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.

Trump knows the United States has more leverage over its neighbors than they do over his country. But exploiting that position of strength could cause a historic rupture.