However some lines seem clear. The US Administration withdrew from the Trans Pacific Partnership, the negotiations around the Transatlantic Trade and Investment Partnership between the EU and US are in jeopardy, and the Administration has signaled it wants to renegotiate the North America Free Trade Agreement.
In other words, the model suggests that in a global ZLB environment, surplus countries can hold world output down, and even countries which in autarky would avoid falling in a liquidity trap may then be dragged down.