Big League Politics By Â
Mexico and Canada have surpassed China as the leading exporters of goods to the United States. Per a report by Bloomberg, a nearshoring campaign spearheaded by the United States has promoted more diversified supply chains in an effort to wean the American economy off of Chinese trade.
The US imported roughly $203 billion in goods from China in the first six months of 2023, which is a 25% reduction in import volume from the same period in 2022, according to the latest unadjusted figures published by the Commerce Department. These figures arenât adjusted for inflation.
China is currently the third-largest provider of goods to the US behind Mexico and Canada. Product imports from Mexico increased by 5.4% in the first half of 2023 from a year ago. Germany and Japan follow the three aforementioned countries as the top 5 exporting nations to the US…
