It is no wonder why Robert Feenstra holds the C Bryan Cameron Distinguished Chair in International Economics at UC Davis. He's increasingly becoming a leader in the field of international economics, and this textbook is without a doubt the best I've read for undergraduate courses in international economics.
This textbook explains everything in a very clear and concise manner, and there are plenty of case studies and real-life examples to help you understand the theory being explained. The topics are well thought out, and each chapter follows on nicely.
The trade theory models covered are: Ricardian, Specific-Factors, Heckscher-Ohlin, Monopolstic Competition, the Gravity Model, and FDI/Migration models of trade. Also a model of Outsourcing/Off-shoring is covered.
It also has good chapters covering all the important aspects of trade policy: tariffs, subsidies, and trade agreements.
The section on exchange rates is the clearest I've come across in any textbook. First an introduction to foreign exchange is covered, followed by a long-run model (Monetary Approach), followed by a short-run model (Asset Approach), and finally a Unified Theory Approach which brings together both separate models.
Finally, in the Macro-Finance policy section it covered interesting and relevant topics on the Euro, financial/monetary crises, and current themes of research within Macro-Finance.
Definitely one of the best purchases I've made!