United States and Canada
The U.S.–Canada border connects factories, energy networks, families and a shared defence system. A tariff crisis strained that integration in 2026, although the shared institutions remain essential.
Analysis reviewed: 2026-10-06 · Indicators updated: 2026-10-07Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 715,541.8 M USD | 2025 · Census |
| Goods: United States to Canada | 333,619.7 M USD | 2025 · Census |
| Goods: Canada to United States | 381,922.1 M USD | 2025 · Census |
| Services trade | 156,800 M USD | 2025 · USTR |
| Export share: United States to Canada | 15.3 % | 2025 · Census |
| Export share: Canada to United States | >75 % | 2024 · USTR |
| Investment stock: United States in Canada | 488,080 M USDBEA est. | 2025 · BEA |
| Investment stock: Canada in United States | 747,348 M USDBEA est. | 2025 · BEA |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · U.S. Census Bureau · Full calendar year; goods; nominal USD; not seasonally adjusted. U.S. reporting. The total is calculated by adding exports and imports. Revisions may differ from rounding in other sources.
- Goods: United States to Canada
- 2025 · U.S. Census Bureau · Full calendar year; goods; nominal USD; not seasonally adjusted. U.S. reporting. The total is calculated by adding exports and imports. Revisions may differ from rounding in other sources.
- Goods: Canada to United States
- 2025 · U.S. Census Bureau · Full calendar year; goods; nominal USD; not seasonally adjusted. U.S. reporting. The total is calculated by adding exports and imports. Revisions may differ from rounding in other sources.
- Services trade
- 2025 · USTR
- Export share: United States to Canada
- 2025 · U.S. Census Bureau · Calculated share: U.S. exports to the partner (goods row in this table) / U.S. goods exports to the world. Same Census reporting, year 2025 and millions of USD, not seasonally adjusted. Excludes services.
- Export share: Canada to United States
- 2024 · USTR · The source reports more than three quarters.
- Investment stock: United States in Canada
- 2025 · U.S. Bureau of Economic Analysis (BEA) · Direct investment position at historical cost; immediate host economy or country of the foreign parent, not ultimate owner. Statistical estimate, year-end. Not an annual flow, market value or authorisation to operate with sanctioned entities. · Position!G6
- Investment stock: Canada in United States
- 2025 · U.S. Bureau of Economic Analysis (BEA) · Direct investment position at historical cost; immediate host economy or country of the foreign parent, not ultimate owner. Statistical estimate, year-end. Not an annual flow, market value or authorisation to operate with sanctioned entities. · Position!G6
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | United States | Canada |
|---|---|---|
| Nominal GDP | 30.77 trillion USD2025 · WB | 2.32 trillion USD2025 · WB |
| GDP per capita | 90,026.52 USD2025 · WB | 55,697.66 USD2025 · WB |
| GDP growth | 2.16 %2025 · WB | 1.74 %2025 · WB |
| Policy interest rate | 3.75–4 %2026-09-16 · Fed | 2.25 %2026-09-02 · BoC |
| Inflation · annual average | 2.7 %IMF est.Annual average · 2025 · IMF | 2.07 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.4 %Year-on-year · Aug. 2026 · BLS | 3 %Year-on-year · Aug. 2026 · StatCan |
| Unemployment | 4.2 %ILO est.2025 · WB | 6.91 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -6.8 %IMF est.2025 · IMF | -1.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 123.9 %IMF est.2025 · IMF | 113.5 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.63 %2025 · WB | -0.95 %2025 · WB |
| Population | 341,784,8572025 · WB | 41,651,6532025 · WB |
| Area | 9,831,510 km²2023 · BM / FAO | 9,984,670 km²2012 · StatCan |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUnited States: 2025 · World BankCanada: 2025 · World Bank
- GDP per capita
- Current USD per personUnited States: 2025 · World BankCanada: 2025 · World Bank
- GDP growth
- Annual real change (%)United States: 2025 · World BankCanada: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)United States: 2026-09-16 · Federal funds target range · Federal ReserveCanada: 2026-09-02 · Overnight rate target · Bank of Canada
- Inflation · annual average
- Average annual change in headline CPI (%)United States: 2025 · Average annual change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Canada: 2025 · Average annual CPI change (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedUnited States: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · U.S. Bureau of Labor Statistics · Published: 2026-09-11 · Headline year-on-year CPI-U, not seasonally adjusted; not monthly or core inflation.Canada: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · Statistics Canada · Published: 2026-09-14 · National headline year-on-year CPI, not monthly inflation or an annual average.
- Unemployment
- % of the labour force; definition used by the stated institutionUnited States: 2025 · World Bank · ILO est.Canada: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Canada: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Canada: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPUnited States: 2025 · World BankCanada: 2025 · World Bank
- Population
- PeopleUnited States: 2025 · World BankCanada: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceUnited States: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOCanada: 2012 · Total area of Canada, land and water; archived official geographic reference from 2012 · Statistics Canada · Not an annual measurement for 2025. Replaces an API observation that does not match the national reference.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
United States to Canada
Canada to United States
| Product or sector | Value / share |
|---|---|
| Mineral fuels | |
| Vehicles | |
| Industrial machinery |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | United States to Canada | Canada to United States |
|---|---|---|---|
| 2021 | 666,878.7 | 309,604 | 357,274.7 |
| 2022 | 796,501.8 | 359,084.2 | 437,417.6 |
| 2023 | 772,414.2 | 354,408 | 418,006.2 |
| 2024 | 762,377.2 | 350,605.6 | 411,771.6 |
| 2025 | 715,541.8 | 333,619.7 | 381,922.1 |
How investment has changed
Billions of USD · Year-end stock · BEA estimates
View chart figures and sources
| Period | United States in Canada | Canada in United States |
|---|---|---|
| 2020 | 366,880 | 487,449 |
| 2021 | 398,107 | 548,030 |
| 2022 | 415,388 | 576,462 |
| 2023 | 413,447 | 668,273 |
| 2024 | 450,587 | 708,177 |
| 2025 | 488,080 | 747,348 |
Connections between people
University exchanges complement economic and cross-border integration. The count of Canadians in the U.S. system includes OPT; the count of U.S. students studying in Canada measures stays carrying academic credit. They should not be added together or interpreted as resident population. IIE / Open Doors 2025
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
Travel figures retain each source's coverage. Check the definitions and periods before comparing the two directions.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United States living in CanadaU.S. citizenship, including multiple citizenship; private households | 461,775estimate | 2021 census · StatCan / Census |
| Residents from Canada living in United States | ||
| Study and training: United States in CanadaUndergraduate and graduate; PSIS enrolment; figure rounded to hundreds | ≈ 10.800 | 2022/23 · StatCan / PSIS |
| Study and training: Canada in United StatesIncludes OPT training | 29,903 | 2024/25 · Open Doors |
| Academic stays: United States in CanadaAcademic credit | 1,849 | 2023/24 · Open Doors |
| Academic stays: Canada in United States | ||
| Travel: United States to CanadaU.S. residents; day and overnight visits | 22,761,000tripsestimate | 2025 · StatCan |
| Travel: Canada to United StatesTrips by residents; includes day visits | ≈23.100.000tripsestimate | 2025 · StatCan |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Residents from United States living in Canada
- Canadian 2021 census, 25% sample of people in occupied private households; weighted and rounded count. Includes sole or multiple U.S. citizenship, not people born in the United States. Does not cover all collective dwellings. A historical census reference, not a 2025 population estimate. 2021 census · StatCan / Census
- Study and training: United States in Canada
- Statistics Canada Table 1: U.S. students enrolled in undergraduate and graduate programmes at public or private non-profit institutions funded wholly or partly by provinces or territories. Count rounded to the nearest hundred: not exact. The study-permit chart is excluded because it measures intention to study, not enrolment. Not presented as a 2025/26 figure. 2022/23 · StatCan / PSIS
- Study and training: Canada in United States
- Open Doors total, including OPT participants. 2024/25 · Open Doors
- Academic stays: United States in Canada
- Programmes carrying academic credit; distinct from enrolment and residence. 2023/24 · Open Doors
- Travel: United States to Canada
- Sum of the four quarters of the Visitor Travel Survey, all purposes and means of entry. Original figures in thousands of trips: 3,439 + 6,086 + 8,544 + 4,692. Includes day trips; not unique individuals. Total derived from rounded quarterly figures. 2025 · StatCan
- Travel: Canada to United States
- Trips by Canadian residents that included a visit to the United States during the whole of 2025. Published figure rounded to 23.1 million. Includes visits without an overnight stay; not unique visitors or the administrative count of border crossings. Not compared with a quarterly figure in the opposite direction. 2025 · StatCan
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Institutions built over decades
NORAD, formally established in 1958, is a binational aerospace defence command. In the economy, successive agreements culminated in CUSMA, called USMCA in the United States and T-MEC in Mexico, in force since July 2020. Defence, trade and the border have their own cooperation structures. [2] [3]
Oil, gas and electricity
The Canadian profile describes more than one hundred cross-border oil and gas pipelines, as well as power lines. It puts energy trade at 216,800 million Canadian dollars in 2024. This infrastructure connects supply to regions and businesses; the figure in CAD should not be added to 2025 trade expressed in USD. [2]
Shared continental defence
NORAD combines warning and aerospace defence capabilities. Canada also describes cooperation in NATO, Five Eyes intelligence, cybersecurity and border agencies. The continuity of these structures helps distinguish security cooperation from the trade dispute: not all institutions change at the same pace. [2] [3]
Communities and resources on both sides
Indigenous communities span the border, alongside residents of both countries and daily flows of travellers. Management of water, biodiversity and air quality is also shared. These issues require coordination between administrations beyond personal relations between leaders. [2]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-06
Production chains and dependence
USTR estimates 872,300 million dollars in goods and services traded in 2025. Goods totalled 715,500 million. Vehicles, machinery and energy are among the main sectors; the relationship includes integrated production, not just purchases and sales of finished products. [4]
Exposure is unequal: Canada sent more than three quarters of its goods exports to the United States in 2024, according to USTR. A change in access to the U.S. market therefore affects a very large share of its exporters. The United States also depends on Canadian supplies in specific sectors. [4]
The tariff crisis
In August 2026, Ottawa announced the suspension of negotiations because it considered the U.S. terms unacceptable. It also announced countermeasures on products worth 27,600 million Canadian dollars, with differentiated rates and entry into force planned for 8 September. The dispute changes costs in sectors that previously operated through integrated chains. [1]
Milestones and consequences
- 1958
Establishment of NORAD
The binational command sustains shared aerospace defence, even when there are economic disagreements. [3]
- 2020-07
CUSMA / USMCA enters into force
CUSMA / USMCA replaces the previous trade framework and establishes common rules for businesses and production chains. [2]
- 2026-08-25
Canadian countermeasures
Ottawa announces a response to new tariffs. [1]
Sources and data
Periods and scope of the figures
USD means U.S. dollars and CAD Canadian dollars. Trade in 2025, export dependence in 2024 and energy data for 2024 do not cover the same period.
- Canada announces targeted countermeasures and substantive support for workers and businesses in response to U.S. tariffs - Canada.ca
Department of Finance Canada · Institutional source · Document: 2026-08-25 · Accessed: 2026-10-06
- Canada-United States relations
Global Affairs Canada · Institutional source · Document: 2026-08-13 · Accessed: 2026-10-06
- North American Aerospace Defense Command > About NORAD > Canadian NORAD Region
NORAD · Institutional source · Accessed: 2026-10-06
- U.S. trade with Canada
USTR · Institutional source · Accessed: 2026-10-06
Additional sources on products and human connections
- IIE / Open Doors 2025
2024/25; U.S. study-abroad stays 2023/24 · Accessed: 2026-10-06.
- International Trade Administration
2024 · Accessed: 2026-10-06.
- Global Affairs Canada
2024 · Accessed: 2026-10-06.