The USTR has begun a series of working groups with the Malaysian government to “strengthen trade”. Surprisingly this has been kept fairly quiet, compared to similar processes with China, Japan and South Korea. Unsurprisingly it is focussed on the U.S. goods deficit. Malaysia’s goods surplus with the U.S. reached $25 billion in the past year, similar to that of South Korea and India. It was also the fifth largest contributor to growth in the U.S. trade deficit in the past five years. Engagement now may save pain later once the Omnibus review of the deficit’s causes, and policy recommen...