President Donald Trump officially backed out of the Trans-Pacific Partnership today, essentially scrapping his predecessor’s most significant trade deal. In its place, Trump said he will institute an “America-first” policy, including renegotiating existing multilateral trade deals.

As some question whether the U.S. is still the global champion of free trade, Chinese President Xi Jinping said China is ready to assume that global leadership role. But the country’s vision of global free trade is not the same as America’s.