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Global Trade Policy 2025, tariffs, trumponomics
Trade, Tariffs & Trumponomics
Trade is a central pillar of President Donald Trump's foreign policy. CFR experts provide timely analysis on the trade-offs and costs involved as they explore the ripple effects on U.S. relations with allies and competitors alike and broader impact on the global economic system.
In Focus
Winning the Race for Tomorrow’s Technologies
Leading in artificial intelligence, quantum, and biotechnology will bolster national security and allow the United States to shape global rules and standards in competition with China. CFR’s new Task Force Report explains how.
Can the President Actually Do That?
Ways the President Can Raise Tariffs
| Authority | Key Powers |
|---|---|
| Tariff Act of 1930 (Smoot-Hawley Tariff) 19 U.S.C. § 1338 |
Grants president authority to raise tariffs up to 50 percent of the product’s value after the U.S. International Trade Commission makes a finding that a foreign country has discriminated against U.S. commerce. |
| Trade Expansion Act of 1962 - Section 232 19 U.S.C. § 1862 |
Permits the president to modify imports through tariffs or quotas where there is an identified threat to national security resulting from an investigation pursued by the Department of Commerce. |
| Trade Act of 1974 – Section 122 19 U.S.C. § 2132 |
Permits the president to impose tariffs of up to 15 percent for 150 days (unless extended by Congress) on the basis of “large and serious” U.S. balance of payments deficits. |
| Trade Act of 1974 – 201 Safeguards 19 U.S.C. § 2251 |
Authorizes the president to impose tariffs or take certain other actions if the International Trade Commission finds that a surge in imports is a “substantial cause of serious injury” to a U.S. domestic industry. |
| Trade Act of 1974 – Section 301 19 U.S.C. § 2411 |
Allows USTR, under the president’s authority, to investigate and take action against unfair foreign trade practices. |
| International Emergency Economic Powers Act (IEEPA) 50 U.S.C. § 1338 1701 et seq |
Allows the president to regulate imports in response to an “unusual and extraordinary threat, which has its source in whole or substantial part outside of the United States, to the national security, foreign policy, or economy of the United States.” |
Our Trade Experts
Tariffs Calendar
American Impact
Missing the Mark: Trump Investments Not Likely to Help Those Most in Need
The Trump administration says its trade and investment policies are aimed to help struggling Americans. However, a preliminary look at recently announced investments shows that the administration may be missing its target.
Explaining Trade
Trade Agreements, Explained
Trade agreements establish shared foundational rules for countries to govern their economic interactions. Though offering significant economic benefits, the United States maintains fewer comprehensive trade agreements than other large economies and is increasingly turning toward nonbinding economic frameworks with other countries, risking continued influence in the global trading system.
The Latest Trade News and Analysis
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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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While 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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The Trump administration says its trade and investment policies are aimed to help struggling Americans. However, a preliminary look at recently announced investments shows that the administration may be missing its target.
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The U.S. Supreme Court should preserve the separation of powers by affirming that President Trump cannot usurp Congress’ constitutional authority to set tariff levels.
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Critics say Europe gave up too much in its trade deal with the Trump administration, but the agreement could prove to be the beginning of Europe’s strategic shift. Leaders are now looking to diversify trade, increase defense spending, and reevaluate their energy policies.
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Canada’s fallout with the United States over the Trump administration’s tariff policy has forced it to forge a new path that will swap its deep economic and security ties with Washington for internal development and other relationships abroad.
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Recent U.S. pressure on Brazil is a reminder that countries should reserve their legal right to retaliate to avoid being complicit in undermining the rule-based trading system.
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A food distributor in Arizona warns that tariffs will soon lead to higher prices and shortages at the grocery store.
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