Since “America First” has been put forward, a large number of trade protectionism measures have been systematically implemented against a wide range of trade partners including China, indicating the advent of a new round of trade protectionism. Based on the analysis of the realistic background and theoretical logic of the new round of trade protectionism, this paper summarizes the effects of the new round of trade protectionism into discrimination effect, exclusion effect, transfer effect, shielding effect, shock effect, lock-in effect, and fragmentation effect. Meanwhile, the regional trade liberalization have been proposed to offset above negative impacts of the protectionism through third-country effect, trade effect, Aggregation effect, integration effect, stability effect, escalation effect and stepping stone effect. To promote China's regional trade liberalization, the favorable factors and implementation strategies are analyzed.