President Donald Trump on Monday welcomed the new trade deal with Canada and Mexico as a win for American workers, while investors sighed with relief that the key pillars of NAFTA had survived his tough strategy to change global trade.

Washington and Ottawa reached an agreement on Sunday after several weeks of intense bilateral negotiations to renew the Free Trade Agreement, which was concluded in 1994. In August, the United States made a separate trade deal with Mexico, the third member of NAFTA.

The new agreement, called the United States, Mexico and Canada Agreement (USMCA), aims to attract more jobs to the United States, with Canada and Mexico accepting more restrictive trade with their main export customer.

"These measures will support the many hundreds of thousands of American workers," said Trump at the White House, describing the bargain as the most important deal that the United States has ever done.

"This deal will add much more jobs and these are quality jobs," he said.

Previously, Trump repeatedly called NAFTA a terrible deal for the United States.