The U.S. has a trade deficit, meaning it imports more goods than it exports. Tariffs could help close that gap by raising the prices of foreign goods and encouraging Americans to purchase domestic alternatives. In some cases, even the threat of tariffs might accomplish some of that by incentivizing manufacturers to move operations elsewhere. However, those operations won’t necessarily be relocated to the United States.
China was long the biggest exporter of goods to America. But its export total began to fall after Trump levied tariffs on the country during his first term, when companies began moving manufacturing from China to Mexico. As a result, Mexico surpassed it for total exports in 2023.
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