Powell, 27, spent his first five-plus NBA seasons in Toronto.
A 2015 second-round pick, he has contributed off the bench throughout his career before moving into the starting lineup this season. He's blasting his career high with 19.6 points per game while shooting 43.9 percent from three-point range.
Powell will likely move into the starting lineup for the Blazers, who are making a surprising move to deal Trent and Hood. Trent is scheduled to be a restricted free agent this offseason and broke out as a floor spacer in 2020-21 in the aftermath of CJ McCollum's injury. Hood has largely struggled, but his $10.9 million base salary for next season is not guaranteed.
The Raptors have been exploring the trade market for Powell and Kyle Lowry ahead of Thursday's deadline, but this feels like the type of deal Toronto would have done regardless of a potential roster retooling. Trent is five years younger than Powell, who will be an unrestricted free agent this summer, and offers a similar scoring upside.
The Blazers will likely look to lock in Powell to a long-term deal either via an extension or at the beginning of the free-agency period to ensure they didn't give up Trent for nothing.