The new deal is worse than the status quo, but disaster was avoided.

Canada joined the U.S. and Mexico Monday in a revised trade agreement to replace the North American Free Trade Agreement, and stocks rallied in relief. The new deal’s main virtue is that it stows one of Donald Trump’s main protectionist wrecking balls, even if the new Nafta is worse for trade and economic growth than the status quo. Oh, and please don’t call it Nafta 2.0. Mr. Trump is calling it the U.S.-Mexico-Canada Agreement to showcase that he has fulfilled one of his main campaign promises. And in that sense we’re happy to avoid the great harm that would have come from a unilateral U.S. withdrawal.

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