NAFTA was the most advanced model of free trade agreements around the world signed by the United States, Canada and Mexico in August 1992 and went into effect on January 1, 1994. The Trump administration claimed that NAFTA unfairly impairs US national interest and began the process of renegotiation with Canada and Mexico since May 18, 2017. After several rounds of consultations among the three countries, the United States decided to hold bilateral talks with Mexico before incorporating Canada. On the evening of September 30, the United States and Canada jointly announced that they had reached a consensus on trade issues including dairy products, automobile industry, intellectual right protection and so on. Canada since then joined the free trade agreement achieved earlier between the United States and Mexico. President Trump made the announcement in the White House rose garden on October 1st, calling it  "the most important trade deal we've ever reached." Although the FTA is still subject to the domestic ratification procedures by the three countries, Mr. Trump already said on twitter that USMCA is "a great deal" which "solving so many defects and mistakes in NAFTA, opening a greater market for our farmers and manufacturers, reducing the trade  barriers in front of the United States, and will make the three countries tied more closely in the competition with the rest of the world". In the new version of NAFTA, namely USMCA, both US and Canada made important concessions: Canada agreed to expand market access for American  dairy products, and the US gave up on changing the terms of dispute  settlement mechanism. This is exactly the focal point in preceding negotiations.