During the conference, Trump said that: "They used to call it NAFTA, we're going to call it the 'United States Mexico Trade Agreement.' We'll get rid of the name NAFTA."

So it's the USMTA from now on, with a possible expansion to include Canada.

A key provision of the new deal is an increase in the mandated locally-sourced auto content from 62.5% to 75%, and that 40% to 45% of auto content would be made by workers earning average base wage of $16/hour. According to the US Trade Rep, the new rules will "incentivize billions annually" in additional U.S. vehicle and auto parts production" and help preserve and re-shore industry jobs and investment.