The trading units in the past have been individual businesses, sometimes relatively small ones. Today, they are chiefly transnational corporations. Trade controlled by these corporations and not restricted or regulated by national governments should be called "transnational trade". Prior to World War II most trade that crossed national boundaries was international. Since World War II, and especially since 1980, the involvement of national governments in decisions about trade, has been reduced, turning these over to transnational corporations. Today, trade is increasingly transnational.
The change has not occurred without argument. But the terms of the debate have tended to obscure the real issues. International trade has been called "protectionist", because governments often favor businesses within their own borders in relation to those outside. Protectionism has been seen as a form of favoritism. Transnational trade is called "free", because corporations are free from governmentally-imposed restrictions. People prefer "free" to "favoritism". The less loaded terms "international" and "transnational" allow a more open discussion.