(Gerald F. Seib – Wall Street Journal)
President Barack Obama, facing a bitter struggle within his own party on trade policy, warned that China would step into the economic vacuum the U.S. would create if it fails to complete and enact a free-trade deal with Asia.
“If we don’t write the rules, China will write the rules out in that region,” Mr. Obama said in an interview Monday with The Wall Street Journal. “We will be shut out—American businesses and American agriculture. That will mean a loss of U.S. jobs.”
Mr. Obama also warned of rising anti-globalization sentiment in Washington, reflected in Democratic opposition to the trade agreement, Republican efforts to kill the Export-Import Bank and congressional unwillingness to approve new rules for operation of the International Monetary Fund. Click here to read more.