Oklahoma’s economy depends on international trade and foreign investment, but Trump's new round of tariffs on Canada and Mexico could impact ~$2.5 billion in Oklahoma exports and thousands of jobs. #OklahomaBlueDot
According to the 2023 Global Trade Report from @OKCommerce, Canada and Mexico are Oklahoma’s top two trading partners.
🇨🇦 Canada: $1.9B
🇲🇽 Mexico: $630M
🇨🇳 China: $224M
Together, Canada, Mexico, and China account for 42% of the state’s total foreign exports.
Trump’s tariffs impose 25% duties on many Canadian & Mexican imports and both countries are retaliating with 25% tariffs on U.S. goods.
🇨🇦 Canada's tariffs affect Oklahoma exports like meats, metals & HVAC equipment.
🇲🇽 Mexico's tariffs affect all Oklahoma exports to the country.
It’s not just about trade. Foreign investment is a major driver of Oklahoma jobs. According to OK Commerce:
🇨🇦 79 Canadian businesses (the most businesses from any country) employ 2,764 Oklahomans
🇲🇽 17 Mexican businesses employ 6,801 Oklahomans (most jobs from any country)
The vast majority (85%) of Oklahoma exporters are small and medium-sized businesses. Industries like manufacturing, energy, and agriculture rely on stable trade relationships to power their businesses but retaliatory tariffs could increase costs, disrupt supply chains, and reduce exports.
Foreign investment has brought 64,000+ Oklahoma jobs and $3.13B in investment over the past five years. Many of these jobs pay above the state average, with wages around $64,000 per year. A trade war jeopardizes these relationships and could drive investments elsewhere.
Oklahoma’s economy is deeply connected to international trade and investment. Shifting trade policies will impact businesses, jobs, and future investment but these aren’t just numbers, they’re jobs, families, and futures. 🔵
UPDATE: Trump, Canada and Mexico all announced on Monday that new tariffs would pause for 30 days in exchange for additional border enforcement. New China tariffs are still set to take effect.