Making good use of trade

At a moment when the United States is strongly pushing the Trans-Pacific Partnership free-trade deal as a foundation for "21st century trade", that the US' politically sensitive trade gap with China widened to $36.3 billion, as imports hit a record $45.7 billion in September, will likely further stoke the US' specious argument that China should not write the trade rules for 21st century.

However, for those who are true believers of free trade, the US Commerce Department data actually provides more cause for optimism than meets the eye.

The latest data show China is set to become the biggest trading partner of the US this year, eclipsing Canada for the first time, as low prices have slashed the value of the US' energy exports to its neighbor.