<p>As reported by <em>The Wall Street Journal</em> late last week, the Obama Administration has decided to abandon the controversial Trans-Pacific Partnership (TPP). ;</p>
<p>&ldquo;The White House had lobbied hard for months in the hope of moving forward on the pact if the Democratic nominee, Hillary Clinton, had won,&rdquo; reports the WSJ. ;</p>
<p>But Trump&rsquo;s victory has already changed the political landscape, and congressional leaders from both parties have made it very clear that they will not consider the TPP during the remainder of Obama&rsquo;s term.  ;</p>
<p>&ldquo;This important agreement is not ready to be considered during the lame duck and will remain on hold until President Trump decides the path forward,&rdquo; said House Rep. Kevin Brady (R-TX). ;</p>
<p>The 12-nation trade agreement has faced serious opposition from the Left and the Right, with Hillary Clinton flip flopping her stance mid-campaign. Bernie Sanders and Donald Trump both opposed the deal.</p>
<p>Primary concerns include: ;</p>
<p>&bull; General lack of transparency ;</p>
<p>&bull; Unionized workers would face competition from lower-wage workers in other countries</p>
<p>&bull; Nations with fewer environmental rules would attract American industry ;</p>
<p>&bull; ISDS provision would allow foreign corporations to bypass US laws ;</p>
<p>&bull; New monopoly rights for pharmaceutical companies would affect healthcare ;</p>
<p>The failure to pass what would have been the biggest trade agreement in more than a decade is a bitter defeat for Obama, whose zealous support for freer trade split the ;Democratic Party and threw a wrench into Hillary Clinton&rsquo;s campaign.</p>
<p>President Obama is scheduled to attend a summit later this month, where he will meet with Pacific leaders in Peru. &ldquo;In terms of the TPP agreement itself, Leader McConnell has spoken to that, and it&rsquo;s something that he&rsquo;s going to work with the president-elect to figure out where they go in terms of trade agreements in the future,&rdquo; said Wally Adeyemo, a security adviser for international economic affairs. ;</p>
<p>Chinese President Xi Jinping hopes to establish a free-trade area in the Asia-Pacific, and China plans to push for a lower-standard Pacific trade agreement (that likely will not include the US) at the summit. ;</p>
<p><strong>Editor&#8217;s note:</strong> I haven&#8217;t read the TPP and can&#8217;t tell you what provisions might be bad for America. However given the track record of the Obama Administration, I&#8217;m certainly in favor of scrapping it and starting over with competent negotiators.</p>