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President Trump’s tariffs on Canada, China, and Mexico could upend U.S. trade. These nine charts show what’s at stake, what comes next, and why it matters.
Feb 5, 2025
President Trump’s tariffs on Canada, China, and Mexico could upend U.S. trade. These nine charts show what’s at stake, what comes next, and why it matters.
Feb 5, 2025
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How Does Immigration Affect the U.S. Economy?Immigrants have long played a critical role in the U.S. economy, filling labor gaps, driving innovation, and exercising consumer spending power. But political debate over their economic contributions has ramped up under the second Trump administration.
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Trade CalendarTrade 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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Trade Tools for Climate Action: Ensuring a Secure and Stable Supply of Critical MineralsAs the world transitions to green energy, the United States’ reliance on China for critical mineral inputs poses significant risk. Though the Trump administration is taking steps to mitigate this vulnerability, the U.S. government should pool international collaboration through legally binding commitments to avoid fragmentation and secure stable access.
Experts in this Topic
Bloomberg Chair in Global Health; Senior Fellow for International Economics, Law, and Development; and Director of the Global Health Program
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How I Got My Career in Foreign Policy: Inu ManakInu Manak has explored the intricacies of international trade policy in the world of academia and think tanks. She chatted with CFR about navigating different work environments and the benefits of developing a niche expertise.
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Free Trade Can’t Bring PeaceFor decades, the liberal belief that open trade fosters peace has shaped US foreign policy. It worked while US security guarantees held the system together, but as those commitments weaken and new powers assert themselves, the multilateral trading order is rapidly coming undone.
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A Guide to Trump’s Section 232 Tariffs, in MapsPresident Donald Trump has launched a wave of Section 232 tariffs and investigations, seeking to protect U.S. national security. These graphics show the scale and structure of U.S. reliance on foreign suppliers for products ranging from cars to copper.
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North American Leaders ‘Take a Deep Breath’ Ahead of USMCA ReviewGovernment tensions have upended the economic relationships between the United States, Canada, and Mexico. Despite this, public- and private-sector North American members of the Trilateral Commission appeared committed to finding a path forward.
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China’s Massive Surplus is Everywhere (Yet The IMF Still Has Trouble Seeing It Clearly)China’s reported current account surplus understates China’s contribution to global trade imbalances. The massive gap between China’s export and import volume growth over the last six years tells a more accurate story.
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U.S. Tariff and Trade Policy: Takeaways From President Trump’s Trip to AsiaFollowing President Trump’s trip to Asia last week, CFR fellows discuss the outcome of bilateral trade dialogues with the leaders of Malaysia, Japan, and South Korea; takeaways from talks with Chinese President Xi Jinping; and the future of the United States’ economic relationships in the region.
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Repositioning the Debate on Subsidies and Industrial PolicyAt the World Trade Organization’s annual Public Forum, which brings together researchers, civil society, practitioners, and businesses, CFR Senior Fellow for International Trade Inu Manak sat down with four leading experts on subsidies and industrial policy to explore increasing government interventions in the economy, where existing rules and tools fall short, and what the WTO can do to help.
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The U.S.-China Trade RelationshipPresident Donald Trump’s trade war with China that began in his first administration has created ripple effects throughout the global economy. But experts say complete decoupling of the world’s two biggest economies is likely impossible.
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Trump and Xi Turn Back the Clock—While China Flexes Its MusclesWhile the much-anticipated Trump-Xi meeting produced modest results, it also revealed China’s growing strengths and could set the stage for a more substantive Trump visit to Beijing next year.
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U.S. Trade Policy Sends Geopolitical Ripples Through Pacific RimFive CFR fellows explain how growing concern with U.S. trade policy in certain APEC members—China, Taiwan, Thailand, Chile, and Peru—will affect U.S. economic and security relationships in the region.
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Trade Tools for Climate Action: Agreement on Climate Change, Trade, and SustainabilityThe novel Agreement on Climate Change, Trade, and Sustainability balances ambitious environmental targets with domestic economic considerations, offering a blueprint for countries looking to make their economies greener.
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Tariffs Sour Public Opinion on the U.S. in Chile and PeruNeither country is likely to become a U.S. priority soon, although closer partnerships with both could help Washington address some of its concerns over critical mineral supply chains.