Trade Versus Subs: The Risky U.S. Tradeoff in the Asia-Pacific

The [headline-grabbing announcement](https://www.wsj.com/articles/u-s-forms-a-new-security-alliance-for-asia-with-the-u-k-and-australia-11631741734?mod=article_inline) by the United States and the United Kingdom to help Australia build a fleet of nuclear-powered submarines could be a strategic masterstroke, helping Washington find an important military ally in countering China’s growing naval might (it now boasts the world’s largest, [according to the Pentagon](https://news.usni.org/2020/09/01/pentagon-report-china-now-has-worlds-largest-navy-as-beijing-expands-military-influence) ), while also reinvigorating U.S. alliances in the Pacific. But [a less noticed move on the same day](https://www.wsj.com/articles/china-seeks-to-join-pacific-trade-pact-after-u-s-forms-new-security-alliance-11631813201) could matter more: China’s application to join a trade deal that the United States had brokered to counter China’s rise—but then rejected due to internal political strife. In effect, the moves are a bet:…