Under Trump and Biden, the US trade policy has veered away from its traditional approach, developed since World War II, from multilateralism to focusing primarily on national and unilateral concerns. At the center of this approach have been tensions with China. This includes a renewal of industrial policies, protectionism and, most importantly, reliance on national security, manifested by newer and unexpected geopolitical developments. The discussion of trade policy today has become very toxic, especially during this presidential campaign season, with its renewed focus on tariffs. The trade debate in the US is now entering a new stage with the nomination of Kamala Harris and J.D. Vance. I believe the US drift away from the postwar policies of promoting global trade and investment will continue. Nationalist and protectionist policies will continue as part of a new economic and industrial policy, fused with national security concerns and rhetoric, no matter who wins.

1. Introduction
2. Proposed Nippon Steel–US Steel Merger
3. Proposed Forced Sale of TikTok
4. De Minimis Imports
5. More Export Controls on Semiconductor Chips and Technology
6. Restricting Foreign Ownership of Farmland and USReal Estate
7. Increasing Import Tariffs
8. My Observations
9. Conclusion
Post Script – Trump 2.0

• Stuart S. Malawer(Distinguished Service Professor of Law and International Trade Emeritus at George Mason University. J.D. (Cornell), M.A., Ph.D. (UPenn), Diploma (The Hague Academy of International Law))