The economic agreement was forged just before a midnight deadline imposed by the U.S.to include Canada in a deal reached with Mexico late in the summer.
However, she says the amount and type of compensation will be worked out in coming months while Canada, the US and Mexico all work to ratify the agreement reached late Sunday.
Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office December 1.
A joint statement from Lighthizer and Chrystia Freeland says, "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". "There's definitely going to be an advantage for US online retailers selling lower priced items into Canada.I am heaving a sigh of relief and saying it could have been a lot worse".
For instance, Canada scored wins with the preservation of NAFTA's state-to-state dispute-resolution system and cultural provisions that carve out a certain amount of the Canadian media market for domestically produced programming. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition.
The deal still needs to be approved by Congress and by the legislatures of Canada and Mexico, but the president predicted it would get enough support to pass.
They suspected that Canada, which had said it wasn't bound by USA deadlines, was delaying the talks until after provincial elections Monday in Quebec, where support for Canadian dairy tariffs runs high.
The Dow and S&P 500 began the fourth quarter on a positive note on Monday, after a last-minute deal to salvage NAFTA as a trilateral pact helped ease trade worries, although major indexes finished off their session highs.
"This is a truly extraordinary agreement for the US, Canada and Mexico".
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According to people briefed on the negotiations, Canada will ease protections on its dairy market and provide access that is similar to what the United States would have gained through the Trans-Pacific Partnership, a trade treaty that Trump withdrew from a year ago.
"In a sense, we look at this as something that does have a constructive message both for North American trade and for fears around trade wars more broadly", Bruce Kasman, a JP Morgan economist, said.
For Trump, the agreement offered vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.
Trump said he'd like to see it signed by the end of November.
Access for other agricultural goods: Canada will give the U.S. more access to its chicken, turkey, and egg markets, and British Columbia will allow the sale of USA wines at its state-owned liquor stores.
"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Pierre Lampron, president of Dairy Farmers Canada, said in the statement.
President Trump has long denounced NAFTA, so despite the fact the same countries are involved, the name, too, has changed.
Trump's primary objective in reworking NAFTA was to bring down USA trade deficits, a goal he has also pursued with China, by imposing hundreds of billions of dollars in tariffs on imported goods from the Asian giant.
The change in the duty-free limit is being seen as good for consumers, as Canadian retailers will be forced to compete and lower prices, to retain local shoppers from spending their money online for US purchases instead. The president said he had rejected a meeting with Trudeau because of Canada's high tariffs, though Trudeau's office said no meeting had ever been requested.
But Canada also had to agree to offer more access to its highly protected dairy market, which infuriated the influential farming lobby. "We never believed that it would be easy, and it wasn't, but today is a good day for Canada".