Multilateral trade is in the interest of American companies

After Donald Trump was elected president, the concern among America's trade partners was that the candidate who had run promoting an "America First" agenda would steer the US into a dangerous protectionist direction after entering office.

He did threaten to revoke the North American Free Trade Agreement (Nafta), accused China of "stealing" American jobs by manipulating its currency and threatened to impose punitive tariffs on Chinese imports. But as demonstrated during his visit to China last week, the Sino-America trade war that everyone dreaded did not occur. Before Mr Trump left Beijing, several American companies announced that they would sign business deals in China while Chinese and American officials expressed confidence over the prospects of narrowing their differences on trade.

While the Trump administration did abandon one major trade treaty - the Trans-Pacific Partnership (TPP) - it has not quit Nafta, and is instead renegotiating that agreement and the trade deal with South Korea. At the same time, Mr Trump's 12-day trip to Asia reflects continuing American commitment to strengthen ties with the region's economies.