Investing.com – President Trump may be unhappy about high Canadian dairy tariffs, but that sector represents a tiny fraction of the overall goods and services exchanged in one of the world’s biggest trade relationships.
Here’s five things to know about U.S.-Canada trade.
Trade in dairy products between the two countries totaled just $600 million in 2016, less than 1% of the total. And U.S. dairy exports were five times those of Canada’s.
Though Canada had a trade surplus in goods of almost $18 billion in 2017, it was only the 12th largest of all U.S. trading partners. The surplus was one half the size of Ireland’s and a quarter the size of Japan’s and Germany’s
When goods and services are combined, the U.S. has a trade surplus with Canada. It was $8.4 billion in 2017.
American exports to Canada have grown at a faster rate than Canadian imports to the U.S. in the 25 years since the North American Free Trade Agreement went into effect.
Canada is the United States’ largest export market for goods.
Exports totaled more than $282 billion in 2017–twice as much as was sent to China.
All of that trade adds up to a lot of American jobs. Exports to Canada supported 1.6 million American jobs in 2015.
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Source: Investing.com
