With hindsight, the failure of the Transatlantic Trade and Investment Partnership looks like the West’s great missed opportunity.
Launched in 2013, the jumbo U.S.-EU trade talks were supposed to be an opportunity to reinvigorate global trade in the wake of the financial crisis. Supporters billed it as nothing less than an attempt to build an economic NATO, an opportunity for Western allies to respond to the rising power of China through a commitment to regulatory cooperation that would allow them to continue to write the...