President Trump announces 'truly historic' trade deal to replace NAFTA

David Jackson USA TODAY

Published 11:42 AM EDT Oct 1, 2018

WASHINGTON – President Donald Trump on Monday touted a new trade agreement brokered with Canada and Mexico as "truly historic news."

"The agreement will govern nearly $1.2 trillion in trade, which makes it the biggest trade deal in United States history," Trump said during remarks in the Rose Garden.

"It puts us in a position we've never been in before," he said. "This is a terrific deal for all of us."

U.S. and Canadian officials announced the new deal overnight. The U.S. had imposed a deadline of midnight Sunday with Canada to reach a new three-country deal that covers a North American market of nearly 500 million consumers.

More: Canada agrees to join U.S. and Mexico in new trade deal to replace NAFTA

The new trade deal, which must be approved by Congress, is designed to replace the North American Free Trade Agreement, which Trump has denounced as unfair to the United States. The new agreement includes new rules for the movement of products between the three countries, and even a new name.

"The new name will be The United States Mexico Canada Agreement, or USMCA," Trump tweeted. "It is a great deal for all three countries."

Trump returned to the name during his remarks on Monday.

"It has a good ring to it," he said.

Trump said his tariffs were the reason for the deal, and he described opponents as “babies." He said he hoped the deal would be quickly approved by Congress but warned that he never knows for sure what lawmakers will do.

“In theory there should be no trouble,” Trump said.

Canadian Prime Minister Justin Trudeau, who has argued with Trump over trade in recent months, is scheduled to hold his own news conference Monday.

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