From NATO to health care, President Donald Trump has evidenced he is comfortable making major policy flip-flops.

His most recent reversal came last week, when a U.S. Treasury report declined to name China as a currency manipulator despite Trump's repeated promises to formally accuse Beijing — a signature pledge during his campaign trail.

So, what could Trump backtrack on next? One analyst said he hopes it will be the Trans-Pacific Partnership, the world's largest trade deal that Trump withdrew from in January on the claim that it would hurt U.S. manufacturing.

"Whoever thought that Trump would let China, a rival, off the hook on currency? If he can do that with a country that's clearly not a friend, maybe he could reconsider reversing himself on TPP for a friend like Japan," Sean King, senior vice president of Park Strategies, told CNBC on Tuesday.

Japan was set to be a major beneficiary of TPP, particularly the country's auto sector that would have obtained cheaper access to U.S. markets. Tokyo, which has long lamented the trade pact would be "meaningless" without the U.S., has decided to forge ahead with the other remaining 10 participating nations to revive the deal but many are doubtful of whether the TPP will be a game-changer in Washington's absence.

Trump still has time to change his mind on TPP, King warned, noting that the treaty text remains valid until February 2018.

"Trump said [TPP] was a disaster, but I'm sure the other members would be willing to make concessions to get the U.S. back in, just like South Korea was willing to make concessions to Obama for his endorsement of the U.S.-Korea [free trade agreement]," King said.