<p>This essay scrutinizes the turn toward increased supply chain policing and firm-centric trade policies by the United States under the Trump and Biden Administrations. It identifies two dimensions of this transformation. First, policymakers are placing greater emphasis on corporate ownership and control rather than product origin, particularly through regulations targeting “foreign entities of concern” linked to geopolitical rivals. Second, the US government is increasingly enforcing trade-related objectives—especially labor, environmental, and economic security goals—through direct monitoring and sanctions against firms and worksites rather than through intergovernmental litigation. The commentary argues that firm-centric trade governance reconfigures the form, forum, and forces of trade regulation, creating new compliance burdens for multinational enterprises, expanding the role of domestic regulatory agencies, and challenging the traditional state-centric foundations of the international trading system.</p>