Paraphase Over the past two years, US trade policy changes have had a significant impact on global trade activities, particularly for multinational corporations. Here's an evaluation based on recent findings: Shift Away from Open Trade There has been a marked shift away from open trade, with a substantial increase in policies that negatively affect foreign commercial interests. This shift has led to 40% of world goods trade being affected by trade distortions introduced during what is referred to as "the populist era"1. Impact on Multinational Corporations Multinational corporations have been significantly impacted by these policy changes. The uncertainty created by the US-China trade war and other trade policy shifts has affected global trade flows and capital expenditure (CAPEX) spending. Companies have faced challenges in supply chain management, leading to increased costs and a slowdown in their capital expenditure1. Trade Policy under the Current Administration The current US administration has maintained a worker-centered focus, with a preference for policies that produce jobs, protect labor, raise environmental standards, and enforce existing free trade agreements. However, major trade agreement negotiations with other countries are unlikely in the near term due to the expiration of the Trade Promotion Authority2