While the situation remains fluid, below are key statistics about U.S. trade with Canada, Mexico, China, and the European Union and the potential impact of tariffs on the U.S. economy.

Please read IANA’s statement on tariffs and their impact on the intermodal freight supply chain and intermodal industry.

• Increased costs as a result of the proposed tariffs would be too large for U.S. retailers to absorb and would result in prices higher than many consumers would be willing or able to pay. (National Retail Federation , November 2024)

• If 25 percent duties on all imports from Mexico and Canada are implemented, the U.S. GDP would be approximately $200 billion lower than it would have been without the tariffs throughout the duration of the Trump Administration. (Peterson Institute for International Economics, January 2025)

• If the U.S. imposed 10 percent additional tariffs on imported goods from China, inflation in the U.S. would increase by 20 basis points, assuming China retaliates. (Peterson Institute for International Economics, January 2025)

• If 25 percent tariffs are imposed on Canada and Mexico, transportation equipment and machinery imported by the U.S. would be impacted the most. (Peterson Institute for International Economics, December 2024)

• Trade with Canada supports over 8 million jobs in the U.S. and Canada is the number one customer to 36 U.S. states. (Associated Press, January 2025)

• 70 percent of Canada’s military procurement is American sourced. (Associated Press, January 2025)

• As a result of the United States-Mexico-Canada Agreement, the trade deal negotiated in 2020, Canada is 99 percent tariff free with the U.S. (Associated Press, January 2025)

• In 2023, Mexico was the U.S.’s top goods trading partner with total two-way goods trade at $807 billion, surpassing China. (U.S. Department of State, January 2025)

• The U.S. goods trade deficit with Mexico was $130.5 billion in 2022, a 23.7 percent increase ($25.0 billion) over 2021. (USTR, 2022)

• U.S. goods and services trade with China totaled an estimated $758.4 billion in 2022. Exports were $195.5 billion, and imports were $562.9 billion. (USTR, 2022)

• In 2022, the U.S. imported over $20 billion worth of transportation-related goods from China. (Council on Foreign Relations, May 2024)

• The European Union and the United States have the world's largest bilateral trade and investment relationship and enjoy the most integrated economic relationship in the world. (European Commission, March 2025)

• U.S. total goods trade with the European Union were an estimated $975.9 billion in 2024. (United States Trade Representative)

• The European Union is a reliable source of critical supplies to the United States, including medicinal ingredients and pharmaceutical products, advanced machinery and equipment, and aerospace parts and components. (European Commission, March 2025)

• The European Union is the largest buyer of the United States’ natural gas and oil, which is an important element for ensuring transatlantic energy security. (European Commission, March 2025)

• US exports of goods and services to the EU support 2.3 million jobs in the US, and EU firms’ investments in the US employ 3.4 million people. (European Commission, March 2025)