Donald Trump propelled himself into the Oval Office in part by convincing voters that America was a pushed-around, economic backwater that his singular dealmaking skills would transform into a fabulously wealthy, highly esteemed country that people would think twice before messing with. Such conviction led him to withdraw from the Trans-Pacific Partnership on his fourth day in office; withdraw from the Paris climate accord; pull out of the Iran nuclear pact; and spend a good portion of his non–TV watching hours railing against the North American Free Trade Agreement, threatening almost daily to pack up his toys and go home unless Canada and Mexico bowed to his demands. And while he’s yet to strike newer, better alternatives for the Iran deal and T.P.P., on Sunday, he actually got our neighbors to the North and South to agree to a new free-trade pact! Which might actually have meant something, had the contentious, ugly, seemingly endless rounds of negotiations not yielded a new agreement that is . . . extremely similar to the old agreement.

The major victory that the administration will no doubt be touting in the days, weeks, and months to come, is that Canada will open up its dairy market to more American products. But, as The New Republic points out, the opening “is similar to what the United States would have gained through the Trans-Pacific Partnership.” To wit, T.P.P. would have opened up 3.25 percent of the Canadian dairy market, while the new agreement will give the United States access to . . . 3.6 percent. Meaning the concession Trump will be attributing to his negotiating prowess is only a touch larger than the one it was already ready to make:

In exchange for easier access to the Canadian dairy market, the United States has reportedly agreed to Canadian demands that it be allowed to keep in place protection of cultural industries and maintaining the existing tariff settlement system. As requested by the Canadian government, the new agreement would phase out Chapter 11, a section of NAFTA that allows investors to sue governments. President Trump has reportedly promised he won’t be putting tariffs on automobiles and automotive parts manufactured in Canada. While steel and aluminum tariffs will remain in place for now, the Canadian government expects them to be lowered in short order.

As Michael Grunwald wrote for Politico last year, Trump’s new NAFTA—the one he wrecked diplomatic relations with Canada and roiled currency markets in order to secure—is basically Obama’s T.P.P., with Obama’s name papered over by a gilded TRUMP sticker. Now that the deed is done, one wonders what all the fuss was really for, aside from the optics. “The reality is that America has expended a tremendous amount of national political capital for pretty modest changes,” observes James Pethokoukis of the American Enterprise Institute. “President Trump has claimed NAFTA 1.0 was the worst trade deal in U.S. history and helped make America a poor country. If so, then it’s hard to see how NAFTA 2.0 changes that status quo. Is it now just a really bad trade deal?”

Even the name change appears to be cosmetic, rather than official, at least for now. While Trump has repeatedly decried the term “Nafta”—“We’ll get rid of the name Nafta. It has a bad connotation”—and has been referring to the renegotiated pact as “The United States-Mexico-Canada Agreement, or U.S.M.C.A.,” the legal text of the agreement itself refers to “NAFTA 2018.” That language might change after Congress approves the new deal, but it’s hard to imagine the unpronounceable U.S.C.M.A. supplanting “Nafta,” at least as far as branding goes.

Luckily, Trump will undoubtedly be using this “victory” as an excuse to hit other countries with more tariffs, which has been working out swimmingly for the U.S. so far. After all, the patented Trump Process worked exactly as planned, if not as advertised: discard an Obama-era agreement, trash your allies, cause as much economic dysfunction as possible, insult your counterparts, terrify Wall Street, and then dust off the old agreement with a few small tweaks. Mission accomplished! “Without tariffs, we wouldn't be talking about a deal. Just for those babies out there that keep talking about tariffs,” Trump boasted in the Rose Garden on Monday, shortly after announcing the breakthrough. Later, when a reporter asked him about tensions with Canadian Prime Minister Justin Trudeau, Trump grew defensive. “It’s a brand new deal,” he said, perhaps anticipating the obvious criticism. “It’s not NAFTA redone.” (Fact check: It is!)