From tariff wars to torn-up trade agreements, America’s recent and dramatic turn away from support for freer, rules-based trade has undermined and upended the trading system that America championed since the end of the Second World War. Triggering new tensions between America and trading partners along the way, America’s sharp political divisions at home have given rise to zero-sum beliefs about the kind of trade America seeks with the world and the rules for trade that it seeks for itself. The implications of America’s new posture on everything from trade and investment to industrial policy and economic security are seismic in their implications — trends that will further accelerate during the second Trump administration.