The EU and the United States have launched talks for a Transatlantic Trade and Investment Partnership (TTIP) under then-President Barack Obama, but progress was delayed by public distrust.
TTIP was a highly divisive issue even before Trump became president. The anticipated positive economic effects of a possible agreement turned out to be rather low – around 1%of GDP over a decade or so.
Critics complained that planned chapters for investment protection would risk undercutting the ability of member states to regulate markets for consumer protection, social, or environmental reasons. The European Commission later proposed an international court to resolve disputes arising from a huge trade deal.
“We insisted on the importance of having free and fair competition,” Commission chief Jean-Claude Juncker said, refusing to say anything more regarding TTIP.