The United States and 11 other Pacific Rim countries have reached a deal on the most sweeping trade liberalization pact in a generation.

TPP is a deal that could reshape industries and influence everything from the price of cheese to the cost of cancer treatments, the 12 countries will cut trade barriers and set common standards.

The TPP has been controversial because of the secret negotiations that have shaped it over the past five years and the perceived threat to interest groups from Mexican auto workers to Canadian dairy farmers.

Obama said the pact will “level the playing field” for American workers and businesses and added that Americans would have months to read the deal before he signs it into law.

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