The corporatists have agreed on the details of the Trans-Pacific Partnership.

If ultimately approved by Congress — and this is less than certain — the TPP will expand the North American Free Trade Agreement into Japan, Australia, Chile, Peru and several southeast Asian nations.

Obama is a keen advocate of the "free trade" deal, but has faced staunch opposition from the left side of his party, notably trade unions and environmentalists.

Republican presidential candidates, including frontrunner Donald Trump, also oppose the deal and passage by Congress is less than certain.

Only a handful of Democrats support Mr. Obama's trade policy, and Republican support is unpredictable in the 2016 election year, depending on the stance of presidential candidates and new leadership in the House. As it is, the deal can't go to a vote before Congress until early next year.