This contribution addresses the trade policy consequences of the ongoing conflict between China and the USA. It has become increasingly clear that the US, against the backdrop of China’s continued growth, is now challenging the existing world trade order, which it itself had initiated and steadily expanded. The author argues that we are witnessing now a realignment of trade policy liberalization interests and a global process of transformation. In the face of this development, states, regions and companies are compelled to rethink existing strategies, and must try to reposition themselves by developing new ones. But what will replace the order ‘as we know it’? Will the current state of unwieldy multipolarity generate a US-American strategic withdrawal, or is there an opportunity to develop the contours of a new bipolarity – one that is based on the USA distancing itself from China, while further developing its hegemonic collaboration with its allies?