In recent years, the global economy has faced sharp increases in trade barriers and find itself at the edge of the outbreak of trade wars. Risks associated with the escalation of trade barriers, however, seem to be not fully realized. In fact, they are likely to be much more serious than most experts tend to believe. And this has to do with the diversity of reasons inviting economic agents and political decision makers to support protectionist policies. The article addresses factors responsible for the rise in protectionist attitudes, their possible consequences for the global economy as well as key challenges they pose for the trade policy of the Russian Federation.