Chapter 13 reviews the strategy and domestic diplomacy of trade preferences, examining the historic shift in US policy through the stages of hegemony. That meant going from a pre-hegemonic policy founded upon nondiscriminatory protectionism to becoming the principal advocate of nondiscriminatory liberalization in hegemony, and then shifting in later hegemony from critic to practitioner of discriminatory liberalization. That last policy of discrimination has also moved through stages, with the extension of autonomous, generalized preferences to most developing countries being followed by the creation of more generous and targeted programs for favored regions, and then the negotiation of reciprocal, preferential agreements with specific partners. The analysis shows that while the economic and political attractions of discrimination have risen in recent decades, the US capacity to utilize those preferences is undercut by conflicting objectives as well as by the decline in the overall level of protection and the US share of the global market.