Following a last-minute deal with Canada, President Donald Trump on Monday praised the trade agreement set to replace the North American Free Trade Agreement as an "historic transaction."
Trump noted in a post on Twitter that U.S. and Canadian officials reached an agreement late Sunday night to add Canada to the trade deal reached with Mexico in August.
The new trade deal, called the United States-Mexico-Canada Agreement, or USMCA, will reportedly provide more market access to U.S. dairy farmers and effectively cap Canadian automobile exports to the U.S.
"It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world," Trump tweeted.
Trump has been a harsh critic of NAFTA, and renegotiating the three-nation trade pact was one of his key campaign promises in the 2016 presidential race.
A joint statement by U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the USMCA will "strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home."
"We look forward to further deepening our close economic ties when this new agreement enters into force," Lighthizer and Freeland added.
Lighthizer recently suggested the U.S. was prepared to move ahead with the deal replacing NAFTA without Canada.
The leaders of the U.S., Canada, and Mexico are expected to sign the new agreement before the end of November, although it will still need to be approved by Congress.
In a post on Twitter, Trump indicated he is scheduled to hold a press conference on the USMCA in the White House rose garden at 11 am ET.
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