Current negotiations over trade deals—the TPP across the Pacific and the TTIP across the Atlantic—offer the United States its best chance in decades to create international standards limiting foreign governments’ support for their home industries. The administration should focus its efforts on pushing the world trading system away from its pattern of ignoring the impact of state-led or state-influenced economies, which produced a series of East Asian Miracles but also handicapped developed countries’ economic competitiveness and threatened their international political leadership.
