The real promise of freer transatlantic trade consists in its potential to transform global trade, production networks, and multilateral organizations to the benefit of all. At the most general level, it would act to rationalize the current system of four poorly functioning blocs – centered on China, Europe, the US, and the rest – to three, and eventually (and perhaps quite quickly) to two better-functioning blocs that would have little choice but to work well together: one dominated by China, and the other by the EU/US.