President-elect Trump’s decision to pull out of TPP is not a surprise. A focus on bilateral deals leaves the field for multilaterals open for China to dominate. It raises questions as to whether a deal with the EU is possible – its countries negotiate as a bloc. Interestingly for a ‘day one’ statement there is no specific mention of NAFTA. Putting aside China, the EU and NAFTA the biggest deficits the U.S. has, and presumably its first targets for deals, are with Japan, Vietnam and South Korea.