There has been a lot of speculation about what the future of trade looks like under the new US Presidential administration.
There are many different scenarios, The New York Times reported, and one is if the Trump administration takes an aggressive position on current US trading partners.
"There would be pushback, but you’d be working within the relevant legal frameworks and using existing institutions as they were intended by Congress and the World Trade Organization (WTO) and our trading partners," said White & Case international trade attorney Scott Lincicome. "Everybody will talk about it, but it won’t change the global macroeconomic outlook."
An extreme scenario, said The New York Times, would be if the administration chose to leave the WTO, and how Congress would react.
"For the last 100 years or so, Congress and the executive branch have had a kind of gentleman’s agreement where Congress delegates its authority over international trade to the president as long as Congress gets the ultimate say," Lincicome said.
In this extreme case, he said, "the risk is you have not just an economic crisis but a constitutional crisis."