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President Trump formally announced a new trade deal with Mexico and Canada Monday morning.

Although negotiators reached a last-minute deal with their Canadian and Mexican counterparts to update the North American Free Trade Agreement (or as Trump plans to dub it, the USMCA), he said on Monday that his steel and aluminum tariffs of 25 percent and 10 percent will remain in place, calling American legislators who take issue with the tariffs "babies".

The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner. The president said the name has a "good ring to it", repeating U-S-M-C-A several times.

U.S., Canada and Mexico just reached a new trade deal.

Not everyone was buying it.

The Trudeau government, and not least Freeland, deserve enormous credit for their even-tempered resolve.

"Without tariffs, we wouldn't be talking about a deal", Trump said.

Pena Nieto will be replaced by President-elect Andres Manuel Lopez Obrador, whose incoming administration said the deal would offer more certainty for financial markets, investment and job creation. "From concessions that'll hurt our farmers, to making medication more expensive - this deal is not the progressive solution Canadians need".

Trump didn't like that and dairy was a major sticking point in the negotiations.

What's the deal with NAFTA and what's going on?

"Democrats will closely scrutinize the text of the Trump administration's NAFTA proposal and look forward to further analyses and conversations with stakeholders", House Minority Leader Nancy Pelosi said in a statement.

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The US President said it is a privilege for other countries to do business with the United States and to "come in and attack the piggy bank".

Trump said the Nafta rewrite would not have been reached without tariffs, adding that, even though possible tariffs have given the United States strong trade leverage, the country may not need to use them.

Trump and Trudeau did speak briefly about the agreement by phone Monday.

Canada had previously offered the US a 3.25-per-cent market share under the old Trans-Pacific Partnership agreement, which Trump also derided - and pulled the USA from - after he took office in 2017.

The president said he was having a "successful negotiation" with the EU. He cautioned that "frequently, the devil is in the details". Under the USMCA, Canada is offering the US a 3.6-per-cent share of the dairy market.

"To me it seems like it's a stonewashed and ripped NAFTA, if you will, rather than a modernized agreement", Hugo Perezcano Díaz, a director at the Center for International Governance Innovation and a former trade official for the Mexican government, said.

The U.S.is Canada's largest export market for wheat, with roughly 2.5 million tonnes - or about $550 million worth - of wheat and durum flowing south each year, said Steve.

Under the new rules-of-origin guidelines, 75 per cent of a vehicle must be made in North America. The ceiling has been significantly raised on how many cars Canada can export to the US before the Trump administration can hypothetically impose tariffs on those exports.

However, the new agreement has B.C. agreeing to scrap the restrictions that prevent US wines from also showing up on grocery-store shelves.

Other contentious, so-called USA poison pills - which would have limited Canada and Mexico's ability to bid on lucrative US procurement projects - are gone.

Investor-state dispute resolution is gone.