Trade Agreements

The TPP, a trade deal for a globalized world

The TPP, a trade deal for a globalized world

It's too early to tell whether Congress should ratify the Trans-Pacific Partnership treaty that the Obama administration negotiated with 11 countries on both sides of the Pacific Ocean. The details matter, and the actual text of the agreement won't be released for a few weeks. Yet the very fact that negotiators from a dozen nations were able to strike a deal reflects the inescapable reality that trade is more globalized than ever before, which is why the administration is right to pursue agreements that promote higher standards for commerce in the 21st century.

Increasing trade around the world is a net positive in theory because it means more goods will be produced and consumed,...