It replaces the 24-year-old North American Free Trade Agreement, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base.
"It'll probably or possibly be just USM".
For the general manufacturing sector, the sentiment is one of relief, said Dennis Darby, president and CEO of Canadian Manufacturers & Exporters.
Word of the deal came as Canadian Prime Minister Justin Trudeau convened a 10 p.m.
"We will be manufacturing many more cars", Trump said.
Peter Navarro, an adviser to Trump on trade, told Fox News: "Everybody is negotiating in good faith right now as we speak".
"When we had the original NAFTA agreements, and Americans were given bigger access to the Canadian market, NAFTA recognized that those industry licences needed to be grandfathered", he said.
U.S. -Canada talks bogged down earlier this month, and most trade analysts expected the September 30 deadline to come and go without Canada being reinstated. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition. The three still need to resolve the United States decision to impose "national security" tariffs on steel and aluminum from Canada and Mexico, which led those countries to impose retaliatory tariffs on billions of dollars' worth of U.S. farm and manufactured products.
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.
"We will continue to engage with USA and Canadian officials to seek a resolution of the tariffs on aluminum prior to final approval of the new agreement", Rio said in a statement. He's a professional, I'm a professional.
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But it came at a cost, with Canada agreeing to provide United States dairy farmers with access to about 3.5% of its $16bn annual domestic dairy market, according to Canadian sources - and Canadian farmers hurt by the deal set to receive compensation.
Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and by Mexico's Pena Nieto who leaves office December 1. The agreement also exempts tariffs on 2.6 million automobiles.
"I don't think it did". But the agreement will now push Canada's current copyright terms, which stood at 50 years past the author's life, to 70 years so that it can fall in line with USA protections.
While the president told reporters that he is "not at all confident" Congress - which could see the House back under control of the opposition Democrats after the November midterm elections - will approve the deal, other members of his administration are expressing greater optimism.
During the 1992 presidential campaign, independent candidate Ross Perot famously predicted a "giant sucking sound" as NAFTA pulled US factory jobs into Mexico.
Gone is Mr. Trump's threat of a 25-per-cent tariff on auto imports, a move that would have imperilled a Canadian industry that relies on USA exports for nearly 90 per cent of its sales and employs 130,000 people, majority in Ontario.
US drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years.
Farmers in the United States would also gain greater access to Canada's dairy market through the deal.
According to people briefed on the negotiations, Canada will ease protections on its dairy market and provide access that is similar to what the United States would have gained through the Trans-Pacific Partnership, a trade treaty that Trump withdrew from a year ago.