Following Donald Trump's presidential victory this week, the Obama administration has declared that they will stop their push to win congressional approval for the highly controversial and worst deal ever, the Trans-Pacific Partnership.
U.S. President Barack Obama's administration has suspended its efforts to win congressional approval for his Asian free-trade deal before President-elect Donald Trump takes office, saying on Friday that TPP's fate was up to Trump and Republican lawmakers.
Administration officials also said Obama would try to explain the situation to leaders of the 11 other countries in the Trans-Pacific Partnership pact next week when he attends a regional summit in Peru.
Obama's cabinet secretaries and the U.S. Trade Representative's office had been lobbying lawmakers for months to pass the 12-country Trans-Pacific Partnership deal in the post-election, lame-duck session of Congress. However, Trump's stunning election victory that sends him to the White House in January and retains Republican majorities in Congress has stymied those plans.
USTR spokesman Matt McAlvanah said in a statement, "We have worked closely with Congress to resolve outstanding issues and are ready to move forward, but this is a legislative process and it's up to congressional leaders as to whether and when this moves forward."
Both Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan both said they will not deal with TPP prior to the inauguration of Donald Trump as the 45th President of the united States in January.
"In terms of the TPP agreement itself, Leader McConnell has spoken to that and it's something that he's going to work with the President-elect to figure out where they go in terms of trade agreements in the future," Adeyemo said. "But we continue to think that these types of deals make sense, simply because countries like China are not going to stop working on regional agreements."
Trump's victory pretty much put a stop to passing any significant legislation, including approval by the Senate for TPP. However, several things including more ridiculous regulations, pardons and executive orders are most likely to come from Barack Hussein Obama Soetoro Sobarkah's desk.
Donald Trump has said that he opposes TPP and said it was a "disaster" that would take jobs from the US and ship them overseas. He is right. Just like the North American Free Trade Agreement, which is now set to be renegotiated by Canada and Mexico, the TPP should be scrapped. Trump has said that as well. This is good policy.
Trump has also rightly expressed the need to deal with China in a way that results in actual fair trading. However, TPP was actually looking at bringing China into the mix via the Council on Foreign Relations.