Fast Facts: 2017 Wisconsin Exports
A fast-moving announcement by President Donald Trump imposing an increase on international tariffs has raised alarm in global and local economies. The proposed tariffs on steel and aluminum imports could have a significant impact on Wisconsin’s economy, as other countries answer back with their own increases on what they import from the U.S.
In 2017, Wisconsin exported $22.3 billion in goods and services in sectors ranging from electronics, medical equipment, vehicles, plastics, paper and agriculture. The list is long, but the number one export coming out of the state was industrial machinery and computers, totaling $5.4 billion.
Canada was the top destination of Wisconsin commodities in 2017, bringing in nearly 31 percent of the state’s total exports at $6.9 billion. Mexico was second, importing $3.2 billion.
Currently, the North American Free Trade Agreement, NAFTA, allows the U.S. to trade with Canada and Mexico largely duty-free. A recent tweet from the president stated “NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A.” Renegotiations of the NAFTA deal have been brought back to the drawing board multiple times since August of last year.
House Speaker Paul Ryan has spoken out against the tariffs. His criticism comes with worry that any growth made by the sweeping new tax reform law would be damaged by such a move.
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