Trump trade policy will look beyond simply tariffs

Significance The potential for a second Trump administration to develop unconventional policy changes that go beyond tariff increases has been largely overlooked. These changes may trigger foreign retaliation and impact a wide range of companies beyond US importers. Impacts Chinese and EU retaliatory tariffs could injure a range of export-dependent US sectors such as agriculture and industrial machinery. China's response may include more restrictions on rare earth exports, affecting the battery sector, and other tighter export controls. A port fee on US arrivals of Chinese-built container ships would disrupt global supply chain logistics. Increasing regulatory risks may pressure more US-aligned foreign companies into ensuring greater visibility across their supply chains.