President-elect Trump just announced he’d abandon the TPP on day one. This is what happens next.

On Nov 21, President-elect Donald Trump said that he would pull out of the Trans-Pacific Partnership, President Barack Obama’s signature trade deal linking countries around the Pacific Rim, on his first day in office.

Immediately before, a gathering of international leaders in Peru gave early hints of what might happen next. The picture is one of China rushing forward to lead the world’s next trade agreement, with US allies such as Australia and Japan in tow. Without the United States, the TPP is effectively done. But international trade negotiations will not stay quiet for long. America’s largest trading partners are already looking toward the next agreement. That appears likely to put China, Russia and other countries — which the United States had pointedly excluded from the TPP, in hopes of encouraging them to improve their trade practices and join at a later date — in a more favorable position to negotiate a trade pact that works for their economies. At the summit in Peru this weekend, world leaders turned toward two agreements China has been negotiating in the TPP’s shadow. As the United States pushed ahead with the TPP in the past several years, China had been pushing for the Regional Comprehensive Economic Partnership, a deal negotiated among 16 Asian countries that is now close to completion, as well as the Free Trade Area of the Asia-Pacific (FTAAP), which is open to 21 economies along the Pacific Rim, including China, Russia, Indonesia, Canada, Mexico, Peru, Chile and the United States.