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Domestic trade-power works like global trade-power except it only affects nodes where you do control territory.
Foreign Trade-power works similar to global trade-power except it only affects nodes where you don't control any territory
Global Trade power is a boost all generated trade-power.
Trade steering is just increases the weight your trade-power share has on directing the flow of trade. If you have 20% trade steering, then your trade-power share is increased by 20% with regard directing how much trade is pushed out of the node in the direction you want it to go (only applies to nodes with merchants transferring trade).
Trade efficiency actually has nothing to do with tradepower and instead directly modifies how much income you collect based on your share of a node. it's just a flat bonus. If you have 10% trade efficiency and are entitled to collect 10 ducats from that node due to trade share, you'll collect 11 ducats instead. It's also capped at 200% like all the other efficienies are.
Privateer efficiency works the same way when privateering.