President Donald Trump

President Donald Trump has hailed the new US trade pact with Canada and Mexico, calling it a great deal” for all three countries.

“Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico.

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“It is a great deal for all three countries,” Trump said on Twitter on Monday.

Trump said the new pact known as the United States-Mexico-Canada Agreement (USMCA) “solves the many deficiencies and mistakes” in the 24-year-old North American Free Trade Agreement it replaces.

He added that USMCA “greatly opens markets to our Farmers and Manufacturers” while reducing trade barriers “and will bring all three Great Nations closer together in competition with the rest of the world. The USMCA is a historic transaction!”