All through the presidential election campaign, Barack Obama blew hot and cold on trade. In tones reminiscent of Bill Clinton and the New Democrats, he often spoke persuasively about embracing globalisation and welcoming international competition. The US could not prosper by hiding from the world economy, he said. Yet he was second to none among the candidates in questioning specific trade pacts. He attacked the North American Free Trade Agreement and said it should be renegotiated. He threatened companies that invest abroad rather than “keeping jobs at home”. This equivocation has carried through to his trade policy appointments.