"No Trade is Free is a masterpiece that describes how my Administration stood up to China and fought back against the Globalists and Communists that have been ripping off American workers for decades." ― Donald Trump “Bob Lighthizer is the best in the business. He completely transformed the paradigm on trade, changing the course of American history. If our leaders apply the lessons in this book, America can still have a prosperous future.” ― Larry Kudlow, former director of the National Economic Council and host of Kudlow on the Fox Business Network “Over Bob Lighthizer’s decades-long career in public policy, he helped reset the direction of US trade policy and advanced the commonsense, realistic approach: recognizing that ‘no trade is free.’ His book exposes the ideological fault lines that subjected too many workers to the ravages of a naive view that free trade was a reality rather than an outdated theory. This book is a must-read for those seeking a better understanding of how we got to where we are, and how we can chart the path forward.” ― Tom Conway, president of the United Steelworkers “In the wake of heightened geopolitical rivalries and worsening inequality, America is reorienting its trade policy to align with its strategic priorities. Anyone interested in understanding what unfolded in the Trump administration and the debates that lie ahead ought to read this book. Bob Lighthizer continues to challenge us to reconsider why we trade and what we hope to gain from it.” ― Mark Wu, professor of law, Harvard University “For decades, Washington gave China concessions even while they grew more powerful and more hostile to our interests. No Trade Is Free is the story of how Bob Lighthizer and the Trump administration brought common sense back to the negotiating table.” ― Marco Rubio, United States senator “This book is destined to be a historic masterpiece. It is an eyewitness account of a lifetime focused on better trade deals. The details of the most significant US-Chinese negotiations since Nixon met with Mao will make this riveting story a bestseller.” ― Michael Pillsbury, senior fellow for China strategy at the Heritage Foundation and author of the national number one bestseller The Hundred-Year Marathon “Bob Lighthizer reopens a question forbidden in Washington for decades: Just how costly is free trade? His answer reveals defects in the entire project of globalization and lets us glimpse a path beyond it.” ― Peter Thiel, entrepreneur, cofounder of PayPal, and author of the number one New York Times bestseller Zero to One “The author is a wise man whose advice we would do well to heed. Bob Lighthizer educated me on trade and economic policy during long flights on Air Force One. Now, in No Trade Is Free, what he taught me is accessible to all.” ― Lieutenant General H. R. McMaster, former national security advisor and author of Battlegrounds

Chapter Page Introduction xi Part 1 Foundations Chapter 1 Where It Started 3 Chapter 2 Where We Are Now 14 Chapter 3 A Short and Selective History of US Trade Policy 38 Chapter 4 How the WTO Has Failed America 63 Part 2 China-Our Greatest Challenge Chapter 5 Our Greatest Geopolitical Threat 89 Chapter 6 Twenty-First-Century Mercantilism: China's Economic System 111 Chapter 7 An Economic Threat 125 Chapter 8 Changing the Direction 139 Chapter 9 Beginning to Negotiate 161 Chapter 10 Making a Deal Concrete 179 Chapter 11 The Way Forward 204 Part 3 Managing Globalization-North America Chapter 12 From NAFTA to USMCA: The Great Issues 215 Chapter 13 USMCA: Mexico and Canada 232 Chapter 14 Round Two of USMCA: On to Congress 244 Part 4 Managing Globalization-The Rest of the World Chapter 15 Europe and Japan 259 Chapter 16 Other Major Trading Partners 278 Chapter 17 Transcending Issues That Affect the Economy 292 Part 5 Moving Forward Chapter 18 A Prescription for the Future 311 Acknowledgments 321 Notes 327 Index 349