Speaking to reporters in Ottawa, Trudeau says the revamped NAFTA deal - renamed the United States-Mexico-Canada Agreement - is successful in maintaining fairness and balance between Canada and the US, a trading partner 10 times its size.
Mr Trump said the deal was a victory for farmers, vehicle workers and the United States manufacturing industry: "It means far more American jobs, and these are high-quality jobs". Trump also said he could soon impose USA import tariffs on European Union cars, widening the global trade dispute further.
It follows months of friction over the deal between President Trump and Canadian Prime Minister Justin Trudeau.
In all 3 countries, the new USMCA trade pact must be ratified by lawmakers.
Under the terms of the new deal, the trade dispute mechanism Canada had sought to preserve will be maintained. We have had presidents of the United States and (US) Trade Representatives, they never spoke to India. Some countries were granted exemptions, however Mexico and Canada did not make that list. China has a surplus of $375 billion with United States and it has been that way for years and years and years, he said.
"We've been sacrificed", he said in an interview.
Ford says his government will be speaking directly with industry representatives from Ontario's steel, aluminum, auto and agriculture sectors to determine the impacts of this deal.
Canada will open its dairy market further to United States producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded.
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He nonetheless said he hoped to arrange a face-to-face meeting with Trump . "We're going to take care of the people of Venezuela". Maduro had not attended the UN General Assembly since 2015.
The United States-Mexico-Canada Agreement, or USMCA, partially opens up Canada's long-restricted milk market to American farmers and gives US drug companies two more years of "market protection" from generic competition in Canada.
On the flip side of Canada's more open dairy market, the country's own farmers may be negatively affected. "They didn't want to make a deal with anybody else", he said.
While President Donald Trump hails a revised NAFTA as the "most advanced trade deal in the world", some analysts are wondering what all the hype is about. "It's a big win for the US and well, for Canada, it's a loss".
With limited details on what USMCA entails, the Times reports that with the new agreement, Canada's dairy management system will ease its protections, allowing the us more access to Canada's dairy products. Dairy Farmers objected to this, too, but the once-obscure dairy classification had become a lightning rod of discontent for Trump. And only vehicles that failed to meet the rules of origin for auto parts agreed to by the US and Mexico would even potentially be subject to the proposed auto tariffs.
"It's a good day for Canada", Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting to discuss the agreement, which triggered a jump in global financial markets.
Steel and aluminum tariffs imposed by Washington, however, will remain. A similar agreement between Mexico and the USA preserves duty-free access to the US market for vehicles that comply with the agreement's rules of origin. It must still win approval from the US Congress, which is unlikely to happen until next year.
According to a joint statement between the nations, "USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region".
Referring to his trade war with China, Trump told reporters at a White House news conference that China wanted to talk to the United States very badly, but he was not ready yet.
The president of the Canadian Chamber of Commerce, Perrin Beatty, congratulated the Canadian negotiators in a statement "for delivering an agreement. and for doing so under extraordinarily challenging conditions".