The U.S. trade relationship with China influences many of their other trading partners. With China’s entry into the World Trade Organization trading patterns in Asia shifted within the year, reorienting Asia’s exports to China and then to the West. United States application of trade remedies reorients many Chinese exports. With no regional trade agreement beyond the WTO agreements containing both countries, a consideration is what future rules will govern global trade—rules based on U.S. or Chinese interests. A perspective of the U.S. trade deficit with China is often believed to be primarily China’s fault, while others blame the low U.S. savings rate and the more aggressive, centrally pushed Chinese industrial policies and restrictive Chinese investment regime requiring transfer of Western technologies. China’s movement to a more market-based currency has resolved one important issue in the U.S. trade relationship with China—currency manipulation.