Amid a last minute scramble, leaders from the United States and 11 other Pacific Rim countries announced Monday that they had reached agreement on a sweeping trade deal, one that critics, including US presidential candidate Bernie Sanders, say will slash standards and protections for both consumers and workers—with impacts to be felt across the globe.

The agreement, known as the Trans Pacific Partnership (or TPP), which would tie together as much as 40 percent of the world’s economy, has for nearly 8 years been negotiated in secret. Though details of the compromise were not yet revealed early Monday, critics said that—minutia aside—the global trade pact will certainly be a boon for corporate power

“TPP is a deal for big business,” said Nick Dearden, director of the UK-based Nick Dearden, Global Justice Now.

Presidential candidate Bernie Sanders was also quick to condemn the deal. Saying he was disappointed but not surprised by the “disastrous” agreement, Sanders added: “Wall Street and other big corporations have won again. It is time for the rest of us to stop letting multi-national corporations rig the system to pad their profits at our expense.”

The compromise was reached after five days of round-the-clock negotiations in Atlanta, Georgia. U.S. President Barack Obama reportedly “spent recent days contacting world leaders to seal the deal.”