(Bloomberg View Editorial Board)
In the space of a few hours on Tuesday, what had been increasingly obvious became all but official: The U.S. is no longer leading the world economy.
The U.S. withdrawal is signaled by the Trump administration’s announcement of new tariffs on solar panels and washing machines. Dispiriting as this choice may be – not to mention bad for U.S. workers and consumers – it’s good news that the 11 remaining members of the Trans-Pacific Partnership have stepped into the resulting void.
With their agreement to move forward without the U.S., they are serving their own interests and the world’s. The new pact is valuable for the rest of the group, and with luck will be a model for trade liberalization more broadly. Click here to read more.