So why does the liar in chief keep repeating the lie about his trade deficit with Canada which is primarily because of oil?
"In 2023 the US imported $482 billion in goods and services from Canada, while exporting $441 billion, resulting in a $41 billion trade deficit.
In 2023, the value of Canadian crude oil exports to the United States was $124 billion, which was 16% of Canada's total export value. The United States is the primary destination for Canadian crude oil, receiving about 97% of Canada's total exports."
I don't have the breakdown of other goods and services trade but why does Trump say the US is subsidizing Canada?
That's BS and he knows it.
How is he planning to reduce that trade deficit? Is he going to punish oil imports by driving up US supply? I doubt it especially when he talks about needing Keystone XL.
We likely have a big trade deficit with the US in autos and auto parts. $77 billion exports vs 117 billion in imports from all countries but the US would be the largest share.
“Long gone are the days when Canada maintained healthy trade surpluses in automotive,” said Andrew King, Managing Partner at DAC, in a statement. “EVs are bringing changes throughout the entire automotive ecosystem, and trade is no exception, as production systems restructure, new players emerge, and trade tensions rise to the fore.”
"For 2023, Canadian exports of auto parts came in at $23.5 billion, while exports of light vehicles totalled $53.5 billion. Imports totalled $47.5 and $70.4 billion, respectively. In both cases, DAC said the United States remains its largest trading partner, accounting for 95.3% of Canada’s total auto exports and 57.7% of its overall auto imports.
In comparison, Mexico accounts for 2.5% of auto exports and 14.5% of auto imports."
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[url]https://canadianautodealer.ca/2024/06/canadas-auto-trade-surpasses-2b-u-s-remains-largest-trade-partner/[/url]
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"In 2023 the US imported $482 billion in goods and services from Canada, while exporting $441 billion, resulting in a $41 billion trade deficit.
In 2023, the value of Canadian crude oil exports to the United States was $124 billion, which was 16% of Canada's total export value. The United States is the primary destination for Canadian crude oil, receiving about 97% of Canada's total exports."
I don't have the breakdown of other goods and services trade but why does Trump say the US is subsidizing Canada?
That's BS and he knows it.
How is he planning to reduce that trade deficit? Is he going to punish oil imports by driving up US supply? I doubt it especially when he talks about needing Keystone XL.
We likely have a big trade deficit with the US in autos and auto parts. $77 billion exports vs 117 billion in imports from all countries but the US would be the largest share.
“Long gone are the days when Canada maintained healthy trade surpluses in automotive,” said Andrew King, Managing Partner at DAC, in a statement. “EVs are bringing changes throughout the entire automotive ecosystem, and trade is no exception, as production systems restructure, new players emerge, and trade tensions rise to the fore.”
"For 2023, Canadian exports of auto parts came in at $23.5 billion, while exports of light vehicles totalled $53.5 billion. Imports totalled $47.5 and $70.4 billion, respectively. In both cases, DAC said the United States remains its largest trading partner, accounting for 95.3% of Canada’s total auto exports and 57.7% of its overall auto imports.
In comparison, Mexico accounts for 2.5% of auto exports and 14.5% of auto imports."
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[url]https://canadianautodealer.ca/2024/06/canadas-auto-trade-surpasses-2b-u-s-remains-largest-trade-partner/[/url]
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