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But he stressed the government is committed to compensating them for any financial hit. "The agreement is an important step in our trade policy and I will continue to review the details of the agreement and reach out to the business community of Alabama to get a full picture of the USMCA's potential impacts".

The Liberal government will dole out what is likely to be billions of dollars in compensation for dairy farmers, following a new continental trade deal that critics say only further restricts industry's ability to compete in the global market.

After intense last-minute discussions just ahead of a self-imposed Sunday midnight deadline, the United States and Canada announced they had reached a deal, allowing a modified three-way pact with Mexico to replace the almost quarter-century-old North American Free Trade Agreement (NAFTA). "This agreement put an end to that".

Dairy producers across Canada are describing the USMCA's effect on their industry in similar terms.

She said the insertion of a minimum wage level for auto parts workers could lead to similar clauses in other trade deals: "If it turns out to be very politically popular in the United States it could [be used again]".

That's the same approach it took with CETA, the trade deal granting greater market access to European dairy producers.

The new agreement, subject to ratification, is called the United States, Mexico and Canada Agreement, otherwise referred to as the USMCA.

That money comes in the form of grants to farms to update their equipment.

Trump threatened to go ahead with a revamped NAFTA, with or without Canada.

But the deal failed to resolve USA tariffs on Canada's steel and aluminum exports. The U.S. had previously negotiated a deal with Mexico in late August.

"I said we understand that and we pledged to work with them", he told reporters in televised remarks.

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"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home", the two countries' joint statement said.

Ottawa will now open its dairy market further to USA producers, and - in return - Washington left unchanged the dispute settlement provisions.

"The agreement will govern almost $1.2 trillion in trade, which makes it the biggest trade deal in the United States' history".

"Any of us that have invested in new barns to meet the needs of the Canadian consumer are not going to be able to fill those barns because the market is gone", says Paul Gaunce.

Van Keulen said he and his three sons borrowed to expand the farm based on expected incomes according to past market growth, and he feared opening up an additional 3.6 per cent to US imports would cut into that profit margin.

"The negotiation will not be reopened with the United States".

The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from US anti-dumping tariffs, Canadian sources said.

Cows on the Kramer dairy farm are milked on Monday, October 1, 2018.

"This deal makes our partnership even stronger and benefits people across North America", Trudeau tweeted.

Farmers are meeting with the Ontario premier on Tuesday to talk about the impact of the deal on dairy, egg and turkey operations.