Obama administration announced Friday it would not seek congressional approval for the Trans-Pacific Partnership. This is the 12-nation trade deal that excludes China and Russia. The suspension comes on the heels of the election of Donald Trump, the Republican presidential candidate who strongly opposed the deal.

Obama said TPP's fate is now up to his successor and Republican lawmakers. He will also talk to the leaders of the 11 other countries in the pact next week in Peru. The TPP is seen as a counterweight to China's increasing economic influence. If it were to come into full force, it would account for 40 percent of the global economy.