<p>International trade is undergoing a period of profound upheaval. Politicians and observers have been trying to identify a paradigm that can capture the new disorder. This essay argues that no single paradigm is emerging; instead, trade policies are changing along several dimensions simultaneously. We can make sense of the new complexity by tracing those changes along four dimensions: the <i>purposes</i> for which governments regulate trade, the <i>partners</i> with whom they want businesses to trade, the <i>products and services</i> that they want to see traded, and the <i>tools</i> that they use to regulate trade. An analysis along these lines shows that competing narratives about globalization are motivating governments to embrace a multipurpose trade policy; to take a much more selective approach to their trading partners; to develop trade policies that are tailored to specific products, services, and supply chains; and to employ a much wider range of tools to shape supply chains than they did even a decade ago.</p>