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.

Though China announced tariffs on U.S.-made farm equipment, manufacturers Deere, CNH Industrial and Agco face a bigger threat from a North American trade war. The companies’ sales, supply chains and manufacturing sites are enmeshed across the U.