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President Donald Trump and his Chinese counterpart Xi Jinping both spoke today at an Asia Pacific Economic Cooperation summit in Vietnam. The Chinese president talked of economic openness and international cooperation … President Trump pledged to put America first and to pursue bilateral trade agreements instead of multilateral ones. In other words, the U.S. should sign trade deals with one other trading partner at a time, rather than joining big multi-nation agreements. How is that an advantage?

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Follow Tracey Samuelson at @tdsamuelson