Price on Trade: Next six months will set course of trade for years to come

Even between administrations, trade policy changes rarely happen overnight – but expect the second Trump administration to make changes as close to “overnight” as possible.

The Trade Expansion Act of 1962, the Trade Act of 1974, the International Emergency Economic Powers Act, the Defense Production Act, and other authorities grant the president sweeping abilities to take immediate and decisive actions that affect trade and domestic production. With these tools at the incoming administration’s disposal, this may be the most consequential six months for trade policy in recent memory. The wait to see what form these actions take is almost over.