This paper extends a presentation at the panel discussion “Will the Changing U.S. Energy Mix Transform Multimodal Freight Systems?” made at the 2015 annual Washington Meeting of the Transportation Research Board.

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President Donald Trump shakes hands with President of the European Commission Ursula von der Leyen as he announces a trade deal with the EU at Trump Turnberry golf club on July 27, 2025, in Turnberry, Scotland. (Andrew Harnik via Getty Images)