U.S. President-elect Donald Trump is shown at his election night rally in Manhattan, New York

Trump's pullout all but kills U.S.-led trade pact

U.S. President-elect Donald Trump is shown at his election night rally in Manhattan, New YorkBy Ami Miyazaki and Tom Westbrook TOKYO/SYDNEY (Reuters) – An Asia-Pacific trade deal stands almost no chance of working now that U.S. President-elect Donald Trump has pulled the plug on it, proponents of the pact said on Tuesday, opening the way for China to assume the leadership mantle on trade. Japan and Australia expressed their commitment to the pact on Tuesday, hours after Trump vowed to withdraw from the 12-nation Trans-Pacific Partnership on his first day in office, calling the deal “a potential disaster for our country.” Trump’s declaration appeared to snuff out any hopes for the deal, a signature trade initiative of President Barack Obama, five years in the making and meant to cover 40 percent of the world economy. The TPP, which aims to cut trade barriers in some of Asia’s fastest-growing economies and stretch from Canada to Vietnam, can’t take effect without the United States.

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