Details of the new North America free trade deal

Shares of US automakers rallied after the US Canada and Mexico reached a new trade agreement

Canada and the U.S. have agreed a basis for the revised North American Free Trade Agreement (NAFTA), reaching a compromise in late-night talks on Sunday after months of stand-off.

President Donald Trump has his trade deal.

When told he seemed confident of congressional approval, he said he was "not at all confident" but felt ratification would be granted if lawmakers took the correct action.

"He's a good man and he loves the people of Canada", Trump added.

Early Monday, U.S. stocks rallied on this news with the Dow and the S&P 500 trading very near record highs at their peaks, but markets lost steam throughout the trading day with the small-cap Russell 2000 dropping more than 1.3%.

Perez said the agreement will likely be tweaked again before the United States, Mexico and Canada sign off on it late next month.

If NAFTA is indeed replaced by the new agreement, which unfortunately is completely unpronounceable as an acronym, it is unlikely that there will be large and dramatic changes to North American trade.

Trudeau, standing next to Freeland, said he planned to continue to have a "constructive" relationship with the president.

Analysts had warned the tariffs threatened to curtail economic growth and the creation of new jobs across the region, although Trump said the USMCA deal would not have been done without them.

The deal reportedly grants U.S. farmers access to the heavily protected dairy market.

The senior administration officials announced agreement on the USMCA an hour before the US -imposed deadline for a deal.

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Miles Prodan, president and CEO of the B.C. Wine Institute, said the new agreement would mean consumers have more choice over the country of origin of wine they buy in the 29 grocery stores that now sell only B.C. wine. "When this improved agreement is implemented, North American trade will be preserved and modernized for the 21st century - just as we set out to do".

The new deal, once ratified, will make it easier for the U.S.to enter Canada's restrictive dairy market, in which US imports are discouraged through supply management practices like high tariffs.

Not too long ago Trump was flinging insults at Trudeau over Twitter, taunting him as "very dishonest & weak" and "meek and mild" in June as he left a G-7 summit in Canada that the prime minister had hosted.

Some of the key differences: increased dairy-market access for the USA, a new sunset clause, and tougher auto rules.

"[Trudeau] has said he wanted a vibrant dairy industry, what we're seeing is our industry keeps being pared back every time there's another trade agreement".

The Trump-Trudeau relationship hit the skids in the spring after the US slapped Canada with tariffs on exports of steel and aluminum, under the pretense of national security.

The deal appears to preserve the key dispute-resolution provisions - Chapter 19 - which allow for independent panels to resolve disputes involving companies and governments, as well as Chapter 20, the government-to-government dispute settlement mechanism.

Canada had previously offered the US a 3.25-per-cent market share under the old Trans-Pacific Partnership agreement, which Trump also derided - and pulled the USA from - after he took office in 2017.

"The number one export industry in the country is the auto industry, and I am absolutely thrilled that we were able to put into place a format that will lead to investment in Canada", he said. "Versus a very unpredictable and protectionist US administration, I think Canada did as well as it could".

While most ministers also stayed mum, Agriculture Minister Lawrence MacAulay said he's "always concerned about the agriculture industry". The deal extends patents on biologics from eight to ten years, meaning Canadians are going to have to wait two more years to access cheaper generic versions of medication they need to treat chronic conditions like rheumatoid arthritis and Crohn's disease.

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