Obama administration withdraws from making Trans-Pacific Partnership a reality

The post-election lame-duck session is set to start Monday, but it is unlikely that the 12-nation trade deal will be on the table. President-elect Trump had said he planned to cancel consideration of the deal in his first days in office.

The Trans-Pacific Partnership was supposed to be the trade deal of the century. House Speaker Paul Ryan had earlier said he would not bring the legislation to a lame-duck vote.

Other experts like Alan Deardorff, professor of economics at the University of MI, noted the possibility that members of the Republican Party in Congress, who have been in favor of these trade agreements, will advise Trump to tone down his aggressive trade agenda. The New York Times reported Friday that Sen.

President-elect Donald Trump walks with Senate Majority Leader Mitch McConnell on Capitol Hill.

The TPP was attacked by both parties throughout the primaries and in the rhetoric and debate leading up to Tuesday's election.

Heads of states including Chinese President Xi Jinping, Russian President Vladimir Putin and US President Barack Obama will be in attendance at the APEC Summit.

The US already has trade agreements with numerous 12 participating nations, but the TPP would draw it closer to Japan, the world's third-largest economy and a significant ally of Washington.

Rep. Rosa DeLauro (D-Conn.), an outspoken critic of the TPP deal, said that "a strong coalition of members of Congress and labor, environmental, faith and human rights organizations and activists worked diligently to stop this agreement".

China has been swift to take advantage of the surrounding uncertainty, with officials saying on Thursday they would seek support for a Beijing-led Asia-Pacific free-trade area at a regional summit President Xi Jinping will attend in Peru this month. This will be impossible unless the USA, whose GDP accounts for 60%, ratifies it. Ag would gain about $4.5 billion in net exports under the deal.

If passed, critics say the deal would make government spying easier by stopping efforts to mandate that data be stored domestically; that it would allow corporations to sue governments for cutting into their profits, and significantly harm the environment.

Kevin Kester, a California cattle producer, told reporters just the lack of a deal with Japan alone was costing the industry about $400,000 a day in lost sales.

"That was the huge plus for us with TPP was getting access to those really important markets".

"Sadly, Trump's opposition to the TPP rejects those values, is rooted in the same xenophobia that dominated his campaign, and is bolstered by no real vision for what comes next", he said. "So we are prepared to talk". 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.

Singapore's prime minister, Lee Hsien Loong, told a Washington crowd this summer that the U.S.'s credibility is on the line with the TPP.

However, there were a number of other trade deals now under negotiation.

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