"Closing a deal with these two countries will allow US trade officials to focus their efforts on other large issues with worldwide trade around the world, including negotiating in existing markets and opening new markets".
The "new, modernized trade agreement" will replace the 1994 NAFTA trade bloc and be known as the US-Mexico-Canada agreement (USMCA), according to a joint statement issued by US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland.
Morneau says Canada is working to ensure producers are protected from potential diversion of steel and aluminum from other countries while also balancing the needs of users.
The United States and Canada have reached an 11th hour deal to keep alive a three-country trade alliance with Mexico and prevent a disruptive break-up.
Auto exports from Canada to the U.S. are to be capped at 2.6 million vehicles, if Trump imposes global tariffs on cars on national security grounds.More news: Jose Mourinho hints Manchester United lost 'dignity' in West Ham defeat
In Trump's view, the new deal and promise of more around the world shows that he has kept his campaign promise of putting "America first".
But not everyone is happy!
Let us know YOUR thoughts by tweeting and Facebooking us!
Negotiators from both sides spent two days talking by phone as they tried to settle a range of hard issues such as access to Canada's dairy market and USA tariffs.More news: Matic: Man Utd don't need crisis talks; leaders do it on pitch
Canada had resisted American moves to remove the provision, keen to be able to challenge United States trade penalties.
Canadian and United States negotiators came to an agreement just hours before the self-imposed midnight deadline, according to a CNN report. In order to do so, the administration of US President Donald Trump needed to make public the document to allow for a legally mandated 60-day review period.
"USMCA follows two previous trade agreements in which access to the Canadian dairy market was granted, CETA and the CPTPP, which sacrificed the equivalent of a quarter of a billion dollars annually in dairy production to industries in other countries", noted the CDF.
Pointing to his combative attitude towards China - with which the United States is engaged in an escalating trade war - Trump said his strategy was bearing fruit and that "China wants to talk very badly".
After more than a year of talks, and six weeks of intense discussions, the governments were able to overcome their differences with both sides conceding some ground, but both hailing the agreement as a good deal for their citizens in the region of 500 million residents that conducts about $1 trillion in trade a year.More news: Canadian Dairy Farmers Aren't Happy With U.S. Trade Deal. Here's Why