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Friend or Foe? Trade Shifts Reflect Geopolitical Risks

In 2023, the United States bought more goods from Mexico than China for the first time since 2002. In 2017, the Trump administration placed steep tariffs on many Chinese products. These levies, which were kept by the Biden administration, make the cost of goods from China less competitive against U.S. products and those imported from nations with free trade agreements. The pandemic, the war in Ukraine and attacks in the Red Sea have all disrupted supply chains and provided further impetus to reconfigure trade strategies.

U.S. imports of goods from top trading partners (in billions), 1999-2023

Sources: U.S. Census Bureau, 2024; McKinsey Global Institute, 2024

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The information contained herein represents the views of Westwood Holdings Group, Inc. at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy or completeness of any data compiled herein. Any statements non-factual in nature constitute only current opinion, which is subject to change. Any statements concerning financial market trends are based on current market conditions, which will fluctuate. Past performance is not indicative of future results. All information provided herein is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned.