Trump, who has been highly critical of NAFTA since his entry into the presidential campaign, said the new deal will return the United States to a "manufacturing powerhouse".
Speaking to reporters in Ottawa, Trudeau says the revamped NAFTA deal - renamed the United States-Mexico-Canada Agreement - is successful in maintaining fairness and balance between Canada and the us, a trading partner 10 times its size.
The US, Canada and Mexico have reached a deal to revamp the North American Free Trade Agreement (NAFTA), ending months of bitter dispute between the world's largest economy and its closest neighbours. "We are pleased that the agreement is trilateral, as the relationship between our three countries has been extremely beneficial for the steel industry and resulted in robust trade and investment in the region over the past 25 years".
U.S. trade representative Robert Lighthizer and Canadian foreign affairs minister Chrystia Freeland announced the deal in a joint statement late on Sunday. He worked to represent US farmers and USA manufactures ensuring that they had an opportunity to feature their products in Korean stories helping create jobs back here at home.
Striking the deal was no easy feat and Canada got there by maintaining its focus and collective resolve, Trudeau said, defending his negotiating team's concessions on the dairy sector, and promising to address the "anxiety" with adequate compensation for affected farmers and to protect the supply management system.
For Trump, the agreement offered vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.
The deal effectively maintains the auto industry's current footprint in North America, and spares Canada and Mexico from the prospect of USA national security tariffs on their vehicles. He said the US negotiated more favorable terms for exporting dairy and produce.
He tweeted: "It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to the United States and will bring all three great nations together in competition with the rest of the world".
The deal does not include any changes to separate U.S. tariffs on steel and aluminum levied earlier this year on Canada, Mexico, China, the European Union and others. The portion of it most pertinent to dairy farmers in Northern New York, though, look very good.
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Kelly O'Dwyer, as minister for women, said, "millions of women right across the nation will be very thankful" for the move. Prime Minister Scott Morrison said he would be heaping pressure on Labor leader Bill Shorten to back the changes.
The two countries need each other economically. In 2017, the Associated Press ran a report on $2-an-hour Mexican workers making $40,000 sport-utility vehicles.
Former prime minister Brian Mulroney, shown here earlier this year on Capitol Hill in Washington where he was telling the Senate Foreign Relations Committee about the benefits of NAFTA.
"We want to make Ontario open for business".
The trade agreement guards new biologic drugs from cheaper generic competition for "at least 10 years", compared with current protection of eight years in Canada and five years in Mexico.
"The deadline is midnight tonight to get the text into Congress to make sure this goes forward".
"I said at the beginning that there is no Conservative or Liberal way to negotiate a free trade agreement - there is only a Canadian way".
USMCA "will also serve as a template for our trade agreements under the Trump administration in the future", said Lighthizer. In March, he began imposing taxes on steel and aluminum imports. Under the revamped version, Seoul submitted to quotas on its steel and aluminum exports to the United States and modestly opened South Korea's auto market to USA automakers, among other things.
Beijing has at times restricted data transfer across China's borders and required foreign companies to store data in China as a condition of doing business in the country - both measures that have hurt US tech companies, Kallmer said.