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In international economics, Keynes is famous for developing a plan for international monetary and financial cooperation. His contribution to international trade matters is less well-known. A cursory read of Keynes’s contribution in this field might make one think that his views regarding the place of discretion and negotiation in defining a country’s trade policy are fickle. This paper aims to emphasize the logic underlying the development of Keynes’s ideas within that field. JEL classification: B20, B31, E12, E42, F13, F33, F53