Related: Dow Soars Over 250 Points on U.S.-Canada NAFTA Deal
With an initial trade deadline set for August 31 that extended beyond that date, both the U.S. and Canada were able to reach an agreement to supplant the current NAFTA agreement with the USMCA agreement. In late August, the U.S. struck a deal with Mexico to effectively eliminate the NAFTA name and create the United States-Mexico Trade agreement–a deal that would have gone forward without Canada if no agreement could be reached.
The deal struck with all three nations would allow for more market access to U.S. dairy farmers with Canada capping automobile exports to the U.S.. The U.S., Mexico and now Canada are expected to sign the agreement by the end of November, which would then go to Congress for approval.
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