WASHINGTON—President-elect Donald Trump is planning to issue a broad memorandum that directs federal agencies to study trade policies and evaluate U.S. trade relationships with China and America’s continental neighbors—but stops short of imposing new tariffs on his first day in office, as many trading partners feared. The memo directs federal agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations. And it singles out China, Canada and Mexico for scrutiny, directing agencies to assess Beijing’s compliance with its 2020 trade deal with the U.S., as well as the status of the U.S.-Mexico-Canada Agreement, or USMCA, which is set for review in 2026. But the memo doesn’t, in itself, impose any new tariffs—a momentary relief for foreign capitals. Instead, the trade policy memo is an indication of debates still roiling the incoming administration over how to deliver on Trump’s campaign trail promises for across-the-board tariffs on imports. [to access the full story a WSJ subscription is required]

Related coverage in: the Globe and Mail: President-elect won’t impose new tariffs on first day