Since Biden took office, the U.S. has recovered much ground lost to China in the region -- strengthening security ties with allies and partners, regaining the diplomatic initiative on issues ranging from vaccines to climate, and reviving faith in U.S. leadership. At the same time, it continues to lag badly on measures of economic engagement. China trades nearly three times as much with the rest of the region as the U.S. does and far outpaces Washington in economic diplomacy. This week, the United Nations estimated that China would be one of the biggest beneficiaries of increased intra-regional trade once the Regional Comprehensive Economic Partnership goes into effect next year.

China has even applied to join the Comprehensive and Progressive Trans-Pacific Partnership, the successor to an agreement negotiated by the Obama administration in large part to restore U.S. economic leadership in the region. Current members, especially U.S. allies such as Japan and Australia, have plenty of reason to question whether China would ever uphold the spirit and high standards of the agreement. But, given the potential economic gains, even they will be hard-pressed to resist its entry forever if the U.S. refuses to offer any alternative.

The obvious course -- and the one most favored by America's partners in the region -- is for the U.S. to join CPTPP.