President Donald Trump on Wednesday signed into law his proposed replacement for the North American Free Trade Agreement, winning praise from business groups that had championed the trade deal.

Trump signed the U.S.-Mexico-Canada Agreement during a ceremony at the White House attended by representatives from various businesses and trade groups. Among the association CEOs in attendance were Heidi Brock of the American Forest & Paper Association, Gary Shapiro of the Consumer Technology Association and Tom Gibson of the American Iron and Steel Institute, all of whom tweeted from the event.

Several groups issued statements after the signing. Brian McGuire, CEO of Associated Equipment Distributors, thanked both the administration and Congress "for working in a bipartisan, trilateral manner to modernize and strengthen trade ties between the United States, Canada and Mexico."

"As an organization representing companies operating in all three countries, I'm confident the agreement will restore predictability to North American trade markets, creating an environment for greater investment, well-paying jobs and sustained growth," he added.

Ian Jefferies, CEO of the Association of American Railroads, said the deal renews trade ties that will benefit all three countries for years to come.

"As an industry built on connecting goods and businesses, railroads know that free and fair trade makes both our supply chains and individual economies stronger," he said. "Coupled with the Phase I trade deal with China, USMCA will provide certainty rail customers and American businesses need to grow and compete in world markets."

Still, not everyone is happy with the new trade deal. Pharmaceutical Research and Manufacturers of America previously complained about the removal of language that would have guaranteed 10 years of market exclusivity for the developers of biologic drugs. The group was silent on the signing of the deal.

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