The U.S. ended 2024 with the second-largest trade deficit on record — and China and Mexico were the countries that benefited most from sending goods to America. Canada? Not so much.

President Trump has threatened 25% tariffs on imports from Canada and Mexico, as well as an additional 10% tariff on imports from China. Here’s what you need to know.

President Trump agreed to delay tariffs on Mexico and Canada for a month after both countries pledged to do more to block drugs and migrants.