The negotiation of international trade agreements has become the issue of the moment. With Brexit, a change in administration in the United States, a fragile economic recovery in the Eurozone, and China facing a slowdown in its growth, nothing is more critical to the future global economy than...

Should the China-U.S. trade agreement prompt relief because it averts a damaging trade war or concern because selective preferential access for the United States to China's markets breaks multilateral rules against discrimination? The answer depends on how China implements the agreement....