Trade | Council on Foreign Relations

The Rise of Economic Security

Countries have collectively announced an average of three thousand economic restrictions per year over the past half decade. The trend is likely to continue as tariffs take center stage.

Article by Jonathan E. Hillman Jan 21, 2025

What Are Tariffs?

President Donald Trump has begun his second term with a raft of tariff threats. Here’s how these taxes work and how they’ve been used historically.

Backgrounder by Anshu Siripurapu and Noah Berman Feb 3, 2025

A Risky New Era of Broken Trade Norms

A raft of new tariffs imposed by President Donald Trump could shatter the era of a rules-based order with global economic ramifications.

Expert Brief by Edward Alden Feb 3, 2025

China

Xi Is Making the World Pay for China’s Mistakes

My recent essay in the New York Times argues that China’s rising surplus in manufactures is a real threat to the global economy.

Article by Brad W. Setser February 23, 2025 Follow the Money
China

The iPhone, the IMF and China's Balance of Payments

The iPhone is priced correctly in China's customs trade data. A seemingly banal observation that leads to big questions about China's post 2022 balance of payments methodology.

Post by Brad W. Setser February 23, 2025 Follow the Money
Trade

What Trump’s Aluminum and Steel Tariffs Will Mean, in Six Charts

President Trump plans to impose fresh tariffs on all aluminum and steel imports, seeking to curb China’s growing dominance in global trade. These six charts show the tariffs’ potential economic effects.

Article by Shannon K. O'Neil and Julia Huesa February 14, 2025

Experts in this Topic

Edward Alden

Senior Fellow

Alyssa Ayres

Adjunct Senior Fellow for India, Pakistan, and South Asia

Thomas J. Bollyky

Bloomberg Chair in Global Health; Senior Fellow for International Economics, Law, and Development; and Director of the Global Health Program

Jendayi E. Frazer

Adjunct Senior Fellow for Africa Studies

Michael Froman

President, Council on Foreign Relations

Jennifer Hillman

Senior Fellow for Trade and International Political Economy

Inu Manak

Fellow for Trade Policy

Shannon K. O'Neil

Senior Vice President, Director of Studies, and Maurice R. Greenberg Chair

Brad W. Setser

Whitney Shepardson Senior Fellow

Benn Steil

Senior Fellow and Director of International Economics

India

India’s Industrial Policies: Rejecting the Old Status Quo and Creating the New

India’s industrial policy mirrors the global rise of protectionist norms. But these measures not only often violate WTO norms and lead to trade disputes, they have also not achieved India's goal of boosting its domestic manufacturing sector.

Article by Sarthak Pradhan February 11, 2025
India

How India Disrupts and Navigates the WTO

India’s influence at the World Trade Organization has grown following a notable decline of U.S. power within the organization, but its opportunism and obstructionism could weaken its potential to benefit fully from the international trading system.

Article by Inu Manak February 10, 2025
India

The Great Disconnect in India’s Digital Trade Policy

India's digital trade policies run contrary to global norms and seem to undermine the interests of its fast-growing and economically important information and technology sector. At the same time, it is aligning with an increasingly protectionist United States.

Article by Kholofelo Kugler February 10, 2025

Trade

The Costs of Tariffs

CFR President and former U.S. Trade Representative Michael Froman analyzes the potential economic consequences and broader impacts on global trade norms of President Donald Trump’s imposition of tariffs on Canada, China, and Mexico.

Article by Michael Froman February 7, 2025
Trade

Guac Shock: Understanding Tariffs With Avocados

The majority of avocados consumed in the United States come from Mexico. Here’s how tariffs could make the price of avocados—and other goods—more expensive.

Article by Will Merrow and Andrew Huang February 7, 2025 RealEcon
Greenberg Center for Geoeconomic Studies

The Growth Hit From Trump’s Tariffs

Trump’s tariffs will hit U.S. growth. We estimate the impact over time.

Post by Benn Steil and Elisabeth Harding February 6, 2025 Geo-Graphics
United States

What Trump’s Trade War Would Mean, in Nine Charts

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.

Article by Shannon K. O'Neil and Julia Huesa February 5, 2025
Trade

Tariffs on Trading Partners: Can the President Actually Do That?

Though Congress holds power over regulating commerce with foreign nations, it has incrementally delegated significant authority to the president, giving him broad discretion to take trade actions.

Report by Inu Manak and Helena Kopans-Johnson February 4, 2025 Greenberg Center for Geoeconomic Studies
Trade

Media Briefing: Bracing for a Trade War

CFR experts provide insights and context around President Donald Trump's announced tariffs and what they mean for North American trade, U.S. alliances, and global competition.

Virtual Event by Zongyuan Zoe Liu , Zongyuan Zoe Liu , Inu Manak , Inu Manak , Benn Steil , Benn Steil , Heidi Crebo-Rediker , Heidi Crebo-Rediker and Michael Froman February 3, 2025 Media Briefings
Trade

What Are Tariffs?

President Donald Trump has begun his second term with a raft of tariff threats to bolster his immigration priorities, support local industries, and compete with China. Here’s how these taxes work and how they’ve been used historically.

Backgrounder by Anshu Siripurapu and Noah Berman February 3, 2025 Renewing America
Trade

Trump’s Risky New Era of Broken Trade Norms

The tariffs that President Donald Trump has announced against three of the United States’ biggest trading partners—Canada, China, and Mexico—look poised to shatter the era of a rules-based order with global economic ramifications.

Expert Brief by Edward Alden February 2, 2025
Panama

Who Controls the Panama Canal?

Panama has owned and administered the Panama Canal for nearly three decades. President Trump wants to change that to counter growing Chinese influence in Latin America.

Article by Diana Roy January 29, 2025