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It looks like the seemingly never-ending NAFTA talks have finally reached a conclusion. After 13 months of negotiations, the U.S., Canada and Mexico announced Sunday night that a new tentative trade agreement has been reached between the countries of North America, but no, it’s not called NAFTA. It’s the brand new United States-Mexico-Canada Agreement (USMCA) and it’s definitely more than just a name change.

“USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region,” reads a joint statement by United States Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland.

“It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”

A great day for Canada and the most important deal ever

Reports came out Sunday afternoon that a deal had been reached between negotiators and awaited only Trump and Trudeau approval. Soon after that, Justin Trudeau called a late-night cabinet meeting in Ottawa to review the Agreement, hustling past reporters to enter and only commenting, “It’s a good day for Canada” and “I’ll talk to you guys tomorrow” on his way out.

On Monday, Trudeau issued a press release stating that he spoke with Donald Trump and that the two leaders agreed the USMCA “would bring the countries closer together, create jobs and grow the middle class, enhance North American competitiveness, and provide stability, predictability, and prosperity to the region.” They also committed to “keep in close touch and move the agreement forward.”

While JT was keeping a tight lip about the whole thing, DJT took to his favourite social media network — Twitter.com — to express his excitement and approval of the deal.

The president also held a press conference on the subject Monday morning during which he called the agreement “The most important trade deal we’ve ever made by far” and specifically praised Mexican president Enrique Pena Nieto. Trudeau didn’t get as much love.

“There was a lot of tension between he and I specifically, but it all worked out … he’s a good man, and he loves Canada,” he said on the PM. (Quick FYI: he also told a female reporter after calling on her to ask a question, “I know you’re not thinking, you never do.”)

In a later press conference Monday afternoon, Trudeau thanked his team and the trade negotiators from the other two countries. For a drama-filled negotiation, the PM was very measured. Freeland, however acknowledged how weird things got.

“I said before that there would be moments of drama,” the Minister said, “and there certainly have been.”

So what’s the deal?

A lot of the details are still emerging, but it looks like there were a few key concessions made on both sides (although a lot of it looks eerily similar to NAFTA). Canada will open a greater percentage of the dairy market up to American farmers and there will be no technical exception to the steel and aluminum tariffs of 20 to 25 percent invoked by the U.S. earlier this year. However, Canada has negotiated tariff-free automobile exports up to a certain limit (which we currently do not reach).

On Canada’s side, they achieved a version of the crucial “chapter 19” which detailed dispute resolutions should there be a point of contention after the deal is signed. Canada also negotiated to keep NAFTA’s original “cultural protections” which guarantees that American companies cannot buy Canadian media companies — something Trudeau said was a deal-breaker.

The USMCA awaits final signing and ratification, but this is the closest we’ve been to a real concrete deal since negotiations started more than a year ago.

There’s one big question left though. How are we pronouncing it?