Senior economist Luis Torres of the Federal Reserve Bank of Dallas noted on Tuesday that Mexico has replaced China as the top U.S. trading partner, racking up $263 billion in trade during the first four months of 2023. China had been the top American trading partner since 2014, when it displaced Canada.
Torres said Mexico’s rise to the top spot was driven by “fractious U.S. relations with China,” U.S. tariffs imposed on Chinese goods in 2018, and “pandemic-era supply-chain disruptions that altered international trade and investment flows worldwide.”
U.S. President Joe Biden, right, stands with Chinese President Xi Jinping before a meeting on the sidelines of the G20 summit meeting, Monday, Nov. 14, 2022, in Bali, Indonesia (AP Photo/Alex Brandon; Screenshot).
Manufactured goods were a key element of Mexico’s growing trade with the United States, accounting for…
