US President Donald Trump has lauded the new restructuring of NAFTA, dubbed USMCA, as "truly historic news for our nation and indeed for the world".
In announcing the new deal today, Mr Trump labelled the old deal as "perhaps the worst trade deal ever made".
The new USMCA deal allows the US greater access into Canada's dairy markets, and allows extra imports of Canadian cars.
It will govern more than US $1 trillion (NZ$1.51 trillion) of trade.
The new deal is set to be in place for the next 16 years, with it to be reviewed every six years.
Mr Trump admitted he had "very strong tensions" with Canadian Prime Minister Justin Trudeau in recent months, but it did not affect the negotiations.
Mr Trump also used the announcement to reference the ongoing trade war with China, saying it's "too early to talk" with the Chinese over a new trade agreement.
Newshub.
