Trump said USMCA is "the most important trade deal we've ever made by far."
- The new agreement is between Canada, Mexico and the U.S.
- It's more of an updated version of NAFTA than a new agreement.
- The deal includes changes to trade terms and policies in sectors like dairy, auto manufacturing and intellectual property rights.
Timeframe<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODY3ODU3My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMjI5NzkxN30.dDwcER4ITrvyWkkEQC3SdvnPpdkaYnz84qEvmJwjc6g/img.jpg?width=1245&coordinates=0%2C102%2C0%2C23&height=700" id="fcc74" class="rm-shortcode" data-rm-shortcode-id="4c80756b55e394df64bbb8739a0695ca" data-rm-shortcode-name="rebelmouse-image" />
US President Donald Trump after a phone conversation with Mexico's outgoing President Enrique Pena Nieto on trade on August 27. The new deal was made just hours before the October 1 deal deadline.
(Photo: MANDEL NGAN/AFP/Getty Images)<p>The new agreement would take effect in 2020. Under the terms, the three countries would meet every six years to review and potentially renegotiate the deal, which would last 16 years, at which time the countries could agree to extend it.</p>