Donald Trump heralds 11th-hour trade deal with Canada: ‘A historic transaction!’

October 1, 2018

President Trump on Monday cheered the trade deal the U.S. struck with Canada, which had held out joining the new NAFTA agreed to by Mexico.

“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 president trumpeted on Twitter.

Mr. Trump will hold a press conference at 11 a.m. to formally announced the deal that replaces the North American Free Trade Agreement with the United States Mexico Canada Agreement or USMCA.

“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. The USMCA is a historic transaction!” the president said in a series of tweets.

“Congratulations to Mexico and Canada!” he added.

The breakthrough deal promises to check off one of Mr. Trump’s top campaign promises from 2016.

He vowed a redo of the 24-year-old NAFTA. He called it a “disaster” and threatened to rip it up if Canada and Mexico did not renegotiate it to his satisfaction.

The administration reached an agreement with Mexico in August.

The Trump administration gave Canada an Oct. 1 deadline to join the deal before the U.S.-Mexico deal was submitted to Congress. The negotiations went down to the wire.

Update hourly