Here's what you need to know about USMCA - the new NAFTA

A late-night agreement Sunday offers a new NAFTA and new terms on dairy for the United Sates. Canada agreed to join the renegotiated North American Free Trade Agreement, now called the U.S.-Mexico and Canada Free Trade Agreement, or USMCA.

Canada has reportedly agreed to make concessions on dairy, giving U.S. farmers more market access to Canada and revamping the Class 7 pricing to reflect its impact on export markets. It appears The U.S. and Canada traded dairy access to allow the Chapter 19 dispute clause to remain.

Gregg Doud, chief agriculture negotiator at the U.S. Trade Representative’s Office says there’s a reason the dairy issue was taking so long:

The trilateral agreement comes just in time to allow the U.S. to seek its goal of getting a new trade deal signed before the current President of Mexico leaves office.

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