After months of uncertainty over whether NAFTA would become unraveled and do inestimable harm to the economies of the United States, Canada, and Mexico, there is tangible relief that an agreement has been reached that is satisfactory to all three sides.
The NAFTA dispute-resolution process will also be kept in the new deal.
Likewise, there's also language created to disincentivize NAFTA 2.0 signatories from making free-trade deals with "non-market" countries, widely understood to be targeting China.
Talking up the new accord - and summing up his attitude to global trade - Trump declared it a "privilege" for foreign powers to do business with the United States. "If we are unable to get a fair deal, then we'll have tariffs". The deal sets new protections for labor, the environment, and intellectual property.
"In terms of dairy, wine, the de minimis threshold - I mean, it was all in the right direction in terms of easier access to goods and services overseas, lower prices and greater variety for the Canadian consumer", said Christine McDaniel, a senior research fellow at George Mason University.
Trump has threatened to impose steep tariffs on autos worldwide, again invoking a controversial national security justification, and while the USMCA protects Canada and Mexico, the threat has brought Brussels to the table.
He plans to sign the deal next month before sending it to Congress for approval.
On Sept. 30, the U.S., Canada and Mexico reached a deal to scrap NAFTA and replace it with a new trade accord, narrowly meeting a self-imposed deadline for consensus.
Ottawa will now open its dairy market further to US producers, and - in return - Washington left unchanged the dispute settlement provisions.
Trump says he spoke earlier today with Prime Minister Justin Trudeau and outgoing Mexican president Enrique Pena Nieto, and is also extending thanks to Pena Nieto's replacement, Andres Manuel Lopez Obrador.
Brady added that the new trade agreement "should not have a large effect on truck prices" [as putting up intra-North America tariffs might have]. "Canada trade relationship could prompt businesses to put more investment dollars to work and will support exports". "Trucks move almost $385 billion in goods between the US and Mexico, and $336 billion in trade across the Canadian border- continuing to have free trade between our three countries will only help our industry well into the future". "Japan is wanting to negotiate".
The new NAFTA begins to change that, representing a big win for both countries, especially the U.S. Furthermore, Canada will allow US farmers more access to their wine and dairy markets.
"This is going to be one of the most enforceable trade agreements we've ever had", one official said.
Since 1994, the US and Canada have dropped tariffs and other trade restrictions on most agricultural products, but there were a few exceptions, most notably dairy.
Some have characterized the side letter as effectively establishing a quota on the number of autos that can be exported to the USA - anathema to the very principles of free trade. "As in the case with Mexico, the NAFTA terms with Canada clearly needed rebalancing in light of 25 years of experience".
During his news conference, Trump said the steel and aluminum tariffs were a separate issue from the USMCA, and that they would remain in place "until such time as we do something different, such as quotas".
WATCH above to hear Toronto Sun columnist Lorrie Goldstein break down the new NAFTA reboot with our host Mark Daniell and if Canada comes out a victor or loser out of this deal.
The new agreement ends the discriminatory pricing and restricts Canadian exports of dairy powders. Chip Roh, deputy chief negotiator for the USA during the original NAFTA negotiation, said Lighthizer has "given labour unions and progressives a lot of the things that at least they think are very important".
Despite the fact that Ottawa had long pushed back hard against allowing the deal to be periodically revisited, officials in the US briefing said the new language includes a provision that will indeed see the deal reviewed every six years.