While there have been a lot of analysis currently being conducted to analyze the recent trends across the world towards a new era of protectionism, many of them are either in the realm of law or economics; there is a dearth of studies analyzing them from a combined legal and economic perspective. Our paper is a unique attempt in this regard. We show from both legal and economic perspectives, that the new regionalist policy initiatives in UK and USA potentially have more negative effects than positive effects for the entire world in the future.