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One of the biggest changes advocated by Mr. Trump provides better access to the Canadian dairy market, allowing for more US exports. It also strengthens North American auto manufacturing incentives with tighter labor standards, maintains an independent dispute resolution system, and provides Canada and Mexico with protection against future auto tariffs that the United States could seek to impose on world imports.
Business groups, who feared that Nafta would collapse, welcomed the deal as a major victory for the economy on Monday.
"We welcome the announcement that the negotiators reached an agreement to modernize the Nafta," said Thomas J. Donohue, president of the American Chamber of Commerce. "We look forward to reviewing the details with our members to determine the next steps, and we commend the negotiators for their commitment to finding a way forward including the United States, Mexico and Canada."
But as lawmakers, trade analysts and industry groups studied the new text, some suggested it was too early to celebrate.
United Steelworkers urged caution on Monday, lamenting that the Trump administration's steel and aluminum tariffs were not lifted under the deal. Mexico and Canada state that they expect these tariffs to be defined separately.
"The key question now is whether this new agreement, when it will be final, will make a measurable difference in the lives of workers and whether workers will trust the new provisions and the government's commitment to apply them, "said Leo W. Gerard. president of the union.
Wilbur Ross, Secretary of Commerce, defended the decision to maintain rates on metals.
"Yes, these are issues separate from this one," Ross said on the Fox Business Network. "There are specific problems with steel and aluminum in relation to our national defense. And at this point, these remain the same. "
