The US and China, as well as the US and the EU, have held a series of high-level trade talks on trade deficit reduction. The recent zeal of the US for tariffs and customs against its main trading partners and the consequent tit-for-tat counter-measures have yet to derail the global economic outlook. However, the long term mood has significantly shifted away from conditions favoring trade liberalization. The risks are increasing, and uncertainty is rising over what comes next and how seriously the underlying global trade regime is going to be harmed. The seminar examines the consequences of the recent twists and turns in the trade policies, including their implications for the European Union and Finland as well as their responses.