As promised throughout the campaign, one of the first acts carried out by President Donald Trump was to order the US Trade Representative to withdraw formally from the Trans-Pacific Partnership (TPP)—a megaregional trade agreement between the United States and 11 other countries. The administration instead plans to pursue new bilateral trade pacts in the Asia-Pacific region. Schott explains why a regional deal like the TPP is far more likely to yield larger US gains with fewer US concessions than the administration’s favored bilateral approach.

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