Trade protectionism is back in fashion, with US President Donald Trump leading the march against free trade, which he blames for destroying American industries and jobs. The backlash is fuelled by growing discontent about the shape of globalisation, which is associated with unacceptably high levels of inequality. The consequences for growth and development of a possible retreat to full-blown protectionism are likely to be extremely negative, however. Whether or not an alternative trade path can now be forged is far from certain.