Questions are swirling about what President Trump’s trade agenda is going to look like after Day 1 tariffs on traditional U.S. trading partners didn’t materialize.

Trump put out a trade policy memo on his first day in office that directs federal agencies to study U.S. trade with China and to reassess the updated trade deal between the U.S., Canada and Mexico — but stopped short of ordering new import taxes.

Following the memo, he threatened 25 percent tariffs on Canada and Mexico starting Feb. 1, and floated a 10 percent tariff on goods from China, a sizable reduction from earlier proposals including a 60 percent tariff and a 100 percent tariff.

Now, business groups and industry leaders are eager to know what the final trade package is going to look like. Here are five questions facing Trump on trade.

Timing, size and range of new import taxes

The top questions for businesses are how big the tariffs will be, how many countries they will apply to and when they will go into effect.

After pledging Day 1 tariffs on Canada and Mexico, Trump on Monday punted the start date back to Feb. 1. On Tuesday, he walked back the size of the tariff he wants to impose on China to 10 percent.

Analysts noted the downgrade and wondered if Trump was getting cold feet about getting into a trade war.

“This latest number is less than those threatened in the months leading up to this point, which indicates Trump may be open to caution when it comes to escalation,” Elizabeth Renter, an economist at NerdWallet, wrote in a commentary.

After campaigning on renegotiating U.S.........

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