U.S. policymakers are ignoring some of the negative trade-offs of current trade policy to the detriment of American global leadership.

Democrats and Republicans have failed to tell a compelling story about trade. The door is open for a new narrative.

Trade between the world’s two biggest economies has ballooned in recent decades, bringing significant benefits but also perils that have led to calls to rethink the relationship.

Progressive values shaped the postwar international economic system that has procured the benefits of globalization and trade. Will U.S. policymakers remember?

Policymakers face complex cost-benefit considerations when intervening in the market to mitigate perceived risks, from climate change to competition with China.

Biden’s trade agenda is trying to tackle climate change, domestic jobs, and great power competition, but trade-offs are inevitable. A clear vision on priorities is essential. 

The Federal Reserve’s dual mandate of price stability and maximum employment presents trade-offs as the Fed grapples with the next move of interest rates. 

Under Biden and Trump, the U.S. has broken from its long-standing free trade policy. CFR trade experts assess whether the rules-based trading system is worth saving.