The global trading system as we have known it is dead. Both the “America first” trade strategy and China’s analogous strategies reflect a flagrant disregard for any semblance of a rules-based system and a clear preference for a power-based system to take its place. Even if pieces of the old order manage to survive, the damage is done: there is no going back. Yet clinging to the old system and pining for its restoration would be deluded and futile. Nostalgia is not a strategy; nor is hope. The challenge is to create a system of rules outside the rules-based system of old.