Phnom Penh (FN), Dec. 2 – Since 1995, the value of global trade has increased nearly fivefold, falling just short of the peak seen in 2022.

In 2023, the US imported USD 3.2 trillion in goods, remaining the largest global importer, with key imports including cars, electronics, and machinery. Mexico and Canada are major trade partners, supplying goods and resources like crude oil and natural gas.

President-elect Trump plans a 25% tariff on imports from these countries, potentially raising costs for businesses and consumers.

China, the second-largest importer, leads in crude oil imports but maintains a USD 1.3 trillion trade surplus due to low production costs and high savings. Global trade shrank last year, with import declines in 27 of the top 30 countries, including Taiwan (-18%) and Brazil (-14%). Proposed tariffs could strain economic ties further.

This article was originally published on Voronoiapp.
=FRESH NEWS