Tariffs are all over the news, with some suggesting that tariffs will crash the economy while others state they will be nothing. Let’s discuss and consider preparations for what may happen.
What do you think will happen with the tariffs?
What impact will potential elevated pricing have on the average American?
In the short run, is this good for America? Long run?
Rourke
Don’t rightly know if these tariffs will be good or bad over the short haul or the long haul … Too many IF’s …
The countries that the tariffs are imposed on “retaliate” with tariffs on what we import from them AND those imports are “necessity to life items”, then the rising prices will be bad over both the short and long haul.
For instance if kiwi’s are imported, that might not affect us more than limiting our fruit choices. Basically the elites will just go on as if nothing has happened.
However if it is something like the big power grid electrical transformers, which we no longer produce in the U.S., then that could really hit everyone … As not only would electricity costs increase (under the guise of accumulating the monies to replace one when it croaks) to suffering longer blackouts when one does fail. Which they all do at some point and most only have a 70 year lifespan, and many are going way beyond their 70 years already.
Consider the following:
https://www.worldstopexports.com/united-states-top-10-imports/
United States Top 10 Imports
by Daniel Workman
The United States of America imported US$3.359 trillion worth of products from around the world in 2024.
That dollar amount reflects a 39.6% increase compared to $2.407 trillion in 2020 and a slower 5.9% year-over-year uptick from $3.173 trillion during 2023.
America’s Best International Trade Suppliers
The latest available country-specific data shows that 72.9% of products imported into America was furnished by exporters in: Mexico (15.2% of the American total), mainland China (13.8%), Canada (12.6%), Germany (4.9%), Japan (4.5%), Vietnam (4.2%), South Korea (4%), Taiwan (3.5%), Ireland (3.1%), India (2.7%), Italy (2.3%) and the United Kingdom (2.1%).
From a continental perspective, 42.6% of America’s total imports by value in 2024 was purchased from suppliers in Asia. Fellow North American trade partners Mexico and Canada furnished 27.7% of imported products bought by the United States while 22.8% worth originated from Europe.
Smaller percentages of American imports came from providers in Latin America (4.9%) excluding Mexico but including the Caribbean, Africa (1.2%), then Oceania (0.7%) led by Australia and New Zealand.
United States Top 10 Imports
The following product groups represent the highest dollar value in America’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into the US.
1. Machinery including computers: US$531.2 billion (15.8% of total imports)
2. Electrical machinery, equipment: $485.9 billion (14.5%)
3. Vehicles: $391.5 billion (11.7%)
4. Mineral fuels including oil: $251.1 billion (7.5%)
5. Pharmaceuticals: $212.7 billion (6.3%)
6. Optical, technical, medical apparatus: $124.8 billion (3.7%)
7. Gems, precious metals: $89.7 billion (2.7%)
8. Plastics, plastic articles: $78.2 billion (2.3%)
9. Furniture, bedding, lighting, signs, prefab buildings: $72.6 billion (2.2%)
10. Organic chemicals: $71.1 billion (2.1%)
The above product categories accounted for over two-thirds (68.7%) of total U.S. imports during 2024.
America’s imports of pharmaceuticals were the fastest-growing increase in value among the top 10 product categories, up 19.6% from 2023 to 2024.
In second place were U.S. imports of machinery including computers (up 15.7%).
The third leading increase was the 8.1% advance for imported plastics both as materials and items made from plastic.
The sole decline in American spending on top imports belongs to the mineral fuels including oil product category (down -5.8% from 2023).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more detailed view of imported goods at the four-digit HTS code level, see the section America’s Most Valuable Import Products: Detailed further down near the bottom of this article and under the major sections below.
Major U.S. Imports of Machinery Products Including Computers
In 2024, American importers spent the most on the following 10 subcategories of machinery including computers.
1. Computers, optical readers: US$141.4 billion (up 35.8% from 2023)
2. Computer parts, accessories: $54.8 billion (up 69%)
3. Turbo-jets: $30.9 billion (up 7.6%)
4. Taps, valves, similar appliances: $18.3 billion (up 5.1%)
5. Air or vacuum pumps: $16.2 billion (up 9.5%)
6. Air conditioners: $15.4 billion (up 7.8%)
7. Centrifuges, filters and purifiers: $14.9 billion (up 6.3%)
8. Printing machinery: $14.7 billion (up 8.3%)
9. Miscellaneous machinery: $14.22 billion (up 9.3%)
10. Refrigerators, freezers: $14.16 billion (up 2.1%)
Among these import subcategories, U.S. purchases of computer parts or accessories (up 69%), computers including optical readers (up 35.8%) then air or vacuum pumps (up 9.5%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among U.S. businesses and consumers.
Major U.S. Imports of Electronics Products
In 2024, American importers spent the most on the following 10 subcategories of electronics equipment.
1. Phone devices including smartphones: US$115.1 billion (down -2.8% from 2023)
2. Integrated circuits/microassemblies: $40.4 billion (up 12%)
3. Electric storage batteries: $32.4 billion (up 8.9%)
4. Insulated wire/cable: $32 billion (up 5.5%)
5. Electrical converters/power units: $29.8 billion (up 8.9%)
6. Solar power diodes/semi-conductors: $23.3 billion (down -13.1%)
7. TV receivers/monitors/projectors: $21.1 billion (up 0.9%)
8. Unrecorded sound media: $20.3 billion (up 69.1%)
9. Electrical/optical circuit boards, panels: $20.1 billion (up 6.6%)
10. Electrical machinery: $17.1 billion (up 3.9%)
Among these import subcategories, U.S. purchases of unrecorded sound media (up 69.1%), integrated circuits and microassemblies (up 12%) then electric storage batteries (up 8.9%) grew at the fastest pace from 2023 to 2024.
Major U.S. Imports of Vehicles Plus Related Products
In 2024, American importers spent the most on the following 10 subcategories of vehicles.
1. Cars: US$219.5 billion (up 4.4% from 2023)
2. Automobile parts/accessories: $89.9 billion (up 2.4%)
3. Trucks: $47.8 billion (up 9.3%)
4. Tractors: $15.7 billion (down -20.2%)
5. Trailers: $5.8 billion (down -17%)
6. Motorcycles: $4 billion (down -6.3%)
7. Special purpose vehicles: $1.74 billion (up 25.1%)
8. Motorcycle parts/accessories: $1.67 billion (down -2.4%)
9. Public-transport vehicles: $1.4 billion (up 22.5%)
10. Bicycles, other non-motorized cycles: $1.1 billion (down -13.2%)
Among these import subcategories, U.S. purchases of special purpose vehicles (up 25.1%), public-transport vehicles (up 22.5%) then trucks (up 9.3%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among U.S. businesses and consumers.
Major U.S. Imports of Mineral Fuels Plus Related Products
In 2024, American importers spent the most on the following subcategories of mineral fuels and related products.
1. Crude oil: US$174.4 billion (up 1.2% from 2023)
2. Processed petroleum oils: $58.7 billion (down -14.9%)
3. Petroleum gases: $10.3 billion (down -35.9%)
4. Petroleum oil residues: $2.7 billion (down -1%)
5. Electrical energy: $2.3 billion (down -34.5%)
6. Coal tar oils (high temperature distillation): $1.1 billion (up 14.2%)
7. Peat: $479.9 million (down -2.9%)
8. Coal, solid fuels made from coal: $367.1 million (down -38.1%)
9. Petroleum jelly, mineral waxes: $343.6 million (up 2.5%)
10. Asphalt/petroleum bitumen mixes: $178.1 million (down -4.1%)
Among these import subcategories, U.S. purchases of high-temperature distilled coal tar oils (up 14.2%), petroleum jelly and mineral waxes (up 2.5%) and crude oil (up 1.2%) grew from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported pharmaceuticals among U.S. businesses and consumers.
America’s Most Valuable Import Products: Detailed List
The following listing highlights 20 of America’s most in-demand imported goods during 2024.
Shown beside each product label is its total import value then the percentage increase or decrease since 2023.
1. Cars: US$219.5 billion (up 4.4% from 2023)
2. Crude oil: $174.4 billion (up 1.2%)
3. Computers, optical readers: $141.4 billion (up 35.8%)
4. Phone devices including smartphones: $115.1 billion (down -2.8%)
5. Blood fractions (including antisera): $109.2 billion (up 33.2%)
6. Medication mixes in dosage: $94.7 billion (up 8.3%)
7. Automobile parts/accessories: $89.9 billion (up 2.4%)
8. Processed petroleum oils: $58.7 billion (down -14.9%)
9. Computer parts, accessories: $54.8 billion (up 69%)
10. Trucks: $47.8 billion (up 9.3%)
11. Electro-medical equipment (e.g. xrays): $41.5 billion (up 9.4%)
12. Integrated circuits/microassemblies: $40.4 billion (up 12%)
13. Electric storage batteries: $32.4 billion (up 8.9%)
14. Insulated wire/cable: $32 billion (up 5.5%)
15. Turbo-jets: $30.9 billion (up 7.6%)
16. Electrical converters/power units: $29.8 billion (up 8.9%)
17. Miscellaneous furniture: $29 billion (up 6.7%)
18. Seats (excluding barber/dentist chairs): $27.3 billion (up 5.1%)
19. Solar power diodes/semi-conductors: $23.3 billion (down -13.1%)
20. Other precious metal items: $21.2 billion (up 49.1%)
These 20 top imported goods were worth a subtotal of US$1.413 trillion or more than two-fifths (42.1%) by value for all spending on imported products by the United States during 2024.
Year over year, the strongest increases in demand for America’s imported products were for computer parts or accessories (up 69% from 2023), miscellaneous precious metals (up 49.1%), computers including optical readers (up 35.8%), blood fractions including antisera (up 33.2%) then electronic integrated circuits and microassemblies (up 12%).
See also United States Top 10 Exports, America’s Top Trading Partners, Top United States Trade Balances and America’s Top 20 Export States and United States Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on February 25, 2025
International Trade Centre, Trade Map. Accessed on February 25, 2025
USA Trade Online, Official Source of Trade Statistics. Accessed on February 25, 2025
https://www.worldstopexports.com/united-states-top-10-exports/
United States Top 10 Exports
by Daniel Workman
In 2024, the United States of America shipped US$2.064 trillion worth of exported products around the world.
That dollar amount results from a 44.9% acceleration from $1.425 trillion five years earlier in 2020.
Year over year, the overall value of goods exported from the U.S. slowed to a 2.2% increase compared to $2.019 trillion for 2023.
America’s 5 leading export products by value in 2024 were crude oil, refined petroleum oils, petroleum gases, cars and blood fractions including antisera. In aggregate, those major exported goods accounted for one fifth (20%) of overall exports sold by the United States. That relatively low percentage suggests a diversified range of exported goods–albeit 3 of America’s most valuable exports are energy-related commodities.
America’s Most Valuable Trade Partners
The latest available country-specific data shows that 67.8% of products exported from the U.S. was bought by importers in: Canada (16.9% of the American total), Mexico (16.2%), mainland China (7%), Netherlands (4.3%), United Kingdom (3.87%), Japan (3.86%), Germany (3.7%), South Korea (3.2%), Brazil (2.4%), Singapore (2.23%), France (2.15%) and Taiwan (2.05%).
From a continental perspective, 33.1% of America’s exports by value was delivered to fellow North American trade partners while 30% was sold to importers in Asia. The United States shipped another 23.5% worth of goods to buyers in Europe.
Smaller percentages went to customers in Latin America (9.9%) plus the Caribbean but excluding Mexico, Oceania (1.9%) led by Australia and New Zealand, then those in Africa (1.6%).
Given America’s population of 336.8 million people, its total $2.064 trillion in export sales during 2024 translates to roughly $6,150 for every U.S. resident. That metric exceeds the average $6,000 for 2023.
United States Top 10 Exports
The following export product groups categorize the highest dollar value in American global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from the United States.
1. Mineral fuels including oil: US$320.1 billion (15.5% of total exports)
2. Machinery including computers: $252.4 billion (12.2%)
3. Electrical machinery, equipment: $213.9 billion (10.4%)
4. Vehicles: $143.8 billion (7%)
5. Aircraft, spacecraft: $134.2 billion (6.5%)
6. Optical, technical, medical apparatus: $106.3 billion (5.1%)
7. Pharmaceuticals: $94.4 billion (4.6%)
8. Plastics, plastic articles: $80.1 billion (3.9%)
9. Gems, precious metals: $73.8 billion (3.6%)
10. Organic chemicals: $51.9 billion (2.5%)
America’s top 10 export product categories represent 71.2% of the overall value of U.S. global shipments.
Machinery including computers was the fastest grower among the top 10 export categories, up by 8.3% year over year.
In second place for improving export sales was aircraft and spacecraft which was up by 7.5%.
Shipments of electrical machinery and equipment from the United States posted the third-fastest gain in value, up by 6.6%.
The leading decliner among America’s top 10 export categories was vehicles via a -5.9% slowdown.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section below.
America’s Most Valuable Export Products: A Detailed View
The following searchable table displays 25 of the most in-demand goods shipped from the United States during 2024. Shown beside each product label is its total export value then the percentage increase or decrease from 2023 to 2024.
• Crude oil: US$118.5 billion (up 1.1% since 2023)
• Processed petroleum oils: $117.5 billion (up 4.1%)
• Petroleum gases: $62.2 billion (down -8%)
• Cars: $59.2 billion (down -6.1%)
• Blood fractions (including antisera): $54.6 billion (up 9.4%)
• Integrated circuits/microassemblies: $50.6 billion (up 16.2%)
• Automobile parts/accessories: $45.1 billion (down -5.1%)
• Computers, optical readers: $40.1 billion (up 31.2%)
• Phone devices including smartphones: $39 billion (up 4.5%)
• Electro-medical equipment (e.g. xrays): $36.8 billion (up 0.6%)
• Medication mixes in dosage: $33.7 billion (down -2.4%)
• Gold (unwrought): $29.7 billion (up 14%)
• Soya beans: $24.6 billion (down -12.3%)
• Computer parts, accessories: $24 billion (up 70.6%)
• Trucks: $21.2 billion (down -6.8%)
• Machinery for making semi-conductors: $19.7 billion (down -1.8%)
• Ethylene polymers: $16.5 billion (up 3.4%)
• Corn: $14.3 billion (up 4.8%)
• Coal, solid fuels made from coal: $14.2 billion (down -7.7%)
• Taps, valves, similar appliances: $14.1 billion (up 5%)
• Turbo-jets: $14.1 billion (up 23.8%)
• Orthopedic appliances: $13 billion (down -0.5%)
• Insulated wire/cable: $12.6 billion (down -0.3%)
• Diamonds (unmounted/unset): $12.4 billion (down -26.2%)
• Lower-voltage switches, fuses: $12.4 billion (down -0.6%)
These 25 exported goods were worth a subtotal of US$887 billion or 43% by value for all products exported from the U.S. during 2024.
Products Generating Greatest Trade Surpluses for the United States
The following types of American product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
1. Aircraft, spacecraft: US$98.3 billion (Up by 3.8% since 2023)
2. Mineral fuels including oil: $69 billion (Up by 22%)
3. Oil seeds: $27 billion (Down by -12%)
4. Cereals: $21 billion (Up by 6.5%)
5. Other chemical goods: $13.1 billion (Up by 11.4%)
6. Food industry waste, animal fodder: $9 billion (Down by -16.1%)
7. Meat: $7.4 billion (Down by -21%)
8. Cotton: $5.4 billion (Down by -17.3%)
9. Ores, slag, ash: $4.8 billion (Up by 3%)
10. Woodpulp: $3.8 billion (Down by -19.1%)
The United States has highly positive net exports in the international trade of aircraft launching gear and other on-deck landing equipment. In turn, these cashflows indicate America’s strong competitive advantages under the aerospace-related product category.
Products Causing Biggest Trade Deficits for the United States
America incurred a -US$1.295 trillion trade deficit for 2024, expanding by 12.3% from the -$1.153 trillion in red ink for all products one year earlier in 2023.
Below are product categories from the United States that are negative net exports or product trade balance deficits for 2023. These negative net exports reveal product categories where foreign spending on American goods trail U.S. importer spending on foreign products.
1. Machinery including computers: -US$278.7 billion (Up by 23.2% since 2023)
2. Electrical machinery, equipment: -$272 billion (Up by 3.5%)
3. Vehicles: -$247.7 billion (Up by 8.5%)
4. Pharmaceuticals: -$118.3 billion (Up by 35.1%)
5. Furniture, bedding, lighting, signs, prefab buildings: -$63 billion (Up by 7%)
6. Knit or crochet clothing, accessories: -$44.1 billion (Up by 5.3%)
7. Toys, games: -$36.5 billion (Down by -1.1%)
8. Clothing, accessories (not knit or crochet): -$33.6 billion (Up by 0.4%)
9. Articles of iron or steel: -$29.7 billion (Down by -2.9%)
10. Footwear: -$27 billion (Up by 6.3%)
United States has highly negative net exports and therefore deep international trade deficits for electronics-related equipment, notably consumer electronics.
The resulting cashflow deficiency clearly exemplifies U.S. competitive disadvantages in the international markets for machinery and electronics, but also represents key opportunities for entrepreneurs in the United States to improve the home country’s position in the global economy through focused innovations and creative employment initiatives.
Major American Export Companies
Wikipedia lists many of the larger international trade players from the United States.
• AbbVie (pharmaceuticals)
• Apple (computer hardware)
• Boeing (aerospace)
• Chevron Corporation (oil, gas)
• Cisco Systems (communications equipment)
• ConocoPhillips (oil, gas)
• Eli Lilly and Company (pharmaceuticals)
• Exxon Mobil (oil, gas)
• Intel (semiconductors)
• Johnson & Johnson (medical equipment, supplies)
• Merck & Co (pharmaceuticals)
• Occidental Petroleum (oil, gas)
• PepsiCo (beverages)
• Pfizer (pharmaceuticals)
• Philip Morris International (tobacco)
• Procter & Gamble (household, personal care items)
• Qualcomm (semiconductors)
• Schlumberger (oil, gas)
• The Coca-Cola Company (beverages)
In macroeconomic terms, the United States’ total exported goods represent 7.1% of its overall Gross Domestic Product ($29.2 trillion valued in Purchasing Power Parity U.S. dollars). That 7.1% for exports to overall GDP in PPP for 2023 compares to 7.5% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for America’s total economic performance, at least in the short term.
Another key indicator of a country’s economic performance is its jobless rate. America’s unemployment rate published by the International Monetary Fund averaged 4.081% for 2024, up from the average 3.625% jobless rate one year earlier.
Related Read: United States Top 100 Consumer Product Exports
See also United States Top 10 Imports, America’s Top Trading Partners, Top United States Trade Balances, America’s Top 20 Export States and United States Top 10 Major Export Companies and World’s Top Food Exports Special Data Report
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on February 24, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 24, 2025
International Trade Centre, Trade Map. Accessed on February 24, 2025
Investopedia, Net Exports Definition. Accessed on February 24, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on February 24, 2025
SHIPHUB, HS Code for Food. Accessed on February 24, 2025
USA Trade Online, Official Source of Trade Statistics. Accessed on February 24, 2025
Wikipedia, List of Companies of United States. Accessed on February 24, 2025
No matter how one looks at it, it is a bit scary …
Bottom line to me is IF we start having shortages of items, what will our government do to us citizens to try to curtail our “need” for these things? Will it become illegal to eat, purchase and or use certain things? Will we be able to still grow our own food? Spin our own wool? Weave our own cloth? Harvest our own honey? Lumber on our property for fuel and building needs?
Basically, I’m continuing as I have been for the past 40 years, trying to be as educated in things (like gardening, preserving, sewing, small engine repair, basic electrical and the like) as I can and to keep learning what I think I need to learn AND how to do all this on a fixed income with a 70+ year old body…
It is far better to be prepared and not need something, than to be caught unprepared and need it …
I don’t understand everything Trump’s doing, and I think things like renaming the Gulf of Mexico are ridiculous, but I trust his experience and business sense.
I’d say things are going to get worse before they get better, but one man can’t undo several decades of mismanagement overnight. Ultimately, I think we’ll be in great shape, but it’s going to be a rough ride to get there.
If Trump is using tariffs as a bargaining chip fine, if no agreements are reached the trade war will be devastating for the whole world’s economy.