A U.S. trade pact with Europe could encompass friendly democracies and revive the old alliance.
America’s global leadership rests on three pillars. If any one of them fails, it could doom the whole enterprise. The first pillar is maintaining the world’s pre-eminent military. The second is remaining the world’s pre-eminent economy, which is foundational to having the pre-eminent military. (The U.S. dollar’s role as the global reserve currency depends on both pillars.) The third pillar is reinvigorating the American dream and American values, which are weakening for too many of our fellow citizens. We must rededicate ourselves to the values and principles that made this nation great, including free enterprise.
This is the moment for bold ideas, and I believe the U.S. should offer Europe a major inducement: If it executes meaningful economic and military reforms, including everything that we consider crucial for security and resiliency, the U.S. will negotiate one big, beautiful economic and free-trade agreement with Europe. … This pact could be extended to friendly democracies including Canada, Mexico, Japan, South Korea, Australia and the Philippines.
It would be an economic and geopolitical game changer for the U.S., Europe and our other allies. It would allow us to set the global rules on trade and would bind Western allies together in the face of autocratic pressure.