Beijing responded by announcing tariffs of 5 percent to 10 percent on an additional $60 billion worth of US imports.
"This landmark agreement will send cash and jobs pouring into the United States and into North America - good for Canada, good for Mexico", Trump said.
In the environmental chapter, the three countries commit to maintain high levels of environmental protection, including obligations to combat illegal wildlife trade and illegal logging and fishing, conserve species at risk, and take measures to protect the ozone layer and address marine pollution. As with the steel tariffs, the new trade deal does not undo controversial USA -imposed duties on Canadian softwood lumber imports.
Some points of contention remain.
Celeste Drake, a trade policy specialist at the AFL-CIO labor federation, criticized the provision for restricting future action by US lawmakers, and for impeding Mexico's and Canada's health-care systems. Besides exporting cars and other industrial products to the U.S., South Korea and Japan rely on America's military protection.
After more than a year of talks, Canada finalized a revamped free-trade deal with the United States and Mexico. Such a change would have disrupted American farmers, food processors and buyers for several years as growing and buying patterns adjusted. The deal would be a "playbook" for future trade deals, the official said, suggesting that Washington could pressure other allies to loosen their trade ties with Beijing. "That's something we continue to discuss with the United States", she said. He upped the ante by threatening to abandon a regional pact with Canada and Mexico and thereby imperil supply chains that crisscross borders unless he could get what he considered an acceptable rewrite of the North American Free Trade Agreement. "At first glance, we're encouraged with efforts to modernize some chapters that specifically affect trade in agricultural goods".
Trump said it was unfair and economically crippling to dairy farmers.
Canada also weakened some mechanisms it uses to manage the supply of dairy products, said Steve Suppan, a policy analyst at the Institute for Agriculture and Trade Policy, a think tank in Minneapolis. "We will be watching very carefully to see and to make sure that all of the things that have been pledged and promised in the agreement do come about".
For farmers, the big problem remains the trade war with China, which Trump made clear is not close to resolution.
Farmers have been battered by Trump's trade policy.
"I am pleased that the Trump administration was able to strike a deal to modernize NAFTA with both Mexico and Canada", said Senate Finance Chairman Orrin Hatch, R-Utah.
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Tariffs have especially driven down the prices of soybeans and pork, two key agricultural exports for Minnesota.
Federal cabinet ministers were summoned to a late Sunday meeting at the Prime Minister's Office near Parliament Hill, while the White House convened its own late-night trade briefing conference call just an hour before the midnight deadline.
Trump said he had no intention of keeping the old name.
Critics, though, contend that Trump's apparent breakthroughs appear much more impressive than they actually are. "It doesn't happen that quickly". The new agreement, he said, is "a great deal for all three countries" because it "solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the US and will bring all three Great Nations together in competition with the rest of the world".
In late May, the Trump administration announced tariffs of 25 percent on steel imports and 10 percent on aluminum imports, prompting quick retaliation from top trading partners including Canada and Mexico.
He added: "Congratulations to Mexico and Canada!" The rules also prescribe that certain auto production jobs must be performed by workers making at least $16 an hour.
Morneau said in his earlier speech that Canada is looking to create tourism, education and financial-service opportunities with countries such as China as it works to expand its oil and gas industry to foreign markets with the building of the Trans Mountain pipeline.
TARIFFS AND TAUNTS: Trump joked that the deal wouldn't have been made without tariffs, specifically on Canadian-made steel and aluminum, which prompted tit-for-tat retaliatory tariffs from Canada on a number of US goods.
A progressive agreement would encompass five ingredients, she said at that time. Scheer said he would have gotten a better deal.
"Unilateralism and trade protectionism are rising, and relying heavily on foreign countries will not only erode the foundation of [Chinese] development but also endanger national security", the opinion piece said. "I don't see it".