China has rapidly been taking advantage of the new U.S. administration’s policy to withdraw from TPP. In the past two days it has already started extending deals with Peru and Chile. It has also stated it wants to see “early results” from negotiations for the broad RCEP trade area at forthcoming talks from December 2. This isn’t just about geopolitics though. Panjiva data shows trade with the FTAAP group (RCEP plus others) have fallen 10% in the 12 months to September vs. 2013. Countries outside the U.S. and FTAAP can’t be ignored though – trade with them fell 15% over the same period.