Q: What countries are we involved with?
A: America's annual trade is worth $5 trillion. This is in many countries for many different products. Our biggest trade partner is China, with $663 billion dollars worth of goods and services. Not far behind is Canada at $662 billion. But they are also our biggest market for exports. "Taking in 15% of America's goods and services, worth $337 billion annually" (Petroff). Some of our other major partners are Mexico, Japan, Germany, UK, and South Korea.
Q: What is America’s place in the global economy?
A: America is the biggest economy in the world, representing around a quarter share of the entire international economy. Our GDP is at 18 trillion, which is far ahead of other countries. But the rapidly growing country of China is only trailing by 7 trillion. "China’s economy grew by 6.7% in 2016, compared with America’s 1.6%" (Gray). China is expected to be in first by 2050, passing the US.
Q: What do we spend our money on?
A: While we are trading and spending such a large amount, many may wonder what exactly we're getting. Industrial machinery and equipment account for $444 billion. But our biggest purchase is capital goods, which top industrial, worth $590 billion. "Nearly another quarter is consumer goods ($584 billion)" (Amadeo). The other major categories are goods such as pharmaceuticals, the cell phones, and automotive parts all ranging from $130 to $350 billion.