The rise of Donald Trump in U.S. foreign policy cannot be reduced simply to a miscalculation by partisan elites or the temporary dissatisfaction of the middle class. Trump’s foreign policy reflects an accumulated crisis of U.S. hegemony and a deep gap between America’s material capabilities and its extensive commitments in the international order. From this perspective Trump’s foreign policy is not a “deviation from the norm” but an alternative formulation of American power under conditions of relative decline.