The agreement still needs to be signed by Prime Minister Justin Trudeau, President Donald Trump and Enrique Peña Nieto just before he leaves office as Mexico's president.
Trump appears to be gearing up for a protracted trade war, declaring earlier this week that "it's too early to talk" with China.
Nonetheless, the US got its way, forcing Canada to yield a larger market share for American dairy farmers.
"The deal includes a substantial increase in our farmer's opportunities to export American wheat, poultry, eggs, dairy - including milk, butter, cheese, yogurt and ice cream", said President Trump. "We did not and will not interfere in any country's domestic affairs", said Wang. "We have survived the 14 roller-coaster months of a very unpredictable president".
"We didn't ask to reopen NAFTA". But US officials and independent analysts say they have not detected the kind of systematic manipulation of social media and email hacking Russian Federation was accused of in 2016.
"We were always on the defensive".
However, the official stressed the agreement does not preclude Canada from doing a bilateral trade deal with China.
It gives struggling farms like Robbiehill Dairy in Java Center a chance to profit from milk supplies idled by the restriction.
In the short term, working with Trump against China could be beneficial, but the long-term consequences are damaging for everyone, including the United States, because signs of a probable recession are present for everyone to see. However, lawyers still need to be prepared for the NAFTA-to-UMSCA transition, according to an global trade lawyer who serves as a NAFTA dispute resolution panellist.
They're not sure what this means for the future of their farm, but they're pretty sure Americans gaining more access to the Maritime dairy industry will mean a financial hit.
"If we can't make a deal with the European Union, we will respectfully put tariffs on cars", he said.
Robert Bothwell, a professor at the University of Toronto, also said the USA just reduced their initial demands.
The deal also benefits the agrochemical industry, smoothing the way for unregulated genetically modified organisms, or GMOs - which are a disaster for the environment.
There's been a lot of coverage about a small number of things in the new deal that are partial improvements. "Our economic partnership has been reaffirmed, but trust can't be rebuilt with the stroke of a pen", Paris tweeted.
With the announcement of the successful conclusion of negotiations achieving the USMCA will lead to an additional negotiations to achieve the elimination or exemption of the tariffs recently imposed by the United States on aluminum and steel originating and coming from Mexico and Canada; and, consequently, the eventual elimination of the retaliatory measures imposed by these two countries on USA products.
Last year, 47.52 percent of Iowa's exports went to Canada and Mexico, with about one-third of those products going to Canada, according to the Iowa Economic Development.
Ontario's auto industry faced the biggest threat, but the sector welcomed the new agreement.
Canada was able strike a deal with the United States at the 11th hour of a deadline Sunday night.
Canada needs a leader who will negotiate for Canadians like POTUS negotiates for Americans.
Lori Otto Punke, President of the Washington Council on International Trade (WCIT), had this to say about the new NAFTA replacement: "An integrated North American market, which this new USMCA continues, is critical to Washington state businesses, farmers, ranchers and workers". That may pose a problem for Canada, which is eager to diversify its trade.
News of the new trade agreement is weighing heavy on those in the Maritime dairy farming industry.
While Canada, under the new terms of the Trans-Pacific Trade Agreement, was willing to grant a 3.2 per cent market share to trade partners, under the USMCA, it yields 3.6 per cent. It has been traded off and we are supposed to adjust to that.
Iowa GOP politicians are pleased with President Trump's completion of trade talks with Mexico and Canada, saying it will open up trade for Iowa's agriculture market. The US wanted a higher figure. "We are extremely disappointed", said Tom Kootstra, chairman of Alberta Milk. "It could have been much worse". Chuck Grassley, R-Iowa, in a Wednesday press call with reporters.
"I am a Canadian. I don't need them", said Taylor. And, at one point, Trump's trade adviser Peter Navarro said there was "a special place in hell" for Trudeau. He said it's something he thinks the USMCA won't solve.
"More must follow suit", he added.
"Trump treated it like a real estate deal when he was a shyster in Atlantic City", Bothwell said.
Bothwell, the University of Toronto professor, warned of lingering damage to relations.
"But this is nation to nation".