The 2020 agreement is expected to boost the global economy by $186 billion.   A third option in the United States is to highlight a strengthened commitment to soft power associated with narrow but firm security obligations. This approach would build on the strengths of the United States and take time to take more ambitious initiatives. It highlights the high level of participation in regional forums, exchanges between people, fundamental support for rules-based trade and a clearly articulated military presence. It would benefit from US-Chinese support agreements, not easy performance in the current context. Related Content China Trade in Digital Services and China`s Data Governance: How Should the U.S. React? Joshua P. Meltzer October 2020 Play Audio Global Trade Global competition for digital trade Joshua P. Meltzer and David Dollar Monday, October 12, 2020 China The new center of gravity of global energy trade Samantha Gross Monday, September 14, 2020 Now, almost four years later and at the end of President Trump`s term, the United States finds itself abroad when another mega-trade deal is reached. Many have spoken out about the wider impact of these decisions.
In fact, a document from the Peterson Institute for International Economics states: ”The resignations [of India and the United States] reflect similar motivations in both countries, including nationalist politics, on the one hand, and the fear of losing ground to China in economic and strategic competition. We also believe that together, the RCEP and the CPTPP will offset the global losses resulting from the trade war between the United States and China, but not for China and the United States. The new agreements will make the economies of North and Southeast Asia more efficient and combine their strengths in technology, production, agriculture and natural resources. Some Europeans may be wondering if we have missed it. Is the European Union weaker because 15 other countries have signed a free trade agreement without us? The answer is no. Just as we believe in free and fair trade and multilateralism to achieve this, we can be pleased if others follow this path to increase their own prosperity.