U.S. now buys more from Mexico than China as Beijing tensions mount

News Snapshot:

Mexico overtook China to be the top source of goods imported by the U.S. in 2023 for the first time in more than two decades, as Washington diversified towards friendlier countries closer to home amid growing tensions with Beijing. Imports from Mexico increased $20.8B Y/Y to $475.6B last year, while Chinese imports decreased $109.1B to $427.2B, latest data from the U.S. Census Bureau showed. The total trade deficit for the U.S., representing exports minus imports, shrank 18.7% Y/Y to $773.4B. Overall exports increased to $3.05T, up $35B from 2022. Imports decreased $142.7B to $3.83T, as U.S. consumers and businesses bought...