by: Elizabeth Balboa, Benzinga Staff Writer
Irked U.S. trade partners planned a bevy of levies on U.S. goods in retaliation against President Donald Trump’s harsh steel and aluminum duties.
Unfortunately, those particular partners contribute a sizeable chunk of the national income. Canada and Mexico are the U.S.’s two largest goods purchasers, and three of the top 10 exporters are members of the European Union.
That’s bad news for the U.S. states and industries reliant on international orders. Here's a peek at who could most bruise the U.S. balance sheet with retaliatory tariffs, according to the International Trade Administration.
◘ Canada: $282.47 billion
The northern neighbor spent 23 percent ($67.74 billion) of its total on transportation equipment. Fittingly, the automaking state of Michigan is the biggest state beneficiary of Canadian trade. It generated $24.84 billion through such exports last year.
◘ Mexico: $242.99 billion
The U.S.’s other NAFTA partner spent 18 percent ($42.87 billion) of its total on nuclear reactors, boilers, machinery and related parts. Texas reported the greatest state earnings ($97.27 billion) from Mexican trade last year.
◘ China: $130.37 billion
About 12 percent ($16.27 billion) of China’s total went to aircraft, spacecraft and parts thereof. The state of Washington has the most exposure to China with an $18.28-billion invoice at stake.
◘ Japan: $67.70 billion
About 11 percent ($7.53 billion) went to nuclear reactors, boilers, machinery and related parts.
◘ United Kingdom: $56.33 billion
About 17 percent ($9.44 billion) went to aircraft, spacecraft and parts thereof.
◘ Germany: $53.49 billion
About 14 percent ($7.27 billion) went to non-railway or tramway vehicles and related parts.
◘ South Korea: $48.28 billion
About 18 percent ($8.78 billion) went to nuclear reactors, boilers, machinery and related parts.
◘ Netherlands: $42.23 billion
About 15 percent ($6.29 billion) went to mineral fuel, oil, bitumen substance, mineral wax and similar resources.
◘ Hong Kong: $40.02 billion
About 29 percent ($11.74 billion) went to electric machinery, sound equipment, TV equipment and related parts.
◘ Brazil: $37.08 billion
About 24 percent ($8.74 billion) went to mineral fuel, oil, bitumen substance, mineral wax and similar resources.
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