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The U.S. States Most Vulnerable to a Trade War

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The U.S. States Most Vulnerable to a Trade War

The U.S. States Most Vulnerable to a Trade War

Last year, nearly $4 trillion of U.S. economic productivity was the result of international trade.

However, with talk of a trade war heating up, there is a real possibility that the global trade landscape could shift dramatically over the coming months and years.

Any such shifts wouldn’t likely impact the country in a uniform and evenly distributed fashion – instead, any impending trade war would pose the largest direct risk to states that are dependent on buying and selling goods on international markets.

The States Most at Risk

Today’s visualization comes to us from HowMuch.net, and it shows every U.S. state and district organized by GDP size, as well as percentage of GDP resulting from international trade.

Here are the 10 states most reliant on international trade:

RankStateGDP (2017)Exports + Imports (2017)Trade (% of GDP)
#1Michigan$515 billion$200 billion38.9%
#2Louisiana$243 billion$94 billion38.7%
#3Kentucky$204 billion$78 billion38.1%
#4Tennessee$345 billion$112 billion32.6%
#5South Carolina$219 billion$70 billion31.9%
#6Texas$1,692 billion$527 billion31.2%
#7Indiana$360 billion$92 billion25.7%
#8Washington$503 billion$127 billion25.3%
#9New Jersey$589 billion$147 billion25%
#10Illinois$818 billion$201 billion24.6%

On a percentage basis, Michigan tops the list with 38.9% of the state’s GDP reliant on international trade.

The Lowest Risk States

On the flipside, here are the states or districts with less to lose in the event of a trade war.

RankState (or District)GDP (2017)Exports + Imports (2017)Trade (% of GDP)
#51District of Columbia$132 billion$2 billion1.5%
#50Wyoming$41 billion$2 billion5.0%
#49South Dakota$49 billion$3 billion5.1%
#48Hawaii$88 billion$5 billion5.4%
#47New Mexico$98 billion$6 billion6.0%
#46Oklahoma$190 billion$15 billion8.0%
#45Colorado$341 billion$28 billion8.1%
#44Virginia$511 billion$46 billion8.9%
#43Nebraska$119 billion$11 billion9.1%
#42Maine$61 billion$6 billion9.7%

Washington, D.C. tops the list, with only 1.5% of its regional GDP tied to trade.

This makes sense since The District’s economy is mostly linked to the government, service, and tourism sectors. Nearby Virginia also has surprisingly little international trade, at just 8.9% of its economy.

Want to see more on international trade? See the numbers behind the world’s closest trade relationship in this infographic.

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Markets

Will Tesla Lose Its Spot in the Magnificent Seven?

We visualize the recent performance of the Magnificent Seven stocks, uncovering a clear divergence between the group’s top and bottom names.

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Will Tesla Lose Its Spot in the Magnificent Seven?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we visualize the year-to-date (YTD) performance of the “Magnificent Seven”, a leading group of U.S. tech stocks that gained prominence in 2023 as the replacement of FAANG stocks.

All figures are as of March 12, 2024, and are listed in the table below.

RankCompanyYTD Change (%)
1Nvidia90.8
2Meta44.3
3Amazon16.9
4Microsoft12
5Google0.2
6Apple-6.7
7Tesla-28.5

From these numbers, we can see a clear divergence in performance across the group.

Nvidia and Meta Lead

Nvidia is the main hero of this show, setting new all-time highs seemingly every week. The chipmaker is currently the world’s third most valuable company, with a valuation of around $2.2 trillion. This puts it very close to Apple, which is currently valued at $2.7 trillion.

The second best performer of the Magnificent Seven has been Meta, which recently re-entered the trillion dollar club after falling out of favor in 2022. The company saw a massive one-day gain of $197 billion on Feb 2, 2024.

Apple and Tesla in the Red

Tesla has lost over a quarter of its value YTD as EV hype continues to fizzle out. Other pure play EV stocks like Rivian and Lucid are also down significantly in 2024.

Meanwhile, Apple shares have struggled due to weakening demand for its products in China, as well as the company’s lack of progress in the artificial intelligence (AI) space.

Investors may have also been disappointed to hear that Apple’s electric car project, which started a decade ago, has been scrapped.

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