What happens if the US does not sign the TPP

I know most of us have not read or thoroughly understand exactly what the TPP involves but it does include pieces that set standards for wages, the environment, human rights, and human trafficking.  These standards are all United States standards.  If we do not sign the TPP, China has already started working on a trade agreement that does not include the United States and would not change or improve these standards.  It will create a power vacuum in Asia that China will happily fill without the United States presences.  This was presented on a radio show right before Thanksgiving.  Below is the link for the radio show.  I found it very fascinating as I did not know the piece about human trafficking was included.

  http://www.wbur.org/onpoint/2016/11/22/thomas-friedman-thank-you-for-being-late