Multilateralism in trade is currently under attack. Countries that used to be its most fervent supporters seem dissatisfied with its outcomes and think that they would be better off breaking multilateral agreements. At the same time, faced with the exorbitant market power of giant corporations, governments are increasingly active in unilateral protectionist policies. This column argues that while rising firm market power may weaken the argument in favour of laissez faire, it nonetheless reinforces the case for multilateral policy cooperation.