President Trump has launched trade wars with both traditional American allies (such as Canada, Japan, and the European Union) as well American competitors (China). In this talk, Professor Rose will first review what traditional economists think about trade policy and why. He will review the case for protectionism, regional trade agreements, and a rules-based international system with a special focus on current American trade policy and trade deficits. He will then present new research which links “soft power” to exports. President Trump provokes quantifiable dismay in American trading partners, and this in turn lowers American exports; he will document and estimate this effect.