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Trump Celebrates New Trade Deal with Mexico And Canada, Called USMCA

The agreement gives U.S. farmers greater access to the Canadian dairy market

President Donald Trump speaks as he announces a revamped North American free trade deal, in the Rose Garden of the White House in Washington, Monday, Oct. 1, 2018. The new deal, reached just before a midnight deadline imposed by the U.S., will be called the United States-Mexico-Canada Agreement, or USMCA. It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster. (AP Photo/Pablo Martinez Monsivais)
President Donald Trump speaks as he announces a revamped North American free trade deal, in the Rose Garden of the White House in Washington, Monday, Oct. 1, 2018.

President Donald Trump celebrated Monday his latest revamped trade agreement with America’s two neighbors. He is calling the pact for the United States, Mexico and Canada the USMCA.

Trump said the deal has a “good ring to it,” repeating U-S-M-C-A several times.

The agreement was reached late Sunday and gives U.S. farmers greater access to the Canadian dairy market. But it keeps the former North American Free Trade Agreement (NAFTA) dispute-resolution process that the U.S. wanted to jettison.

Additionally, the agreement offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.

Trump said in the Rose Garden on Monday the pact is the “most important deal we’ve ever made by far.”

Mexico’s future foreign relations secretary said the new trade agreement “provides certainty for financial markets, investment and job creation.”

Marcelo Ebrard also acknowledged Monday “some of the new regulations, like the changes in the content rules, may pose some challenges for companies to adapt to.”

Outgoing President Enrique Peña Nieto said via Twitter the deal negotiated over the last 13 months “achieves what we proposed at the beginning: a win-win-win agreement.”

Peña Nieto leaves office Dec. 1. He’ll be replaced by President-elect Andrés Manuel López Obrador, who tapped Ebrard to be his foreign relations secretary.

In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement “will strengthen the middle class, and create good, well-paying jobs and new opportunities…”

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