The administration of President Trump may soon launch its first renegotiation of a Latin American trade deal, starting with Colombia. The move is not a surprise. Such renegotiations are a long-standing part of the administration’s policy and Colombia is the only Latin American trade deal counterparty that the U.S. has a trade deficit with (worth $985 million in the past 12 months). A further concern for the U.S. government may be the 5% drop seen in exports to Colombia in the past 12 months. If the KORUS talks with South Korea are a guide the focus of negotiations will likely be on in...