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Dairy producers say the United States-Mexico-Canada Agreement, which increases American access to 3.59 per cent of the dairy market, deals another blow to the future of their industry. US President Donald Trump imposed taxes on imports from Mexico and Canada, and the two countries retaliated.

The deal is said to involve more U.S. access to Canada's dairy market and a cap on Canada's auto exports to the US.

Trump called the deal the "most modern, up-to-date and balanced trade agreement" in United States history.

The $1.2 trillion trade agreement replaces the North American Free Trade Agreement, which Trump vowed to repeal during his presidential campaign.

Juan Carlos Baker, Mexico's under secretary of foreign trade, is expected to present the details of the agreement to the Mexican senate, according to the Times.

He said it was "privilege" for other countries to trade with the US: "So we have negotiated this new agreement [with Mexico and Canada] based on the principle of fairness and reciprocity - to me it's the most important world in trade, because we've been treated so unfairly by so many nations all over the world".

And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on USA soil.

It was surprising that the United States found it easier to cut a deal with Mexico than with Canada, a longtime ally with a high-wage economy similar to America's. But Dan Ujczo, an worldwide trade lawyer with the USA firm Dickinson Wright, said it would only apply to a very small percentage of vehicles that don't comply with the origin rules. Trump had described Nafta as a bad deal for Americans and threatened to eliminate it as part of his "America First" agenda.

Trump hails 'most important ever' US-Canada-Mexico trade pact
New trade deal is good for Canada

Canada's dairy farmers are not happy, of course.

Notably, the prime minister did not mention Trump in his opening remarks, saying only in answer to a direct question that the relationship with the president has been challenging during the course of tumultuous negotiations.

It's also said that the new rules will encourage more investment by auto companies in research and development in the region.

Former prime minister Brian Mulroney welcomed news of an agreement in a statement Monday, calling it a "highly significant achievement for Canada, while benefiting all three countries as it should". "Mexico and Canada will be opened up a lot more than they are now".

"If anyone thinks this is a good deal, then you've had the wool pulled over your eyes", Edmunds analyst Ivan Drury said.

"That tells me that there's an agreement that works for all of us, and so, to me, that's what we wanted all along", Perez said.

NAFTA tore down most trade barriers between the United States, Canada and Mexico, leading to a surge in trade among them. Over the years, Canada has successfully used Chapter 19 to challenge the United States on its softwood lumber restrictions. However, tariffs on auto exports appear to have been avoided, with Canada agreeing to a cap. "Second, the pricing system allowed for Canada to be competitive to export their excess skim milk powder, taking away market share from the U.S".

"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". "Guest worker programs do not belong in trade agreements, period, because we give up control of them to an global bureaucracy, not Congress. U.S.jobs should not be a bargaining chip in trade agreements".

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