Back-to-back APEC speeches by the leaders of America and China underlined their fundamentally different approaches to trade policy. President Trump called for “fair” (read trade-deficit reducing) bilateral deals. There’s been little interest in those during the President’s recent trip from Japan or China, while the KORUS deal is under review.

The U.S. trade deficit vs. the big three trade deals under negotiation in Asia (TPP, RCEP and APEC’s FTA) has ballooned in the past year. The deficit vs. RCEP grew 3% to reach $540 billion in the 12 months to September. Meanwhile the deficit ...