U.S. trade with other nations is worth $4.9 trillion per year. China, Canada and Mexico are the country’s largest trading partners, accounting for nearly $1.9 trillion worth of imports and exports. But this landscape could be reshaped as President Trump pursues “America First” policies and reworks free trade deals.
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What is international trade?</h3>
International trade is the term for cross-border economic activity. Consumer products like televisions and apparel, capital goods like machinery, raw materials, and food are some of the things that are often traded. Other transactions involve services, like payments for foreign patents and travel services (see service industry). International financial payments, in which the private banking sector and the central banks of the trading nations play key roles, promote international trade transactions.
International trade and the associated financial transactions are typically carried out to give a nation the commodities it lacks in exchange for the abundant commodities it produces; these transactions, when combined with other economic policies, tend to raise the standard of living in a given country.
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