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Trump’s Tariffs Aren’t Over, But They Face a Major Challenge
A court ruling on Wednesday could pose a major threat to President Donald Trump’s tariff agenda. CFR Trade Policy Fellow Inu Manak unpacks what could happen next.
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
A Conversation with Ngozi Okonjo-Iweala
Event with Ngozi Okonjo-Iweala and Michael Froman
Reauthorizing DFC: A Primer for Policymakers
Article by William Henagan
A Question of Freedom
Article by Ebenezer Obadare
Economic Security
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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.
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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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How Should Europe Respond to King Donald?
With Europe—and others—granted 90 days to negotiate a new “deal” with Donald Trump that avoids the threatened reciprocal tariffs, everyone is rethinking their playbook for managing the mercurial U.S. President.
![Ursula]()
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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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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.
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The last time China’s export engine sputtered, Xi reversed policy...
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The United States is living through the most intense period of geopolitical competition since the end of the Cold War, and its strategic rivals—China, Iran, and Russia—have expressed a shared desire …
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Greenberg Center for Geoeconomic Studies
President Trump wants to eliminate income tax for Americans earning less than $150k. Could his tariffs offset that? -
The administration’s executive order lays out an ambitious process while stretching the power of existing law. Without significant resource support from Congress, it may do little to improve U.S. maritime power.