In reality, myriad small-scale trade deals had already mushroomed in Asia in recent years as efforts to forge truly global accords through the World Trade Organization proved difficult. Rising protectionism has alarmed supporters of free trade, who feel that it is being scapegoated in many developed nations as an increasingly squeezed middle- and working-class seek something to blame. Still, many observers believe that Europe and the US are set to inflict damage on their own economies as they turn away from free trade. "The West will certainly lose out," said Elms of the Asian Trade Centre. But those who may lose the most are consumers, who have benefited from ever cheaper goods in recent years as free trade flourished.

Source: Bangkok Post November 20, 2016 06:47 UTC