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Taking the Chinese Rorschach test

China's leaders must be rubbing their hands with glee at negotiators' failure to conclude, on schedule, an agreement on the U.S.-led Trans Pacific Partnership.

     By casting doubt on the fate of the 12-nation trade pact -- the linchpin of Washington's planned "pivot to Asia" -- the debacle has delivered a serious blow to U.S. prestige and to its efforts to reassert regional leadership in the face of China's economic, political and military muscle. 

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