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 Trump agreed to delay tariffs on Mexico and Canada for a month after both countries pledged to do more to block drugs and migrants.

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.