The European Union recently signed a free trade agreement with Canada, finished free trade negotiations with Japan, and has essentially replaced the United States as the leader in global trade policy. In February, the European Union ratified its free trade agreement with Canada, the Comprehensive Economic and Trade Agreement (CETA). As the European Union continues to build agreements with more countries, it gains a larger role in defining global trade policy. As long as the United States continues to follow its “America First” policies, the European Union will set the global trade standards and rules with its free trade agreements. As free trade agreements become the new tool for defining global trade policy, recent developments could mark the end of US-dominated trade policy and a beginning of a new era led by the European Union.

Source: Huffington Post August 12, 2017 15:11 UTC