02 October, 2018
"The Americans had started off demanding 50 per cent US domestic content in cars and vehicle parts".
But the president noted that the deal would need to be ratified by Congress, a step that could be complicated by the outcome of the fall congressional elections.
Trudeau arrived at his office Sunday night but did not comment as he walked by reporters ahead of the unusual late meeting with his ministers.
Political deadlines are often fuzzy but Canada and the United States appear to be working towards some major compromises and a NAFTA deal.
"We got the right deal".
Trump, for his part, said the accord would return the United States to a "manufacturing powerhouse".
In fact, the US has always been a manufacturing powerhouse and by some projections - before the current deal - expected to be No. 1 in 2020.
According to the officials, the new trilateral pact, which will be called the U.S. -Mexico-Canada Agreement, or USMCA, includes provisions to prevent Canada's supply management system from affecting the world market in dairy products. It replaces NAFTA, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base.
The agreement gives USA farmers greater access to the Canadian dairy market.
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The importance of a new U.S. -Mexico-Canada trade deal can't be underestimated: Trade among the three partners affects jobs and profits in all of them, and all three wanted to get a deal done before the change of government in Mexico in two months, CBS News' Pamela Falk reports.
Tariff side deals: The US came to side agreements with Mexico and Canada that would largely protect the two countries from tariffs on imported autos and auto parts.
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.
President Trump has long threatened to pull the United States from NAFTA. It was unclear, however, whether he had authority from Congress to pursue a revamped NAFTA with only Mexico.
"Without tariffs we wouldn't be talking about a deal", Mr Trump said.
"It removes that uncertainty that was hanging over the sector, in terms of our access to this North American market, in terms of the rules related to our integrated North American supply chain".
The comments - combined with Trump's campaign rhetoric - fed into a fear that Trump might disrupt the more than $1 trillion in annual trade that occurs between the three countries.
From a Mexican perspective, the agreement will allow outgoing President Enrique Peña Nieto to sign the agreement before he leaves office on December 1 and will allow incoming President Andrés Manuel López Obrador to start his six-year term with a fixed framework for economic relations with a northern neighbor that buys 80 percent of its exports.
He said the new deal treats American workers with "fairness and reciprocity", unlike NAFTA, which he again described as the worst deal ever agreed to by the United States.
US drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years.
The quota would allow for significant growth in tariff-free automotive exports from Canada above current production levels of about 2 million units, safeguarding Canadian plants. The US had also sought increased American content for duty-free autos.