The U.S. ended 2024 with the second-largest trade deficit on record — and China and Mexico were the countries that benefited most from sending goods to America. Canada? Not so much.

Some of the purported concessions that led to a 30-day pause on the tariffs were things Canada and Mexico had already done before Trump’s threat, but it’s complicated.

Trump has also threatened to introduce tariffs - a tax on imports - on goods from Canada and Mexico, but paused these for 30 days after both countries agreed to boost border security. The US president has said tariffs are needed to help the American economy and to "protect" the country from the "major threat of illegal aliens and deadly drugs".