The New World Order?

| About: Vanguard Total (VT)

Yes, the US is still the global hegemon, but this headline certainly caught my attention:

Australia snubs US by backing China push for Asian trade deal

Australia is throwing its weight behind China's efforts to pursue new trade deals in the Asia-Pacific region amid a growing acknowledgement the US-led Trans-Pacific Partnership agreement is dead in the wake of Donald Trump's election victory.

Steven Ciobo, Australia's trade minister, told the Financial Times that Canberra would work to conclude new agreement among 16 Asian and Pacific countries that excludes the US.

He said Australia would also support a separate proposal, the Free Trade Area of the Asia-Pacific, which Beijing hopes to advance at this week's Asia Pacific Economic Co-operation summit in Peru.

Again, it's far too soon to predict where we'll end up under Trump. But there's no doubt we are living in interesting times. For the first time in my entire life, the US is no longer the world leader in the push toward globalization.

PS: Here's tweet by a Danish economist who understands this country much better than most Americans: