diff --git a/Makefile b/Makefile
index 6c359b2f86..31d41a7eae 100644
--- a/Makefile
+++ b/Makefile
@@ -346,7 +346,7 @@ dtc/%:
 	mkdir -p $@
 
 $(SUBDIR_RULES): libqemuutil.a libqemustub.a $(common-obj-y) $(chardev-obj-y) \
-	$(qom-obj-y) $(crypto-aes-obj-$(CONFIG_USER_ONLY)) $(trace-obj-y)
+	$(qom-obj-y) $(crypto-aes-obj-$(CONFIG_USER_ONLY))
 
 ROMSUBDIR_RULES=$(patsubst %,romsubdir-%, $(ROMS))
 # Only keep -O and -g cflags
@@ -366,11 +366,11 @@ Makefile: $(version-obj-y)
 # Build libraries
 
 libqemustub.a: $(stub-obj-y)
-libqemuutil.a: $(util-obj-y)
+libqemuutil.a: $(util-obj-y) $(trace-obj-y)
 
 ######################################################################
 
-COMMON_LDADDS = $(trace-obj-y) libqemuutil.a libqemustub.a
+COMMON_LDADDS = libqemuutil.a libqemustub.a
 
 qemu-img.o: qemu-img-cmds.h
 
diff --git a/Makefile.target b/Makefile.target
index 7df2b8c149..e62021d5aa 100644
--- a/Makefile.target
+++ b/Makefile.target
@@ -188,8 +188,7 @@ dummy := $(call unnest-vars,.., \
                qom-obj-y \
                io-obj-y \
                common-obj-y \
-               common-obj-m \
-               trace-obj-y)
+               common-obj-m)
 target-obj-y := $(target-obj-y-save)
 all-obj-y += $(common-obj-y)
 all-obj-y += $(target-obj-y)
@@ -201,7 +200,7 @@ all-obj-$(CONFIG_SOFTMMU) += $(io-obj-y)
 
 $(QEMU_PROG_BUILD): config-devices.mak
 
-COMMON_LDADDS = $(trace-obj-y) ../libqemuutil.a ../libqemustub.a
+COMMON_LDADDS = ../libqemuutil.a ../libqemustub.a
 
 # build either PROG or PROGW
 $(QEMU_PROG_BUILD): $(all-obj-y) $(COMMON_LDADDS)
diff --git a/tests/Makefile.include b/tests/Makefile.include
index f3de81fcfb..579ec07cce 100644
--- a/tests/Makefile.include
+++ b/tests/Makefile.include
@@ -519,7 +519,7 @@ QEMU_CFLAGS += -I$(SRC_PATH)/tests
 
 
 # Deps that are common to various different sets of tests below
-test-util-obj-y = $(trace-obj-y) libqemuutil.a libqemustub.a
+test-util-obj-y = libqemuutil.a libqemustub.a
 test-qom-obj-y = $(qom-obj-y) $(test-util-obj-y)
 test-qapi-obj-y = tests/test-qapi-visit.o tests/test-qapi-types.o \
 	tests/test-qapi-event.o tests/test-qmp-introspect.o \