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On the list of tax treaty nations with whom the United States agrees, China is the most obvious choice as the world’s biggest exporter (with a yearly export value of over $400 billion).
Because they’re so prevalent in the United States, the “made in China” labels pop up everywhere.
While the United States is just a short distance away, Mexico’s economic woes make it an unexpected US tax treaty country. For obvious reasons, including more than $300 billion in goods exports, our southern US neighbor has a tax compact with the United States.
On the other hand, Canada isn’t as surprising as a tax treaty nation because of its stable economy. Canada is a major supplier of goods to the United States, with yearly shipments totaling more than $300 billion.
It should come as no surprise that the United States has tax treaties with several nations worldwide, including Japan, despite its relatively small size.
While the US buys more than $100 billion worth of products from this little nation every year, if it were bigger, it could dominate the world, or at least the world of imports.
At least when it comes to the number of dollars in imported products (more than $100 billion), Germany is a nation that could surprise many on the list of US tax treaty countries. We have to assume that a large part of this is attributable to Germany’s solid vehicle manufacturing business.
With over $50 billion in annual service imports, the United Kingdom is often referred to as “the UK” in the United States. Besides being an excellent corporate partner, the United Kingdom is the largest importer of services to the United States.
Ireland, the home of the Irish, is also on the list of nations having a tax treaty with the United States, thanks in part to the country’s substantial trade with the United States.
Conducting business with Ireland is a fantastic idea since it is one of the top buyers of US service exports (more than $50 billion).
Also See: US Oil Imports by Country 2022
In addition to the previously mentioned nations, Honduras is on the list of countries the US has tax treaties. Despite its modest size, Honduras is one of the United States’ top 100 trade partners. There is annual commerce of roughly $10 billion between the two nations.