The US already has trade agreements with numerous 12 participating nations, but the TPP would draw it closer to Japan, the world's third-largest economy and a significant ally of Washington.
Winning a majority of votes for the TPP in the House and Senate would have required both a last-minute deal to address Republican priorities and an election result that didn't show such broad discontent.
On Wednesday, Senate Majority Leader Mitch McConnell indicated that the TPP would not be considered in the lame-duck session or any time before the new Congress and President-elect Donald Trump are sworn in. China and Mexico are said to account for over half of the U.S. trade deficit.
"We have worked closely with Congress to resolve outstanding issues and are ready to move forward, but this is a legislative process and it's up to congressional leaders as to whether and when this moves forward", the spokesman for US Trade Representative Matt McAlvanah said Friday.
"I think the president-elect made it pretty clear he was not in favor of the current agreement", McConnell said.
China and seven of the TPP nations are aiming to complete their own trade agreement in the coming months that could further shut out USA companies from tariff and other trade benefits in the region.
President Barack Obama has officially deserted the Trans-Pacific Partnership.
China, leading talks on a deal seen as an alternative to the TPP - the Regional Comprehensive Economic Partnership - said this week that the Pacific-rim area needs a free trade deal as soon as possible and that it would seek support for one during the summit in Lima.
The TPP involves Australia, the United States, and 10 other countries throughout the Asia-Pacific region and South America.
If the United States, the largest economy among TPP participating countries, does not ratify the TPP, the Pacific trade deal can not enter into force.
Recently China has started taking advantage of US hesitation overseas to push its own global financial programs and economic alliances, marking a new phase in the USA -led order that has helped provide prosperity and security in the Pacific for decades.
This week's election is also affecting European ties. But Trump has strongly opposed the deal, casting a huge shadow over its future.
Viktoria Dendrinou in Brussels contributed.