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"Yes, it will reduce bilateral trade deficits between the US and these countries. But there will obviously be lots of broader impacts that are not captured in the calculation", says Professor Jonathan Portes of King's College, London.

U.S.-Mexico bilateral trade approached $840 billion in 2024, according to the U.S. trade representative’s office.

Bilateral trade is consistently robust; even after the Ladakh clash, China has been India's top trade partner.

Since 2016, bilateral trade between China and Mexico increased enormously.

But tensions with China prompted Ford to repeatedly call for separate bilateral trade deals between Canada, the US and Mexico - a proposal that has been backed by Danielle Smith, leader of Canada's oil-rich province of Alberta.