A 50-year-old woman with lifelong asthma had nearly total expiratory collapse of her distal trachea. The signs and symptoms were similar to those of asthma except for a pronounced upper airway component to her wheezing and the immediate onset of dyspnea on exertion. Surgical repair led to significant improvement in symptoms and resolution of tracheal collapse on expiration. Ultrafast computed tomography was a valuable adjunct to bronchoscopy in diagnosis and management. Expiratory collapse of the trachea should be considered in the differential diagnosis of wheezing and intractable reactive airway disease.