The Red Trunks are back...kind of.
 

The latest issue reveals that Superman's red trunks are back in DC continuity for at least some portion of his early career. Check the scanned page above. He doesn't wear them currently but I am much happier with this compromise than DC Comics trying to whitewash the trunks from history.

Without getting into spoilers, there have been big developments in recent Superman issues softly retconning his history once again. They are merging elements of his Post-Crisis history with the New 52 series.

Re: The Red Trunks are back...kind of.
 

Put this in spoilers if you need to, but I thought the two Supermen were distinct and that after that awful convergence story, our Supes came into the New 52. I have no idea how rebirth changed that, somehow it's a new merged Earth, only that he and Wally know each other. But I thought they always maintained that Morrison's New 52 Supes sacrificed himself and that's why this Supes came out of retirement, and that the current Superman had most of his history intact, including the trunks.

Re: The Red Trunks are back...kind of.
 

Rumor has it that by Action Comics #1000, Superman will be back in his traditional costume.

Re: The Red Trunks are back...kind of.
 

They've fused both Superman's histories together into one now. Some of New 52 Superman's history was impossible to incorporate (it's up in the air how much of a relationship this Rebirth Superman had with Wonder Woman). It's one, unified history for Superman now and so two Superman weren't running around at the same time in terms of continuity. Apparently Johns' Secret Origin is now canon again with a few alterations.

DC Comics seems pretty gung-ho about removing the trunks, though bringing them back for Action Comics #1000 makes sense.