I explore the consequences of a deteriorating rules-based trade regime for heterogeneous, monopolistically competitive firms in a small, export-dependent country. In a modified Melitz & Ottaviano (2008) model, exporters in a small country must consider a non-zero risk of costly meddling by an opportunistic hegemon. The risk of hegemonic meddling disincentivizes entry in the small market overall while allowing a less productive marginal entrant. Variety and average productivity in the small market fall while average prices rise. The largest, most productive firms in the small country are the most exposed to hegemonic meddling because they are the most dependent on export revenue.