With the collapse of the Doha round of trade negotiations, economic liberalisation may depend more on bilateral and regional free-trade agreements. In America's case, such deals also provide geopolitical benefits: they give Washington a means to strengthen bilateral ties with other states at a time of increasing international challenge.
Using creative tactics to strengthen American influence is particularly important in eastern Asia, where China's rise is transforming the region.
At the same time, Beijing is asserting itself diplomatically, and substantially building up its military. As a result, its influence is increasing even in nations long friendly to the United States. Political tensions between Tokyo and Beijing cannot obscure their growing economic relationship. Australia and South Korea enjoy increasing trade with mainland China.
Economic ties are also increasing between the mainland and Taiwan, even as the latter attempts to forge a separate identity. Beijing hopes - and independence-minded Taiwanese fear - that the prospect of economic gain may cause Taipei to compromise on its territorial integrity.
Mainland China's evident rise has caused some Americans to see it as a dangerous military adversary. But the future is not fixed. America risks playing a losing hand if it bets US simplicity against Chinese subtlety. Neither Canberra nor Seoul, for instance, are interested in joining the US to 'contain' mainland China.
A more nationalistic Japan seems more inclined to back America, but such resolve might not survive an actual confrontation. Taiwan, too, prefers smooth relations between Washington and Beijing.
Under these circumstances, the US should look for additional geopolitical cards to play. The most important benefit of American friendship today may be access to the US economy.