LATEST: NAFTA Replacement Deal Praised By Leaders

Prime Minister Justin Trudeau says the new U-S-Mexico-Canada Agreement will be good for Canadian workers, businesses and families.

He says the goal heading into negotiations was to improve the lives of Canadians by protecting jobs and creating new ones, and to help the middle class.

Trudeau says with any negotiation, compromises must be made, and he admits some were harder than others.

But he says the deal preserves fairness and a level playing field and there is now a path forward. 

The agreement comes after 14 months of talks and several weeks of high-pressure negotiations, a deal on a newly named United States-Mexico-Canada Agreement was reached just before a U.S.-imposed midnight deadline to replace NAFTA.

President Trump is praising the big new trade deal with Canada and Mexico.  Speaking at the White House today, Trump said the U.S.-Mexico-Canada Agreement will open markets to U.S. farmers and manufacturers.

The agreement retains a dispute-resolution process the U.S. wanted to eliminate.

There's also word it preserves Canada's supply management system for dairy and poultry, but gives U.S. farmers greater access to the Canadian dairy market.

Canadian dairy farmers are already criticizing the trade deal, saying it will undercut the industry by limiting exports and opening up the market to more American products.

Dairy Farmers of Canada issued a statement soon after the agreement was announced late Sunday.

The organization says the USMCA will grant greater market access to the domestic dairy market and eliminate competitive dairy classes, which the group says will shrink the Canadian industry.

The lobby group says the measures will have "a dramatic impact not only for dairy farmers but for the whole sector," adding that it fails "to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood."