March 11, 2025

Exports as a share of GDP, Goods & Services Exports, 2023

The U.S. imports make up about 26% of Mexico’s GDP and 20% of Canada’s GDP, meaning tariffs could push both countries into recession. A downturn in either economy would have negative economic consequences for the U.S., but it also highlights a significant vulnerability for Mexico and Canada, given their heavy reliance on U.S. trade.

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