Atmospheric carbon monoxide (CO) has been decreasing globally for the last two decades. Recently, positive fire trends in Northern Hemisphere boreal regions may have impacted the decreasing CO. Additionally, time-varying air quality policies will have different impacts on atmospheric composition and related trends. Aerosols are co-emitted with CO from both fires and anthropogenic sources. Consequently, a combined trend analysis of CO and aerosol optical depth (AOD) measurements from space can help elucidate the drivers of regional differences in the CO trend. We use valuable long-term records from two instruments aboard the Terra satellite. Measurements of Pollution in the Troposphere (MOPITT) CO and AOD from the Moderate Resolution Imaging Spectroradiometer (MODIS) instrument are examined hemispherically and in sub-regions to determine trends between 2002 and 2018. The records are further split into two sub-periods in order to examine temporal stability in the trend values. We also assess the CO trends in monthly percentile values to use seasonal information when interpreting trend contributions. Our focus is on four major population centers: Southeast USA, Europe, Northeast China and North India, as well as biomass burning regions in both hemispheres. Our results show that globally, CO declines faster in the first half of the record compared to the second half. Both atmospheric species are important when interpreting trends in the smaller regions. Northern Hemisphere boreal fire regions show a regime-shift in their seasonality for both CO and AOD, which may counteract the downward trend in CO. Anthropogenic regions with minimal air quality management such as North India become more globally relevant as the global CO trend weakens. We also find clear evidence of the atmospheric impact of policy choices. Overall, we observe that local changes in biomass burning and air quality can counteract the global downward trend in CO.