Details on New NAFTA: USMCA

U.S. farmers will have more certainty in Canada and Mexico with the rebranding of NAFTA, including potentially more dairy access in Canada and more equal treatment of wheat products shipped north as well. The deal, announced late Sunday by the Trump administration, will be called the "United States Mexico Canada Agreement," replacing the North American Free Trade Agreement.President Donald Trump, speaking at the White House on Monday, touted the benefits of the trade deal for agriculture, saying, "The agreement will give our farmers and ranchers far greater access to sell American-grown produce in Mexico and Canada."North American trade between the three countries was valued at just under $1.2 trillion last year, though the U.S. ended with a $71 billion trade deficit with Mexico and a $17 billion trade deficit with Canada, according to the U.S. Trade Representative's Office. Canadian officials maintain the U.S. has a trade surplus with it.Canada is the largest U.S. export market for agriculture, valued at $20.5 billion in exports in 2017. Mexico is the No. 3 overall U.S. market, valued at $18.6 billion last year.Much of the agricultural sections are split between agreements between the U.S. and Mexico, and the U.S. and Canada. For instance, the U.S. and Mexico have special language on preferential tariff-rate quotas on sugar and sugar-related items. The U.S and Canada have detailed provisions related to dairy.