Donald Trump says new trade deal is 'most important ever'

Trump and Trudeau agree on a revised NAFTA deal

Touting what he called the most important free trade deal in USA history and the death of the North American Free Trade Agreement, Trump was asked about the very public shots he took at his Canadian counterpart during the negotiations.

The agreement governs more than $1tn (£767bn) in trade and replaces Nafta, which was signed in 1994.

President-elect Andrés Manuel López Obrador of Mexico said on Friday that Trudeau had appealed to him to help pave the way for a three-nation deal and that he would insist that a revised Nafta include Canada.

"It'll probably or possibly be just USM".

He said he wasn't sure if they would reach an agreement by Monday, but that he was cautiously optimistic.

Prime Minister Justin Trudeau said at a news conference on Monday that talks would continue on lifting the metal tariffs.

The agreement is still awaiting ratification in all three countries, but for consumers in B.C. we'll soon see some changes to where we can buy USA wine, in USA dairy-product selection and duty-free limits. "Class 7 milk pricing in Canada caused problems for US manufacturers in two different ways", said Eric Meyer, the president of HighGround Dairy in Chicago.

According to Trump, it would be the "US-Mexico trade agreement", to which Canada, he said, might be added.

After months of negotiations, the deal came to a close on Sunday evening.

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. But it keeps a NAFTA dispute-resolution process that the USA 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.

The deal appears to preserve the key dispute-resolution provisions - Chapter 19 - which allow for independent panels to resolve disputes involving companies and governments, as well as Chapter 20, the government-to-government dispute settlement mechanism.

A US official said a few minutes earlier that the United States and Canada were "very close" to a deal.

The U.S. agreement with Ottawa will boost American access to Canada's dairy market - with some concessions on its heavily protected supply management system - while shielding the Canadians from possible U.S. auto tariffs.

Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office December 1.

However, the deal has failed to resolve U.S. tariffs on Canada's steel and aluminium exports. "I think Justin's a good person who's doing a good job".

"It takes a cloud and lifts it off the Canadian economy", said Bruce Heyman, the former USA ambassador to Canada.

Speaking at the White House, Mr Trump said the new pact vindicated his threats over trade tariffs.

"I plan to sign the agreement by the end of November".

The Trump administration officially notified Congress of the U.S. -Mexico trade agreement on August 31.

Trump vowed during his 2016 presidential campaign to tear up current US trade deals, which he blamed for a loss of USA manufacturing jobs.

The flags of Canada, Mexico and the USA are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City on March 5.

Gone is Mr. Trump's threat of a 25-per-cent tariff on auto imports, a move that would have imperilled a Canadian industry that relies on US exports for nearly 90 per cent of its sales and employs 130,000 people, a lot of them in Ontario. Any dairy imports above the 3.6-per cent threshold still face Canada's punishing tariffs, which were a sticking point in negotiations with the U.S.