President Trump tweeted that this was a great deal for all three countries involved in the deal.
The United States and Canada confirmed Sunday they had reached a deal on a "new, modernized trade agreement," which is designed to replace the 1994 NAFTA pact.
In a joint statement the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA).
Canadian Prime Minister Justin Trudeau said following a cabinet meeting, "It's a good day for Canada."
Trudeau plans to address the media on the deal on Monday.