Some analysts saw this trade agreement as a potential sign of the Trump administration's willingness to make trade deals, though prospects for an agreement with China aren't likely to be changed by this news.
"It'll probably or possibly be just USM".
Trump said the new framework will encourage United States companies to hire at home, rather than look overseas.
Cabinet meeting in Ottawa to brief officials on the deal, as Jared Kushner, one of Trump's closest advisers, and Robert E. Lighthizer, the president's top trade negotiator, hashed out the final details.
"The problem for us is that there is only so much shelf space", Prodan said.
According to a joint statement between the nations, "USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region".
Negotiators worked frantically ahead of a midnight USA -imposed deadline to settle differences, with both sides making concessions to seal the deal.
"Once approved by Congress, this new deal will be the most modern, up to date, and balanced trade agreement in the history of our country, with the most advanced protections for workers ever developed", he said. The official was not authorized to speak publicly and requested anonymity.
Canada's ambassador to Washington, David MacNaughton, also said Sunday evening that the two countries had made a lot of progress, but there was no deal yet as there were a couple of tough issues left to resolve.
But it came at a cost, with Canada agreeing to provide U.S. dairy farmers with access to about 3.5% of its $16bn annual domestic dairy market, according to Canadian sources - and Canadian farmers hurt by the deal set to receive compensation.
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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.
Mexico's future foreign relations secretary said the new trade agreement between Mexico, the United States and Canada "provides certainty for financial markets, investment and job creation".
Still, "I think he played a weak hand moderately well", he said.
Senior administration officials speaking with CBS News called the pact a "big win" for the U.S. Trump's advisers view the trade pact as a political victor in battleground states critical to the president's 2016 victory and home to tens of thousands of auto workers and manufacturers who could benefit from the changes.
"Without tariffs we wouldn't be talking about a deal", Mr Trump said.
The United States and Canada have reached an 11th hour deal to keep alive a three-country trade alliance with Mexico and prevent a disruptive break-up.
It replaces the 24-year-old North American Free Trade Agreement, of NAFTA, which President Donald Trump had called a job-killing disaster.
Dairy Farmers of Canada issued a terse statement saying the deal would grant an expanded 3.6-per-cent market access to the domestic dairy market and eliminate competitive dairy classes, which the group says will shrink the Canadian industry. Automakers looking to avoid duties on vehicles imports will need to use a higher percentage of North American auto parts and pay workers more, a provision created to make USA labor more competitive.
Meantime, congratulations were being offered among key stakeholders who have been on the edge of their seats waiting to see if Canada and the United States would find common ground.
The original North America deal took years to negotiate and commerce among the U.S., Mexico and Canada has relied on the continuation of a trade accord, Falk added.