President Trump claimed a multi-front victory last week in his bid to reshape U.S. trade policy under his “America First” philosophy, extracting fresh commercial concessions from Mexico and China—while stripping the World Trade Organization of its powers to restrain the tactics he used to secure them.

Combined, the efforts show an approach toward U.S. trading partners and multinationals that is focused more on forcing corporations to produce domestically and sell American-made goods abroad than on helping them expand their…

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