The multi-year effort to negotiate a trade agreement between the EU and Mercosur appears to have run into too many hurdles on both sides of the Atlantic. France is a key blocker in Europe, with claims that the environmental provisions are not tough enough on South America. Argentina said it was on hold until President-elect Javier Milei is sworn in this weekend but now that country’s current Foreign Minister, Santiago Cafiero, warns that the agreement is “bad” and will have a “negative impact on industry and agricultural exports.” The EU Commission has tried to temper concerns about the deal and other trade initiatives by emphasizing its “defensive trade measures” for blocking imports. Chad Bown at...