President Donald Trump’s sweeping tariffs were reinstated after a federal appeals court agreed to temporarily pause a ruling yesterday by the U.S. Court of International Trade, which declared the president’s tariffs illegal. The decision would have affected tariffs levied against Canada, China, and Mexico that Trump said were about drug trafficking and fentanyl, as well as sweeping “Liberation Day” tariffs on countries around the world.
CFR experts weigh in on the latest developments roiling the global economy. |
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A court ruling on Wednesday poses a major threat to Trump’s tariff agenda, though a federal appeals court granted the administration’s request to pause the lower court’s decision. In the meantime, explore some of the implications caused by the court’s ruling. |
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On CNN International, CFR President Mike Froman explains how other countries seeking to negotiate with the United States are likely to wait and see how the appeal fares in court before they make further compromises.
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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. |
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Recent decades have witnessed massive growth in ongoing declarations under IEEPA, which has allowed the president to arrogate excessive powers over the U.S. economy. |
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The tariffs and trade disruptions of the second Trump administration have caused trade partners around the world to reconsider their economic policies and supply chains. Four Council of Councils member institutes—from Saudi Arabia, Canada, China, and Mexico—weigh how those changes are impacting their respective regions.
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With allies and adversaries impacted by new economic barriers and tariffs, U.S. trade relationships hang in question. As the United States rethinks its commitments, allies could seek deals elsewhere, even with historic rivals. Can the president tear up a trade deal, and what happens when deals are up for renegotiation?
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“Despite recent trade deals with China and the [United Kingdom], U.S. companies and consumers will face significant tariffs, compliance costs, and uncertainty without a more significant pivot from the Trump administration,” writes Jake Colvin, president of the National Foreign Trade Council.
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“Trump’s policies reflect a transformation of the global trade and capital regime that had already started. American trade policy must either reverse the savings imbalance in the rest of the world, or it must limit Washington’s role in accommodating it,” writes Michael Pettis, senior associate at the Carnegie Endowment for International Peace, in Foreign Affairs.
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Watch a video on the Mar-a-Lago Accord, a series of financial policy proposals aimed at bolstering domestic U.S. manufacturing, which could be the biggest change in the world’s bond and currency markets since the 1980s. |
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“It took the United States three years to ramp up the production of planes and missiles in World War II. The country will likely not have that much time to ramp up when the next conflict begins,” writes Michael Brown, former director of the Defense Innovation Unit at the Department of Defense, in Foreign Affairs.
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Washington and Beijing’s geopolitical rivalry has put critical minerals at the center of the U.S. national security agenda. Over the past decade, Washington has taken some meaningful steps to address the country’s supply chain vulnerabilities, yet those efforts remain too modest.
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