The next Smoot Hawley Tarriff Act

Obama's win marks the first time in modern American history "that a candidate advocating a shift in our trade policies in a decisively pro-worker, pro-consumer, pro-environment direction has been elected president," Public Citizen's Global Trade Watch, an advocacy group that is critical of free trade agreements, said in a report.

On the other side, Dan Griswold, director of the center for trade policies at the pro-trade Cato Institute, was equally stark in his assessment: "We are going to see the U.S. retreat from its long-standing leadership in the global economy."

Obama has taken a generally mainstream Democratic position on trade. He supports expanding trade but says trade agreements must support U.S. manufacturing jobs and include enforceable labor and environmental standards.

He has promised a tougher stance against China, telling the National Council of Textile Organizations, "I will use all diplomatic means at my disposal" to induce China to change its foreign exchange and export policies, which have led to huge trade imbalances.

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