Mexico overtakes China as the leading source of goods imported by US
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Mexico has surpassed China as the leading source of goods imported by the United States, reflecting growing tensions between Washington and Beijing. The value of goods imported from Mexico rose nearly 5% from 2022 to 2023, reaching over $475 billion, while the value of Chinese imports dropped 20% to $427 billion. This is the first time in over two decades that Mexican goods imported by the US have exceeded the value of Chinese imports. The shift in imports reflects US efforts to import from countries that are friendlier and closer to home, as well as supply chain disruptions caused by the COVID-19 pandemic. Some Chinese manufacturers have established factories in Mexico to take advantage of the US-Mexico-Canada Trade Agreement, which allows for duty-free trade in North America for many products. The drop in US reliance on Chinese goods is also attributed to wariness of Beijing's economic policies and concerns about President Xi Jinping's reliability.

#Mexico #China #Imports #TradeTensions #Us-mexico-canadaTradeAgreement

https://apnews.com/article/china-goods-imports-trade-mexico-tariffs-trump-eaee6cec8bb3cadc1103ba60f986b76e