On Monday morning during President Donald Trump's official press conference on the agreement at the White House, Trump emphasized that the new name "has a good ring to it".
Prime Minister Justin Trudeau and Minister of Foreign Affairs Chrystia Freeland hold a press conference in Ottawa Monday after reaching the United States Mexico Canada Agreement (USMCA.) (Sean Kilpatrick/The Canadian Press).
A new era in North American free trade dawned in the dead of night Sunday as a 14-month NAFTA modernization effort between Canada, the US and Mexico finally came to fruition with just hours to spare before an end-of-weekend deadline.
Daniel Ujczo, a trade attorney with the Dickinson Wright law firm, said Canada and Mexico also must give the USA notice before starting those trade discussions and updates of all proposals made during the negotiations.
"Trump treated it like a real estate deal when he was a shyster in Atlantic City", Bothwell said.
The new agreement, which still must be finalized and agreed upon by Congress, is known as the U.S. -Mexico-Canada Agreement (USMCA). "The USMCA is a historic transaction!"
The president tweeted his view that there was "no political necessity to keep Canada in the new NAFTA deal".
Canada, along with Mexico, took a "do no harm" approach to the talks, and there were early indications the Trudeau government succeeded in preserving the status quo in key areas, even though it faced criticism for giving the US concessions on dairy. Canada's Financial Post suggested that the USA negotiators' willingness to keep the chapter-19 dispute resolution mechanism intact was a win for Ottawa.
Canada fought hard to retain Chapter 19, a holdover from NAFTA that US trade ambassador Robert Lighthizer worked tooth and nail to eliminate.
Other contentious, so-called US poison pills - which would have limited Canada and Mexico's ability to bid on lucrative USA procurement projects - are gone.
Ildefonso Guajardo, the Secretary of Economy for Mexico, called the agreement a great day for the North American Region and emphasized that President Trump achieved some of his goals but in the end, "we won it all" because the agreement was preserved.
"Things started to change when the United States understood that we weren't moving on the dispute mechanism, Canada's cultural exemption needed to be in place, we weren't going to bend on the auto industry", he said today on Parliament Hill. And outside of autoworkers, she said, the impact on industry is not assured.
Canadian dairy farmers immediately panned the renegotiated deal, saying it will undercut the industry by limiting exports and opening up the market to more American products.
Canada had been offering the Americans better access to its protected dairy market in the hopes of winning American concessions on dispute settlement.
"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Pierre Lampron, the organization's president, said in the statement. The deal says the first 2.6 million Canadian autos exported to the US will be exempted from tariffs, a figure well above the current export rate of 1.8 million.
NAFTA tore down most trade barriers between the United States, Canada and Mexico, leading to a surge in trade among them.
Trump said it was unfair and economically crippling to dairy farmers.
U.S. stocks, along with the Canadian dollar and Mexican peso, rose on the news. NDP Leader Jagmeet Singh claims the prime minister "betrayed" Canada's dairy sector.
But it keeps a NAFTA dispute-resolution process that the US wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States. Canada also kept at NAFTA dispute-resolution process that the US wanted to jettison.
'Weâve been able to come to an agreement that creates more stability and a greater level of confidence in the business community, confidence in making investments in Canada and as well investments in the other North American economies, ' Finance Minister Bill Morneau told the Greater Vancouver Board of Trade on Tuesday, Oct. 2, 2018.
Despite Trump's attacks and the acrimony between the top trade negotiators, the two sides were able to reach a trade deal on Sunday. But Canadians mostly feel relieved after reaching a new trade agreement with Trump.