Since the fall of the Soviet Union, most businesses have made long-term decisions based on the assumption that global trade was on an irreversible arc toward greater freedom. That era is now over.
In the short term, the Trans Pacific Partnership is dead, and China will move into the vacuum it leaves behind (The New York Times). This won’t end up “bringing jobs home.” It means more trade and more jobs will remain in Asia, where China and its trading partners will move forward with their own business. Progressives feared that TPP would open the door to foreign countries suing to overturn environmental rules in the U.S. Ironically, under a Trump administration, those rules are now in far greater danger closer to home.Read More