US President Donald Trump recently signed executive orders to withdraw the US from the Trans-Pacific Partnership (TPP) and renegotiate the North American Free Trade Agreement (NAFTA). Both moves suggest his pre-election rhetoric of criticizing the current international trade regime is being translated into concrete action. So, where will these changes in US trade policy lead us? Obviously, the US withdrawal from TPP is a major setback to international efforts in fostering freer regional trade and investment in the Pacific Rim, as well as a significant dilution of the ‘pivot’ to Asia strategy of the previous Obama administration. The Trump administration is likely to favour bilateral trade deals over regional or multilateral blocs, which will have significant ramifications for its trading partners. One crucial drawback in having multiple bilateral trade agreements compared to entering regional or multilateral trade deals is the additional costs incurred to business... —