Donald Trump’s trade policy has been, to date, more sound than fury. The president favours hot rhetoric about pulling out of trade agreements and reducing US trade deficits with whacking big tariffs.
But the actions of his administration, with the exception of pulling out of the Trans-Pacific Partnership, are comparatively tepid.
Instead of tearing up the North American Free Trade Agreement with Canada and Mexico, the US has started negotiations to change it. Rather than slapping tariffs on China to punish it for trade-distorting actions, the US has started an investigation into Chinese abuses of intellectual property rights.
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