A sweeping Pacific trade pact meant to bind the U.S.and Asia effectively died Friday, as Republican and Democratic leaders in Congress told the White House they won’t advance it in the election’s aftermath, and Obama administration officials acknowledged it has no way forward now.

The failure to pass the 12-nation Trans-Pacific Partnership—by far the biggest trade agreement in more than a decade—is a bitter defeat for President Barack Obama, whose belated but fervent support for freer trade divided his party and complicated the campaign of Democratic nominee Hillary Clinton.

The White House had lobbied hard for months in the hope of moving forward on the pact if Mrs. Clinton had won.

The deal’s collapse, which comes amid a rising wave of antitrade sentiment in the U.S., also dents American prestige in the region at a time when China is flexing its economic and military muscles.

Just over a year ago, Republicans were willing to vote overwhelmingly in support of Mr. Obama’s trade policy. But as the political season approached and voters registered their concerns by supporting Donald J. Trump, the GOP reacted coolly to the deal Mr. Obama’s team reached with Japan and 10 others countries just over a year ago in Atlanta.