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.

President Donald Trump's tariff dispute with China, Canada and Mexico over fentanyl smuggling and illegal immigration has led to retaliation by the Chinese government.

In postponing some threatened tariffs but not others, U.S. President Donald Trump is sowing uncertainty for businesses and consumers in his own country and abroad. His tactics could score some wins, but also carry big risks.