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That was the promise to americans when we signed all these trade deals

The reality is that the rich simply pocketed the labor arbitrage as profit rather than passing the savings on to consumers, they have 0 incentive not to because their is no punishment for doing so. That's why corporate profits and income inequality the highest in decades.

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That sounds like the problem is weak competition (if you're a capitalist) or a bad tax/social security system.

That would be because regulatory capture exists. When you can write the rules because you already have the money, corruption is the norm. See the US government as an example where it's legal for government officials to commit insider trading, where they have revolving doors to lobbying, and where ethics is just the name of a committee.

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