The United States and 11 other Pacific Rim countries have reached a deal on the most sweeping trade liberalization pact in a generation but the accord on Monday faced initial skepticism in the U.S. Congress.

In 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. Details of the pact were emerging in statements by officials after days of marathon negotiations in Atlanta.

The Trans-Pacific Partnership would affect 40 percent of the world economy and stand as a legacy-defining achievement for U.S. President Barack Obama, if it is ratified by Congress. Lawmakers in other TPP countries must also approve the deal.

Initial reaction from key U.S. lawmakers was skeptical.

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