Asian countries should pursue a Pacific trade pact even after the U.S. walked away, and its standards should be incorporated into other regional deals, argues a report authored by half a dozen former trade envoys.
Donald Trump withdrew the U.S. from the 12-nation Trans-Pacific Partnership in one of his first acts as president, throwing an agreement that covered 40 percent of the global economy into disarray. That's left the other nations scrambling: Either try and proceed without the U.S., hope Trump changes his mind (or Congress does), or prioritize a separate regional deal being championed by China.
The president has attacked trade deals in general and touted an "America First" doctrine that would punish countries whose policies are deemed by the administration to be undermining U.S. jobs. But the rest of the world shouldn't embrace Trump's protectionism, the Asia Society Policy Institute report argues.