As president, Barack Obama would repeal the Tiahrt Amendment, which restricts the ability of local law enforcement to access important gun trace information, and give police officers across the nation the tools they need to solve gun crimes and fight the illegal arms trade. Obama and Biden also favor commonsense measures that respect the Second Amendment rights of gun owners, while keeping guns away from children and from criminals who shouldn’t have them. They support closing the gun show loophole and making guns in this country childproof. They also support making the expired federal Assault Weapons Ban permanent, as such weapons belong on foreign battlefields and not on our streets.
It also looks like the Obama administration will likely support the proposed UN arms trade treaty. From the LA Times (November 1, 2008):
In a United Nations General Assembly vote, 147 of its 192 members voted in favor of creating a global treaty that would impose rules on the import, export and transfer of weapons among nations. Only the U.S., long an opponent of such a treaty, and Zimbabwe voted against the idea. Arms exporters such as China, Russia and Israel showed their reluctance over the regulations by abstaining; other nations were absent.
I think it is also safe to say that Obama will not lift the import ban on Chinese/Norinco arms. If you want that Type 97 bullpup you are going to have to move to Canada!