Europe Can’t Save Rules-Based Trade Without Taking on China

The US and the European Union have been on a trade agreement tear, competing to define the future global trading system. The EU looks to backstop the more established rules of the road; the US, to muscle bilateral commercial balances in its favor. Each has lessons for the other: The US would do well to remember the stability, cooperation and shared gains that enriched it alongside others. The EU would benefit by recognizing, as the US does, that traditional trade rules no longer work when China,