Trade wars as a means of combating chronic large-scale trade deficits have once again become the hallmark of US trade policy following Donald Trump’s return to power. As in 2017–2019, this is leading to increased uncertainty and instability in trade flows in the wake of the shocks caused by the pandemic and anti-Russian sanctions. Tariffs and non-tariff measures imposed by the US significantly restrict trade and business opportunities, creating incentives for trade deals. The UK and India have made the most progress in negotiations with the US. The EU is seeking to reach agreements but is also preparing retaliatory measures. The situation with China is even more complicated. On the one hand, there is a goal to form a long-term agreement on a wide range of issues and eliminate tensions. On the other hand, both countries are not ready to give up their existing economic leverage and are reminding each other of their existence. Russia needs to monitor developments in order to assess the risks to exporters and the domestic market resulting from the redirection of trade flows.