After a quarter century serving as the global arbiter of commerce, the World Trade Organization is facing an existential moment in an era of rising protectionism. The U.S. under President Donald Trump has called for a fundamental reset at the institution and sabotaged its ability to settle disputes. A key U.S. goal at the WTO has been to challenge China’s state-led approach to trade and investment, an aim shared by Democratic presidential candidate Joe Biden. Acknowledging that the WTO has faile