After President Trump pulled the United States out of the Trans-Pacific Partnership last year, the eleven remaining countries met to reach a new deal. That trade deal was signed today by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam in Santiago, Reuters reports.

Why it matters: The world is moving on as the U.S. steps back from trade deals such as the TPP. One consequence of the reduced American engagement in Latin America is the influx of Chinese investments and influence.