On his first day in office, Trump issued a trade policy memo directing federal agencies to study U.S. trade with China and the trade deal with Canada and Mexico.
While he stopped short of levying new import taxes, Trump threatened 25 percent tariffs on Canada and Mexico starting Jan. 1.
He also floated a 10 percent tariff on Chinese goods, far lower than previously calls for a 60 or even 100 percent tariff.
Some analysts noted Trump had pulled back on his China tariff threats and suggested he was having second thoughts about a potential trade war.
“This latest number is less than those threatened in the months leading up to this point, which indicates Trump may be open to caution when it comes to escalation,” Elizabeth Renter, an economist at NerdWallet, wrote in a commentary.
But open questions remain regarding the timing, size and scope of potential tariffs and the future of the United States-Mexico-Canada Agreement (USMCA).