Finance
Factbox-US imports from Canada, Mexico in 2024 as tariff threat looms
Published by Global Banking & Finance Review®
Posted on January 22, 2025
2 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 22, 2025
2 min readLast updated: January 27, 2026
US plans 25% tariffs on Canada and Mexico imports, affecting key sectors like automobiles and crude oil. Japanese automakers may benefit.
(Reuters) - As U.S. President Donald Trump mulls imposing 25% duties on imports from Canada and Mexico on Feb. 1, focus has shifted to the sectors likely to bear the brunt of the tariffs.
About 28%, or about $844 billion, of all U.S. imports in 2024 came from the two neighboring countries, data from the Census Bureau shows. The automobile industry accounted for imports of more than $202 billion from Canada and Mexico combined.
"Japanese automakers like Toyota stand to gain the most so long as tariffs are applied to Canada and Mexico, as many of their imported parts come from Japan, or suppliers located in the U.S.," said Jason Miller, interim chair of the department of supply-chain management at Michigan State University's business college.
Here is a list of the biggest imports into U.S. from Mexico and Canada last year:
Total value % of US Cumulative % of
Commodity of US imports of the exports from
imports of product from Canada/Mexico
the product Mexico/Canada
from Canada
& Mexico
Automobile & $102.21 bln 45% 12%
light duty
motor vehicle
manufacturing
Crude oil $101.45 bln 66% 24%
Electronic $38.99 bln 37% 29%
computers
Other motor $28.28 bln 60% 32%
vehicle parts
$23.28 bln 26% 35%
Goods returned
(exports for
Canada only)
Heavy duty $18.68 bln 93% 37%
trucks &
chassis
Oil refinery $17.67 bln 31% 39%
products
Motor vehicle $14.42 bln 58% 41%
electrical &
electronic
equipment,
NESOI*
Audio & video $13.03 bln 36% 42%
equipment
Nonferrous $12.79 bln 35% 44%
metal (except
Aluminum)
Smelted,
Refined
Source: U.S. Census Bureau
* NESOI is an acronym used to categorize exported cargo items. It stands for "Not Elsewhere Specified or Included".
(Reporting by Juveria Tabassum in Bengaluru; Editing by Shailesh Kuber)
The article discusses potential US tariffs on imports from Canada and Mexico in 2024, focusing on key sectors affected.
In 2024, about 28% of US imports, valued at approximately $844 billion, came from Canada and Mexico.
The automobile and crude oil sectors are among the most affected by the potential tariffs.
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