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Trump and Trade Loom Over Canada’s G7 Summit
Leaders of the world’s seven major industrial democracies will strive for a united front on tackling some of the world’s toughest economic and security challenges. Job one will be to avoid a rupture over trade.
Trade Offs
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.
Featured Analysis From RealEcon
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
Trade and Investment
Development
Economic Security
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The Dollar’s Global Role and the Financing of the U.S. External Deficit
The Dollar’s Global Role and the Financing of the U.S. External Deficit
![Japan's Nikkei share average and the current Japanese Yen exchange rate against the U.S. dollar]()
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What Is an “International Emergency,” and Who Gets to Decide?
Recent decades have witnessed massive growth in ongoing declarations under the International Emergency Economic Powers Act. IEEPA has allowed the president to arrogate dangerously excessive powers over the U.S. economy.
![Trump Tariffs EO]()
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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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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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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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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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Editor's note: This article was originally published on May 22, 2025 and does not reflect developments post May 22. When Indian Prime Minister Narendra Modi met U.S. President Donald J. Trump at …
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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.
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The Trump administration’s upending of trade norms could help usher in a new economic order—but only if done right.
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China's trade surplus is rising. China's reported current account surplus is rising even faster.
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Greenberg Center for Geoeconomic Studies
Recent decades have witnessed massive growth in ongoing declarations under the International Emergency Economic Powers Act. IEEPA has allowed the president to arrogate dangerously excessive powers over the U.S. economy. -
Tariffs were supposed to push the dollar up. What happened?
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Place-based innovation policy that harnesses talent in left-behind regions and communities could allow the United States to bolster its economic and national security goals at the same time.