The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from US anti-dumping tariffs, Canadian sources said.
Before the USMCA is implemented, though, it must be approved by Congress. Marie, Ont., says the new trade deal between Canada, the United States and Mexico, is one he wouldn't have signed.
"I felt throughout this negotiation truly a sacred trust", she said. "It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home", read a joint statement between the nations.
Pointing to his combative attitude towards China - with which the United States is engaged in an escalating trade war - Trump said his strategy was bearing fruit and that "China wants to talk very badly".
The so-called U.S. -Mexico-Canada Agreement (USMCA) will widen foreign access to the domestic dairy market by about 3.6 per cent, according to analysts, higher than the 3.25 per cent that was conceded by Canada under the Trans-Pacific Partnership (TPP).
Do you think the many concessions that the Liberal government made went too far or is this simply the price to be paid for a new North American trade agreement?
John Maxwell is a dairy farmer in Donahue, Iowa. On Sunday President Donald Trump announced the new USMCA.
Concern for Ontario dairy farmers was also on the mind of Premier Doug Ford. "But for 25 years as a civilian and businessman I used to say, 'How could anyone sign such an agreement?' With this agreement we are closing all of these bad loopholes, they're closed, they're gone".
Canada also agreed to a quota of 2.6 million vehicles exported to the United States in the event that Trump imposes 25 percent global autos tariffs on national security grounds.
But the region's access to the OH turnpike and I-75, the Port of Toledo and a variety of railroads could make this reworked USMCA a better deal for OH than NAFTA.
The end of the trade war isn't the only good thing to come out of the new NAFTA agreement.
In exchange, Canada and Mexico received relief from the impending auto tariffs Trump might impose.
Trade autonomy: one more alarming concession that has many concerned in Ottawa is language that may restrict Canada's ability to negotiate a trade deal with a "non-market" country, for example, China. The New Democrats said these tariffs hurt workers across Canada and could result in at least 6,000 jobs losses.
A former senior GOP official told Axios that the deal will allow for the creation of new cures and medicines "without the United States being the piggy bank for all those research and development dollars".