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Obama Administration Gives Up on Trans-Pacific Trade Deal (TPP)

A sweeping Pacific trade pact meant to bind the U.S.and Asia effectively died Friday, as Republican and Democratic leaders in Congress told the White House they won’t advance it in the election’s aftermath, and Obama administration officials acknowledged it has no way forward now.

The failure to pass the 12-nation Trans-Pacific Partnership—by far the biggest trade agreement in more than a decade—is a bitter defeat for President Barack Obama, whose belated but fervent support for freer trade divided his party and complicated the campaign of Democratic nominee Hillary Clinton. – READ MORE