Ceding developing country perks is a geopolitical play

China's decision this week to forgo its developing country benefits at the WTO won't have significant economic implications, not least because the WTO has little power these days to compel members to comply with their commitments. But it is a concession that could help in future trade talks with the US. And it allows Beijing to frame itself as a defender of free trade and multilateralism in the face of US protectionism.