The new global economy is at a crossroads. Forces of “de-globalization” are endeavoring to slow down globalization. The opening salvo of trade wars has recently been fired. Why are trade wars fought? Who wins? Who loses? What will be the consequences? How can managers in the middle of trade wars cope with the uncertainties? This presentation will address these questions, with examples drawn from ongoing US trade wars with China, the EU, Mexico, Canada, Iran, and Russia.