The U.S. and Canada agreed to a trade deal with Mexico, setting the stage for their leaders to sign the accord by late November in a region that trades more than $1 trillion annually Industry Week report.

The three countries reached an agreement to replace the 24-year-old North American Free Trade Agreement, according to a joint statement from U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland on Sunday. The new deal will be called the U.S.-Mexico-Canada Agreement, or USMCA.

The accord involves improved access to Canada’s dairy market for U.S. farmers, stronger intellectual property provisions, and tighter rules of origin for auto production, according to two senior Trump administration officials who spoke to reporters on condition of anonymity.

Canadian auto exports up to a certain threshold will not be impacted by any U.S. tariffs on foreign cars, according to three people familiar with the matter. The agreement offers Canada some cover from the Trump administration’s threat to impose duties on car imports for national security reasons. . . . read on . . . >