The Year in Trade 2024: U.S. Trade Policies and Agreements

Strategic Insights -

The U.S. International Trade Commission (USITC) has released its annual report, The Year in Trade 2024, which provides an in-depth overview of developments in U.S. trade policies and agreements. The report, now in its 76th edition, is mandated by the Trade Act of 1974 and provides a comprehensive review of U.S. trade laws, trade agreements, and multilateral institutions. The report covers a wide range of topics, including the global trade environment, safeguard and antidumping investigations, trade preference programs, and trade relations with major partners.

Key Takeaways:

  • The report highlights the significance of the U.S.-Mexico-Canada Agreement (USMCA) as the cornerstone of U.S. trade policy, emphasizing its importance in shaping the North American trade landscape.
  • The USITC notes that the European Union, Canada, Mexico, China, and the United Kingdom are among the major trading partners with whom the United States has significant trade relationships.
  • The report explores the impact of the Indo-Pacific Economic Framework for Prosperity, the Americas Partnership for Economic Prosperity, and the U.S.-Taiwan Initiative on 21st-century Trade on U.S. trade policies and agreements.
  • The USITC also reports on the implementation and enforcement of FTAs, including the USMCA, highlighting the importance of these agreements in promoting economic growth and job creation in the United States.
  • The report notes that the global trade environment in 2024 was characterized by ongoing trade tensions, COVID-19 related disruptions, and the ongoing impact of the pandemic on global trade.
  • The USITC provides an overview of the World Trade Organization (WTO) dispute settlement and other significant activities in the WTO, highlighting the importance of these institutions in promoting trade cooperation and dispute resolution.

Statistics:

  • The report displays statistical tables highlighting U.S. bilateral trade with major trading partners and trade under U.S. trade preference programs and FTAs.
  • The USITC reports that in 2024, the United States had significant trade relationships with the European Union ($266.6 billion in merchandise trade), Canada ($343.4 billion), Mexico ($549.6 billion), China ($509.3 billion), and the United Kingdom ($134.6 billion).
  • The report notes that in 2024, the United States had imports totaling $2.5 trillion, including merchandise imports of $2.2 trillion and service imports of $317.2 billion.

Sources:

  • U.S. International Trade Commission (USITC) publication: "The Year in Trade 2024" (USITC Publication 5673, September 2025)