In 2016 the world was shaken by Trump’s presidential election victory. The consequences of this event for global trade and trade governance remain uncertain, against a background of considerable downside risk of economic and political disruption. This talk will briefly review the evolution of the post-war trade regime. It will focus on elements of actual and promised trade policy under the Trump Administration, and consider how changes in the U.S. policy stance might impact trade prospects and the behavior of its major trading partners.