WASHINGTON -- NAFTA is out, USMCA is in.
President Trump formally announced a new trade deal with Mexico and Canada Monday morning.
Here's some of what's in the new deal:
The deal reached Sunday gives farmers greater access to the Canadian dairy market, a big win for the Trump administration.
Mexico and Canada will also get protections if the U.S. goes through with plans to impose tariffs on vehicles and auto parts.
The NAFTA dispute-resolution process will also be kept in the new deal.
The deal also upgrades environmental and labor regulations, meaning Mexican workers must have greater ability to unionize. The trucks that come from Mexico also have to abide by higher environmental standards.
U.S. drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years.
President Trump, however, says he is not hopeful the next deal will be approved by Congress in the next year, saying 2020 election politics could hold up passage.
This is a developing story. Check back for the latest.