase in tariffs on $60 billion worth of American imports.In 2018, the United States had its largest trade imbalance ever with China. The United States imported $539.5 billion in goods from China, $419.2 billion more than the $120.3 billion it exported to China, according to figures from the U.S. Census BureauCalifornia had the biggest trade imbalance among states with China, taking in $144.8 billion more in imports than exports. In terms of proportion, Arkansas had the worst imbalance, importing more than 16 times more goods from China than were exported to China. (Washington, DC had a ratio of 82 times more Chinese imports than exports.)
Is the US a bigger oil importer or exporter?
In 2025, the US exported more crude oil and petroleum products than it imported. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, while imports were about 7.9 million barrels a day. That’s a -2.8 million barrel a day difference. Crude oil is a fossil fuel that can be refined into petroleum products such as jet fuel and gasoline. The US used to consistently import more petroleum and crude oil than it exported. But exports exceeded imports starting in October 2019. It’s been a net exporter in all but seven months since then.
How many people work in the trades?
In May 2022, 34.7 million people worked in the trades in the US. The Department of Labor categorizes skilled trade professions into five groups: farming, fishing, and forestry; construction and extraction; installation, maintenance and repair; production; and transportation and material moving.The installation, maintenance and repair occupation group includes people who work in electrical, electronic equipment, and vehicle mechanics, installers, and repairers. Production workers include engine assemblers, butchers, food processing workers, laundry workers, and jewelers.What are the most common trade jobs?In 2022, material-moving workers comprised 22.8% of skilled trade workers, amounting to 7.9 million people, making it the most common trade job. Material-moving workers perform jobs such as conveyor, crane, and tractor operation; order filling; and refuse and recyclable collecting.The next most common trade jobs were in construction, which includes plumbers, carpenters, and electricians, motor vehicle operators, such as truck drivers, driver/sales workers (food or laundry delivery services), ambulance, bus, and taxi drivers, and other installation, maintenance, and repair workers.In 2022, 13.6 million American adults — 39% of skilled trade employees — worked in transportation and material moving occupations. Production followed (25%), then construction and extraction (18%), installation, maintenance, and repair (17%), and farming, fishing, and forestry (1%).
How much revenue does the federal government collect from tariffs?
$194.9 billion in FY 2025. This figure reflects revenue from tariffs and other import-related fees, also known as customs duties. Customs duties are taxes and fees paid by US importers and collected by US Customs and Border Protection on goods imported into the country, which generate revenue for the federal government.
How many people are laid off in the United States each month?
About 1.63 million in January 2026. This includes all terminations of employment by an employer — called layoffs and discharges — such as permanent layoffs, temporary layoffs, and terminations because of mergers, downsizing, closings, or employee performance.
How many job openings are there in the US?
About 6.95 million, as of January 2026. The number of job openings decreased by 485,000 from January 2025. A “job opening” is defined as a position open on the last business day of the month. To be considered “open,” a job must meet three conditions: (1) There’s work available for the position; (2) The job could start within 30 days; and (3) The employer is actively recruiting.
Why does daylight saving time exist?
The ritual of changing the clocks twice a year to get more daylight has been in place for more than 50 years. But debates in state legislatures and Congress show that there’s interest in stopping the process. When does daylight saving time start and end? In 2026, daylight saving time starts on Sunday, March 8, and will end on Sunday, November 1. It will begin again on Sunday, March 14, 2027, and run through Sunday, November 7, 2027.
What does the Bureau of Economic Analysis (BEA) do?
The Bureau of Economic Analysis (BEA) is a subdivision of the US Department of Commerce responsible for providing important economic statistics including the gross domestic product (GDP) of the United States. The agency collects and analyzes data on economic performance, trade, and industry, which helps inform public policy and business decisions. It was established in 1972.
What does the United States Mint (USMINT) do?
The United States Mint (US Mint) is a subdivision of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce. The agency designs and manufactures domestic, bullion, and foreign coins, as well as Congressional Gold Medals and silver, gold, and platinum bullion coins. It also maintains physical custody and protection of the nation's gold and silver assets. It was established in 1792.
Which industries employ the most immigrant workers?
In 2024, close to 20% of the US workforce was foreign-born; of 161.1 million employees, about 30.8 million were immigrants. In 2010, immigrants were 15.6% of the workforce. Immigrants are employed across industries, with concentrations in education, health, and professional services. Which industries employ the most immigrants?Educational and health services organizations employed the most immigrants — 5.6 million in 2024, 18.1% of all foreign-born employees. This was followed by professional and business services with 4.7 million (15.4%) and construction with 3.5 million (11.4%).
How much do teachers get paid in the US?
Teachers made about $63,100 per year in 2024. That’s the annual median wage for pre-K-12 teachers across the United States, based on estimates from the Bureau of Labor Statistics. The median marks the middle point—half of teachers earn more and half earn less. The lowest-paid 10% earned $46,900 or less, while the highest-paid 10% earned $102,300 or more.