With the renegotiated pact and Wednesday's signing of an initial trade deal with China, the president can say he fulfilled a key campaign pledge to get tough on trade.
The AFL-CIO president praised the agreement, which includes stronger enforcement of labor and environmental provisions. One lawmaker called it "a triumph for workers everywhere across America."
The Trump administration has reached a deal to lift tariffs on metal imports from Canada and Mexico, in a move that could make it easier to ratify the USMCA trade pact.
The deal pauses a tariff increase that had been planned to take effect New Year's Day. President Trump called the meeting with China's president "amazing and productive."
The new trade deal signed by the U.S., Mexico and Canada says much of a car should be built by workers making at least $16 an hour. Some experts are skeptical that will happen anytime soon in Mexico.
The new deal to replace NAFTA includes modernizations and improvements. But the biggest benefit, for many sectors, is simply that there is a deal — reducing the uncertainty of previous months.
After days of negotiations, the U.S. and Canada failed to agree on a deal by a Friday deadline to update the North American Free Trade Agreement. The U.S. and Mexico reached a pact earlier.