According to estimates, if President Trump's proposed tariffs go into effect permanently, the United States' GDP would decrease by 0.4 percent. Of this, 0.3 percent would be from the 25 percent tariff on all imports from Canada and Mexico, while 0.1 percent would be from the 10 percent tariff on all imports from China. As of February 10, China imposed retaliatory tariffs on the United States, with a 15 percent tariff on coal and liquid natural gas, and a 10 percent tariff on other exports, including oil, machinery, and large motor vehicles.

As of 2024, the United States had a trade deficit of about *** billion U.S. dollars. The U.S. trade deficit has increased since 2009, peaking in 2022. Most recently, 2023 marked the year when the U.S. trade deficit decreased from the previous year. What is trade deficit? A trade deficit is, quite simply, the total value of a country’s imports of goods and services minus the total value of its exports of goods and services. When a country exports more than it imports, it has a trade surplus, and when it imports more than it exports, it has a trade deficit. A trade deficit can mean one of two things: Either the country is failing to produce enough goods for its citizens, or its citizens are wealthy enough to purchase more goods than the country produces (as is the case with the United States). Trading partners The United States’ top export partners are its closest neighbors, Canada and Mexico, due in part to the North American Free Trade Agreement (NAFTA), which, pending ratification, will be replaced by the United States-Mexico-Canada Agreement (USMCA). Regarding imports to the U.S., China takes the top spot, followed by Mexico and Canada.

Prices for CADMXN Canadian Dollar Mexican Peso including live quotes, historical charts and news. CADMXN Canadian Dollar Mexican Peso was last updated by Trading Economics this July 13 of 2025.

The Canadian shoewear industry has experienced slight growth in recent years, with the nation's improving economic conditions after the pandemic. A rise in disposable income and consumer spending has allowed businesses within this market to expand their reach and offerings. Opportunities thrive in niche markets, especially those targeting affluent individuals interested in specialized footwear. Innovation and product personalization remain key in attracting shoppers seeking exclusive, high-quality options, offering room for expansion domestically. Revenue has grown at a CAGR of 1.8% and is expected to reach $309.4 million in 2024. This includes an expected 4.1% drop in 2024.

Profitability has become a focal point for domestic shoewear manufacturers. Competitive pressures from lower-cost imports necessitated focusing on quality to reclaim market share. This emphasis on superior products has bolstered profitability, allowing businesses to set higher retail prices for luxury offerings. Although the industry's expenses have remained concentrated on purchases and materials, reduced demand domestically has eased resource strain. Wages, a significant cost component due to the industry's reliance on manual labour, have remained stable despite competitive market conditions. Ultimately, these factors have positioned leading Canadian companies to capitalize on their strengths.

The shoewear manufacturing industry anticipates moderate profitability growth, buoyed by Canada's improving economic conditions and specialization in select markets. Stability in the Canadian effective exchange rate, supported by trade agreements, strategically positions businesses to enhance their export and domestic presence. Eco-conscious consumers drive demand for environmentally responsible products, necessitating innovative production methods. Companies should focus on biodegradable and recycled materials to align with shifting buyer preferences and stay competitive. Revenue is forecast to rise at a CAGR of 0.5% over the next five years, reaching an estimated $318.0 million in 2029.