With the election of Donald Trump this week, the Trans-Pacific Partnership is effectively dead, Reuters reports. The 12-country trade agreement was signed last year after more than five years of negotiations. Championed by President Obama, it was supposed to be part of his legacy. Then the tide turned. Republicans, who had largely supported the TPP, nominated Trump, who called it a "disaster" and "rape of our country." Even Hillary Clinton, who had supported the TPP while secretary of state, disowned it during the campaign, according to NPR. The Wall Street Journal reports the Obama administration had hoped to get it approved by Congress with the help of a Democratic Senate and incoming President Clinton. Neither of those things happened, dealing Obama a "bitter defeat."
Leaders of both parties in Congress now say they won't bring the TPP forward for a vote before Obama leaves office. It will be up to Trump to decide what to do with it, and the president elect has already stated his preference for renegotiating NAFTA and limiting imports. The TPP was set to be the biggest trade agreement in more than a decade. It got rid of many tariffs, set standards for intellectual property rights, and more. By excluding China, it was supposed to balance that country's growing power in the region. China is likely to now pursue its own trade agreements in the region, possibly to the detriment of US influence. (More Trans-Pacific Partnership stories.)
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