2025 Top Ten U.S. Trading Partners in Goods and Changes in Trade (Source: U.S. Census (billions of dollars))
Rank
Country
2024 Total Trade (1)
2024 Total Deficit (1) 5,332.6
Reciprocal Tariff rate April 2 (2)
Adjusted Rate Nov. 1 -1230.5
Average (3) Tariff Rate 2024
Average (3) Tariff Rate Oct. 17
--
U.S. Total
5,601.0
268.4
-1202.2 -171.5
-28.3 -25.4
1 2 3 4 5 6 7 8 9
Mexico Canada
872.8 719.5 414.7 256.1 239.2 228.0 209.5 194.0 177.4 161.8
839.6 761.8 581.9 158.8 236.1 227.3 149.6 197.1
33.2
-196.9
-42.3
-46.5
-62.0
15.5 93.4
China
-167.2
-202.1 -146.7
-295.5
Taiwan
97.3
-73.7 -84.7 -69.4
-73.0
Germany
3.1 0.7
-73.0 -63.9
11.7
Japan
5.5
Vietnam
59.9 -3.1
-178.1
-123.5
-54.6
South Korea Switzerland
-56.4 -34.3
-66.0 -38.3
9.6 4.0
88.4
89
10
U.K.
146.7
15.1
32.2
11.4
20.8
The Labor Market First, a brief explanation of labor market data and revisions. The Bureau of Labor Statistics (BLS) releases monthly Employment Situation reports, including jobs numbers, on the first Friday of every month. The monthly jobs report reflects preliminary jobs numbers for the previous month based on surveys of employers known as the Current Employment Statistics (CES) survey. The CES survey is a sample of the labor market; it is not a census of the entire labor market. The jobs numbers for a given month are revised based on surveys received after the preliminary numbers have been released. The first revision to jobs numbers occurs one month after the initial release, with a second revision occurring two months after the initial release. In each case, jobs numbers are updated reflecting additional surveys and corrected information received from employers. A monthly household survey (Current Population Survey) is also used by the BLS to derive the unemployment rate. Once a year, usually in February, the BLS will benchmark the labor market information obtained from employer surveys against the Quarterly Census of Employment and Wages (QCEW), a more complete and accurate measure of labor market data. Additional revisions may occur to prior year jobs numbers. The QCEW is a joint effort between the BLS and state unemployment insurance programs. The QCEW provides a comprehensive tabulation of employment information, and publishes a quarterly count of employment and wages reported by employers covering more than 95 percent of U.S. jobs. Job Growth Weak 2025 job growth and a volatile start to 2026 reflected some existing difficulties in the labor market. 2025 was a dismal year for job growth with only 116,000 jobs added, the sixth worst year for job growth this century (with job losses occurring in 2001, 2002, 2008, 2009, and 2020). Five months had job losses. The tables below show annual job growth since 2000 and monthly job growth since January 2025.
4
Center for Business and Economic Insight
Made with FlippingBook Learn more on our blog