The updated White House website suggests President Trump’s first trade actions may be less hawkish than previously indicated. A withdrawal from TPP can be taken as a given. On NAFTA negotiations will be attempted rather than a straight withdrawal notice – Canada and Mexico seem likely to come to the table. Self-initiation of trade cases by the Department of Commerce is possible, but no specifics are given. Currency manipulation claims, border adjustment tax and broad ranging tariffs are not yet mentioned. The first test of a moderate stance: December trade data due January 26 could show ...