Summary: Fifteen Asian economies have agreed to a preferential trade deal?the RCEP?which will raise relative trade barriers to the rest of the world (by cutting trade taxes amongst themselves). The US faces three relative barriers to trade with Asia?the RCEP, failing to join the TPP, and US trade taxes on domestic companies. The RCEP does not tackle regulation (the biggest obstacle to trade) but does simplify regional trade agreements, which is positive.
