U.S. exports, as a percentage of GDP 1990-2020
Trade and foreign relations
The United States’ GDP is the largest in the world, clocking in at around 18.42 trillion U.S. dollars in 2020. International trade is a huge boon to the U.S. economy, both financially and regarding foreign relations. Trade is a great door-opener for countries, as it shows that they are willing to work together, and as the most powerful economy in the world, the U.S. is an ideal trading partner.
The benefits of free trade
Free trade is especially beneficial for countries who work closely together, as it can help to grow their overall trade volume. The United States, for example, receives billions in export value from nations like Canada and Mexico which have several free trade agreements between them. Canada, Mexico and the United States, entered into a new free trade agreement in early 2020. The United States-Mexico-Canada Agreement (USMCA) was a replacement to the North American Free Trade Agreement (NAFTA).