Nafta is the paradigm of what are most accurately called deregulation deals. It promised better jobs in both the United States and Mexico. Instead, as well-paid workers in the United States were losing jobs to worse-paid workers in Mexico, badly paid Mexican workers were losing jobs to worse-paid workers in China, which in turn put more pressure on workers in the United States.

In fact, if you wanted to single out a culprit for income stagnation and the decline of the power of labor in the United States, Nafta would be a good candidate. It allowed large corporations to move where tax breaks were best and environmental regulations weakest, while forcing labor to compete against lower global wages. While likely not the only cause, since its passage collective and individual gains have been nearly frozen in Mexico; in the United States, the story is much the same.

The situation may be most dire for Mexican farmers. Millions have been displaced, many emigrating north for menial jobs. Meanwhile, imports of American corn (a basic staple in the form of tortillas for 5,000 years), increased fourfold. Imports of wheat, rice, cotton and soybeans have increased similarly. In brief, Mexican farmers have gone to work for transnational companies, whether in Mexico, the United States or elsewhere. Nor did this do much good for farmers to the north, who have seen corn prices fluctuate wildly, leaving them to scramble to maximize yields, which in turn causes environmental damage.

Former Labor Secretary Robert Reich called the TPP “Nafta on steroids” (“corporate coup d’état” is also good). As the economist Dean Baker said to Bill Moyers, “This really is a deal that’s being negotiated by corporations for corporations, and any benefit it provides to the bulk of the population of this country will be purely incidental.” At this point, nothing about Obama should surprise us, but it’s worth noting that in 2008, as a presidential candidate, he said, “I voted against Cafta, never supported Nafta, and will not support Nafta-style trade agreements in the future.”

All of which is making for some very odd alliances and demonstrating that “far right” and “far left” labels are increasingly useless. That’s because this is a struggle between transnational corporations and just about everyone else.

Of course, some Republican opposition could be crafty positioning, so that when the TPP is found to cost jobs and endanger public health rather than create them and assure it, cynics could simply say, “I told you so.” But in this case Obama has asked for the bad publicity. And although Hillary Clinton’s husband was the architect of this kind of policy, and she worked hard for the TPP while secretary of state, she’s now backing away from what may well be a losing proposition.

That’s the good news: The opposition to fast-tracking appears strong. As Patrick Woodall, a senior policy advocate for Food & Water Watch, said to me, “The forces pushing fast-track are huge, but there is unbelievable public opposition, and at this point the wind is at our back.”