ASHINGTON, Oct 1, 2018 (News Wires) - US President Donald Trump on Monday took credit for salvaging a trilateral free trade accord with Canada and Mexico, marking it as a victory in his campaign to reshape global commerce as financial markets breathed a sigh of relief. The deal, announced on Sunday, is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries. Trump had described NAFTA as a bad deal for Americans and threatened to eliminate it as part of his "America First" agenda. The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner. While changing NAFTA and bringing down US trade deficits was a top Trump campaign pledge, Sunday's agreement largely leaves the broader deal intact and maintains supply chains that would have been fractured under weaker bilateral deals. US, Canadian and Mexican stocks were trading higher on Monday, with the benchmark index rising more than 0.7 per cent and the Toronto Stock Exchange's index gaining about 0.4 per cent. The Canadian dollar strengthened to a four-month high against the US dollar, while the Mexican peso rose to near a two-month high against the greenback before paring some gains. Trump, who is scheduled to make a statement at 11 a.m. EDT (15:00 GMT), on Twitter called the agreement with the United States' northern neighbor "wonderful" and "a historic transaction." "It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the US and will bring all three Great Nations closer together in competition with the rest of the world," Trump wrote.