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What Trump Trade Policy Has Achieved Since ‘Liberation Day’
Ten CFR experts break down what the president's trade agenda has accomplished since he placed a ninety-day pause on his expansive “Liberation Day” tariffs.
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Exploring three key areas of international economic policy: trade and investment, development, and economic security, i.e., technology controls, supply-chain-resilience measures, and other policies to reduce risk to the economy or national security
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A regular series on the choices faced by international economic policymakers
Despite recent trade deals with China and the UK, U.S. companies and consumers will face significant tariffs, compliance costs, and uncertainty without a more significant pivot from the Trump administration.
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A New Impediment to Balance of Payments Adjustment: Underwater Bonds
Taiwanese insurers are locked into holding U.S. dollar bonds that trade below par, putting pressure on Taiwan’s central bank to intervene to block currency adjustment to preserve their capital.
![Taiwan: Cumulative Valuation Loss Graph]()
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Time to End Roundtripping by Big Pharma
U.S. pharma companies should pay rather more of their corporate income tax in the U.S.—and start producing more of their best drugs in the U.S. as well.
![United States Flag and Vial]()
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The (Somewhat) Mysterious Surge in China’s Current Account Surplus
China's trade surplus is rising. China's reported current account surplus is rising even faster.
![China's surplus]()
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Trade and tariffs are a central part of President Donald Trump’s international economic policy. Stay up to date with the Council on Foreign Relation’s calendar of significant trade-related events.
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The Trump administration initially expected to conclude multiple trade deals by the end of the 90-day pause but found that trade negotiations take time.
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Trump’s tariffs have done little to reduce foreign barriers and create “fair and reciprocal” trade.
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Costs are mounting for the U.S. defense industry, critical infrastructure, and relations with partners and allies.
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The fragility of American Exceptionalism is just one lesson from financial markets in response to Trump’s Liberation Day tariffs.
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Taiwanese insurers are locked into holding U.S. dollar bonds that trade below par, putting pressure on Taiwan’s central bank to intervene to block currency adjustment to preserve their capital.
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Greenberg Center for Geoeconomic Studies
Since President Trump’s first term, U.S. imports subject to tariffs under Section 232 national-security authority have soared. They are set to soar further. -
The Global Fragility Act (GFA) serves as a blueprint for smart U.S. funding to prevent and end conflict, and bipartisan congressional leaders advocate reauthorization of the 2019 law.
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A trade war with the European Union could negatively impact many U.S. industries. The lobster trade provides a specific case study of how one significant industry could be severely harmed.
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How should Europe respond to the threat of 50 percent tariffs?
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Despite recent trade deals with China and the UK, U.S. companies and consumers will face significant tariffs, compliance costs, and uncertainty without a more significant pivot from the Trump administration.