Fred Bergsten thinks the US-Colombian PTA collapse is really bad:

Fred Bergsten, director of the Peterson Institute, said the consequences of the Colombia vote were “enormous” nevertheless.

“This is a calamity for the world trading system,” he said. “It undermines the whole basis for international confidence in the US as a trading partner.”

The decision to suspend the application of fast track was much worse than not having fast track authority at all, he said. It meant that no future fast track authority would be credible.