Over the past two decades, international trade has undergone a significant transformation shaped by political, strategic, and structural shifts in the global economy. Once viewed primarily as a vehicle for economic growth under the paradigm of globalization, trade is now increasingly used as a tool of geopolitical influence and state power.

This chapter explores the growing protectionist turn in global trade policy since the 2010s, through the lens of new mercantilism. From the United States’ tariff-driven confrontation with China to Russia-related sanctions, India’s agricultural trade barriers, and the EU’s climate-oriented carbon border adjustment mechanism, trade policies are being strategically redefined beyond purely economic goals. These changes are deeply rooted in structural dynamics such as rising inequality, deindustrialization, job losses from technological change, and anti-immigration pressures.

Unlike classical protectionism, this new wave incorporates indirect trade barriers justified by environmental, security, and employment concerns. The chapter offers a theoretical and analytical framework for understanding how global trade is shifting away from multilateral liberalism toward nationally driven economic strategies. By connecting these developments within a coherent causal chain, the study aims to provide an original contribution to the literature on the political economy of global trade.