It's not like the world wasn't warned: When Donald Trump campaigned for the US presidency, he railed against the Trans Pacific Partnership (TPP) trade deal.

On the first full working day of the new US administration, Trump signed an executive order pulling America out of the twelve-nation deal, which includes Australia.  Although the Federal Government is reassessing its position, at least one official insists it's not dead yet.

"What I would encourage.. Trump to do, what we'd really encourage the Americans to do, is to consider that there may be aspects of the TPP that they don't like, but this is not a deal to be junked," Australian trade minister Steve Ciobo told America's CNN.

He was similarly optimistic, speaking with the ABC:  "There are quite a number of countries that have an interest in looking to see if we could make a TPP 12 minus one work," he said.  "Ultimately though there are a number of competing factors in the international trade space like there always is."  Ciobbo also sees a scenario in which the TPP is expanded to include new partners, such as Indonesia and/or China.

So far, Japan is the only signatory to actually ratify the TPP.  But if the deal really does collapse, Australia still has other irons in the trans pacific trade fire.

"Running alongside the crippled TPP, and potentially of more importance to Australian trade, has been the Regional Comprehensive Economic Partnership," wrote Dr Giovanni Di Lieto, lecturer at Monash Business School, Australia, in Manufacturer's Monthly last September.  "If, as seems likely, the RCEP is accomplished in the near future, it will be the world's largest free-trade agreement, covering a population of 3.5 billion, or more than 50 percent of the world total, and about 40 percent of the world trade volumes."