President Donald Trump Wednesday signed the U.S.-Mexico-Canada Agreement.
During a White House ceremony, Trump stated USCMA is, “the largest, most significant, modern and balanced trade agreement in history.”
USMCA replaces the North American Free Trade Agreement, a trade deal Trump considered “outdated” and “terrible.”
Mexico approved and signed the agreement last year.
Legislation to approve the agreement in Canada was announced this week.
Canada seems likely to approve the agreement within the next month, following its legislative process.
Canada and Mexico are top trading partners for United States agriculture.
President Trump says USMCA is “a monumental win for American farmers and ranchers, improving access to Canadian and Mexican markets.”
The agreement protects current market conditions between the U.S., Mexico and Canada, and includes an estimated $2.2 billion increase in U.S. agricultural exports.
The agreement is expected to grow annual dairy exports by nearly $315 million.
Trump promised dairy farmers improved trade with Canada when announcing his intention to upgrade NAFTA.
