After cycling through his accomplishments and the praise he has received from President Trump, Hatch called himself a "fighter", but also acknowledged "every good fighter knows when to hang up the gloves". The 83-year-old said he looks forward to spending more time with his family.
But as it became clear that Romney would likely run if Hatch bowed out, Matheson withdrew from contention - an acknowledgment that the 2012 Republican presidential nominee is wildly popular in Utah and would have little trouble securing the seat.
One other Republican candidate, Larry Meyers, a St. George, Utah, attorney, has announced his intention to run for the seat.
Hatch also served as chairman of the Senate Judiciary Committee and was at the centre of numerous biggest confirmation battles.
IMA on strike from today: OPDs to close for 12 hours
The Delhi Medical Association is supporting the IMA's protest and has called on private and corporate hospitals in the national capital to keep their OPD services closed.
He is the longest-serving Republican in the Senate and chairs the powerful Senate Finance Committee, making him a major force in getting a tax overhaul approved in December. And for me, that time is soon approaching.
Romney weighed in on Hatch's retirement Tuesday afternoon, but did not address his own political future.
Asked if the president is committed to campaign for whomever the Republican nominee ends up being, White House Press Secretary Sarah Huckabee Sanders said Tuesday, "I don't think we've made a determination in terms of campaigning".
In the statement announcing his decision not to run again, Hatch cited work with the disadvantaged among his accomplishments, including helping create the Americans with Disabilities Act, expanding children's health insurance and expanding use of generic drugs.
Wind Chill Values in the Single Digits New Year's Day
The rest of western South Dakota has a Wind Chill Warning in effect, lasting through most of Monday morning. Many other towns in northeastern Montana had wind chill readings between -42 and -47 Monday morning.
The longest-serving Senate Republican with seven terms under his belt, he was first elected in 1976.
During the tumultuous special election for Senate in Alabama, Romney also took sides against Trump and his endorsement of the highly controversial Roy Moore.
The senator returned the favor at the White House when Mr. Trump signed the tax measure, calling him "one heck of a leader".
As the president prodded Mr. Hatch to stay, voices in his home state were urging him to go. He also is president pro tempore of the Senate, which is in the presidential line of succession.
Kim Jong-un Willing to Take Part in PyeongChang Olympics
Pyongyang swiftly responded to the vote, calling the move an " act of war " that violates peace and stability in the region. Leader Kim Jong Un says North Korea completed its nuclear force in 2017 and the US must know it is a reality.
Amid earlier speculation about Hatch's plans, the Utah senator stepped up to defend Romney, a fellow Mormon, against criticism from Bannon. During his time on the committee, the Senate has confirmed almost 1,900 federal judges, a majority of all federal judges that have served.