Trump's trade dreams clash with the stark reality of numbers
After a conversation with Vladimir Putin about a ceasefire in Ukraine, Donald Trump assured that peace would benefit all parties involved. He stated that he wants to return to trade relations with Russia, as their potential is "unlimited." However, the numbers tell a completely different story. Russia is one of the least significant partners for the U.S.
President Donald Trump summarized his recent phone conversation with Russian President Vladimir Putin on social media. The leaders discussed the possibility of starting negotiations between Moscow and Kyiv, which would lead to a ceasefire and the end of the armed conflict.
Trump emphasized the positive nature of the conversation with the Russian leader, noting that "the tone and spirit of the conversation were excellent." In his statement, the American leader particularly highlighted the potential economic benefits.
Russia wants to do largescale TRADE with the United States when this catastrophic "bloodbath" is over, and I agree. There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED - the US President stated.
Russia is not an important trade partner for the USA
The return to "great trade" with Russia may be challenging. Total trade between the USA and Russia in 2024 is estimated at $3.5 billion. U.S. goods exports to Russia last year amounted to $526.1 million, which is a decrease of 12.3% ($73.5 million) compared to 2023. Goods imports from Russia to the USA reached a value of $3 billion in 2024, which represents a decrease of 34.2% ($1.6 billion) compared to 2023.
The US trade deficit in goods with Russia was $2.5 billion in 2024, a decrease of 37.5% ($1.5 billion) compared to 2023.
The data clearly shows that the key partners for the USA are entirely different countries. Mexico ranks first with total trade reaching $839.9 billion. The following positions are occupied by Canada ($762.1 billion) and China, whose trade with the USA significantly dropped to $582.4 billion. Japan ($227.9 billion) and Germany ($236.0 billion) occupy the fourth and fifth positions respectively.
At the opposite end of the ranking is Russia, which with a total trade of only $3.5 billion, ranks 23rd among the thirty largest trading partners of the United States. Such a low level of trade reflects a deep crisis in US-Russia relations and the effectiveness of international sanctions.
Medium and smaller US trade partners
Between the top and the bottom of the list are various countries with different trade values with the USA. Among the states occupying positions from sixth to fifteenth are South Korea ($197.1 billion), India ($129.2 billion), the United Kingdom ($148 billion), and Taiwan ($158.6 billion). Particularly concerning is the US trade deficit with Vietnam, amounting to $123.5 billion with a total trade of $149.7 billion.
Also worth noting is the position of the Netherlands (11th place), which generates one of the largest surpluses for the USA at $55.5 billion, with total trade worth $123.7 billion. Meanwhile, trade with Ireland (12th place) brings the United States a significant deficit of $86.7 billion with turnovers of $119.7 billion.
Countries occupying positions from 16th to 24th are mainly European and Asian, including Brazil ($92.0 billion), Malaysia ($80.2 billion), Singapore ($89.2 billion), and France ($103.4 billion). In this group are also Italy, whose trade with the USA reaches $108.6 billion, generating a deficit for Americans of $43.9 billion.
The EU is the most important partner for the USA
Analyzing the data in a broader context, it's worth noting that the European Union as a whole remains a key trade partner for the USA with the total trade amounting to $975.9 billion. If the EU were treated as a single entity, it would surpass Mexico and take the first place in the ranking.
ASEAN countries (Association of Southeast Asian Nations) collectively generate trade worth $476.9 billion, showing the growing importance of this region to the American economy. Among the smaller trade partners of the USA are Hong Kong ($33.9 billion), Chile ($34.7 billion), Israel ($37 billion), and Colombia ($36.7 billion).
