The three countries that cover almost 90 percent of North America – the United States, Canada and Mexico – are economically very closely intertwined. The U.S. has the dominant position. It is the world’s largest economy and strongest military power. Shielded by oceans to the east and west, it projects influence globally. The continent is so rich in natural resources that it is practically self-sufficient.
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Scenarios for U.S. trade policy in the Biden administration
When it comes to trade policy, the Biden administration's biggest departure from its predecessor's stance will be an emphasis on climate change issues. It could even use some of the same tools to pressure trade partners into more environment- and labor-friendly policies. Tariffs are likely to remain in place, however, and little enthusiasm in Congress for trade agreements means President Biden is unlikely to push any through.