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As these countries reduce trade barriers with each other, impediments to American trade will loom even larger. The United States remains the world's largest manufacturer, a global force in farming, and the world's No. 1 exporter of services. In fact, U.S. goods exported to the...

Only a smattering of companies, mostly in low-tech sectors like garment and shoe manufacturing, are seeking to leave China entirely. Many more companies are building new factories in Southeast Asia to supplement operations in China. China’s fast-growing domestic market, large population and huge industrial base...