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.

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

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.

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. 

In crafting a new international economic policy that works for Americans and advances U.S. interests, policymakers will have to weigh multiple trade-offs.

Three decades after its founding, Latin America’s largest trade bloc continues to deal with internal divisions, including over a stalled trade deal with the European Union. New leadership in Argentina and Brazil could shake things up.

AGOA is the cornerstone of the U.S.-Africa trade relationship, but declining support has called the program’s value into question.