The relationship between populism and free trade has historically been a complex one. This article argues that populism affects trade not by expressing consistent economic preferences, but by operating as a discourse that articulates external policies as a struggle for popular recognition. We analyze trade discourses of Donald Trump and Brexiteers following their victories in the 2016 US presidential election and the EU referendum in the UK. These populist movements expressed opposing trade preferences: Trumpism was identified with protectionism, while Brexiteers supported free trade. However, they both articulated trade as a way to regain popular sovereignty from elites and hostile outsiders. A discursive approach helps identify a common l...