and Canada are both top-five trading partners for the U.S. The U.S., however, larger share of GDP for Mexico and Canada than it is for the U.S.. Still, these trade flows understate the importance of these relationships to the U.S. in part because the U.S. shares major borders with both countries and there are a range of non-trade issues such as migration that are priorities for the U.S.. All told, our sense is that the Administration will approach negotiations looking Mexico enters these negotiations in a stronger position than Canada. Mexico's President Claudia's Sheinbaum has dexterously handled the U.S. relationship while Canada's leadership has had a rockier road. Along these lines, President U.S.-Canada relationship. In addition, tariffs have led to a marked rebalancing in China has lost U.S. market share, Taiwan, Vietnam, Mexico and Thailand have improved. For Taiwan, we see this as mainly reflecting surging Al investment, but the other three economies look to be picking up share at China's expense. Some of these gains, however likely reflect re-exported products from China.
原图定位
