Daniel Drezner outlines the the high points and low points of the U.S.-Australia free trade agreement that was just signed. Slashing tariffs on manufactured goods is great, but the Bush Administration’s continued pandering to Big Sugar is lamentable. Indeed, yesterday’s WSJ notes that the Administration’s refusal to negotiate over sugar tariffs could sink ratification of the deal, and undermine future trade agreements with other countries. Having caved to sugar, the Administration has no principled basis for refusing to protect other ag sectors in future deals, and our trading partners have greater reason to refuse U.S. access to their privileged markets.