US President Donald Trump, Canadian Prime Minister Justin Trudeau and Mexican President Peña Nieto on Friday signed the new U.S. Mexico Canada Agreement (USMCA).
The leaders used the backdrop of the G-20 Summit in Buenos Aires, Argentina to resolve the trade dispute with America’s closest neighbors.
“This has been a battle, and battles sometimes make great friendships,” Trump said at the start of the signing ceremony.
Saying that all three countries will benefit from the deal, Trump said of the USMCA, “It is probably the largest trade deal ever made.”
The USMCA replaces the North American Free Trade Agreement, which had created a free trade zone between the three countries back in 1994.
The USMCA deal emerged in early October, months after President Trump hit Mexico and Canada with tariffs on their steel and aluminum products. That move set off retaliatory tariffs — and intense negotiations to create a new trade pact.