The top five trading partners of the US are China, Canada, Mexico, Japan and Mexico in the order noted. Canada and Mexico are top trade partners due to their proximity to the US and also being members of the NAFTA.

China tops all countries in trading goods with the US. However the US runs a trade deficit with the country – meaning the US imports more from China than it exports to China. The year-to-date trade deficit with China is 65% according to the Census Bureau.

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Source: Emerging Markets Experience a Volatile First Quarter, Franklin Templeton Investments

Though the US runs a trade deficit with China, from a Chinese perspective the large amount of goods exported to the US still has a small impact on the GDP. Or to put it another way, the total exports to the US account for only 4% of China’s GDP. So the Chinese economy is more dependent on the domestic market and other countries. Hence the trade tariff that Trump slapped on China will not have a major impact on the Chinese economy.

However Mexico’s economy is highly dependent on the US. Exports to the US account for 27% of Mexico’s GDP. Similarly the Canadian economy is also dependent on the health of the American economy.