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Trump hails 'historic' trade deal with Canada, Mexico

By REBECCA MORIN

President Donald Trump on Monday praised a new "historic" trade deal with Canada and Mexico to revamp NAFTA, the trilateral trade agreement he once vowed to withdraw the U.S. from entirely.

"Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA," the president wrote on Twitter across a pair of posts.

"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," he continued. "The USMCA is a historic transaction!"

"Congratulations to Mexico and Canada!" the president wrote in a follow-up post later Monday morning.

The new pact describes changes in language governing dairy imports, dispute resolution between countries, limits on online shopping that can be done tax free, and limits on the U.S. threat of auto tariffs. The U.S. had previously struck a deal with Mexico and Trump had threatened to leave Canada out of the new agreement if a three-way deal could not be struck.

The announcement of the new agreement came just hours ahead of an end-of-September deadline to provide Congress with a draft of the deal.

The new trade agreement is likely to be cast as a win for Trump in the runup to November's midterm elections, although a formal vote in Congress is unlikely to be held until 2019. It’s unclear whether Congress will approve the deal, since Trump has been at odds with both Democrats and some members of his own party on trade.