At almost literally the 11th hour, Canada and the United States came to an agreement on free trade that joins one announced earlier last month between the U.S. and Mexico (together, they form the United States-Mexico-Canada Agreement). Formally announced Monday morning, it preserves much of NAFTA, including several items that had been key priorities for Canada — but it gives way to the demands of Donald Trump in some areas. Here’s what some of the headline items mean for Ontario.

1. Were dairy farmers thrown under the bus?

The Ontario government is already accusing the federal Liberals (and Prime Minister Justin Trudeau) of throwing dairy farmers “under the bus” by giving American milk producers greater access to Canada’s heavily protected system of supply management. Canadian dairy production is concentrated in Ontario and Quebec, and the Dairy Farmers of Canada is warning that the rules proposed in this agreement will amount to “death by a thousand cuts,” especially as they come after the dairy sector was marginally opened to competition from European and Asian producers through other recent trade agreements.

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At a press conference in Ottawa, Trudeau and Foreign Affairs Minister Chrystia Freeland told reporters that the federal government will fully compensate dairy farmers for any losses they suffer as a result of the new agreement. Freeland defended what Canada got out of the deal, saying that the U.S. side had initially sought the dismantling of Canada’s whole supply-management system.

Jim Wilson, Ontario’s minister of economic development, job creation and trade, expressed skepticism on Monday about the promised compensation, telling reporters that other sectors that have received similar promises due to global trade instability (caused, in large part, by decisions made by the White House) still haven’t seen any money from Ottawa.

2. Steel and aluminum get no reprieve

Canadian steel producers — Ontario’s main plants are in Hamilton and Sault Ste. Marie — didn’t get the good news they were looking for this week either. The steel and aluminum tariffs imposed by the U.S. government as a “national security” measure earlier this year are still in place, and the text of the new NAFTA agreement doesn’t remove them. The feds said Monday that the two countries are still negotiating for their eventual removal, but that doesn’t exactly constitute good news for an industry that could use some.

The United Steelworkers called the deal a “sell-out” of workers that would affect thousands of Canadian families.

“The Liberals made concession after concession, until the Trump administration got the deal it wanted. In the process, Canadian government sold out Canadian steel and aluminum workers. So much for the ‘win-win-win’ deal promised by this government,” said Ken Neumann, Canadian director of the union.

3. Auto sector is protected from tariff threats

An industry that did get some welcome news is Ontario’s auto sector, which employs workers in communities from Windsor to Woodstock to Oakville to Oshawa. It received substantial guarantees that the United States won’t impose tariffs, something Trump had repeatedly threatened to do.

Unifor president Jerry Dias praised the announced framework, saying it would protect Canada’s autoworkers from the kind of national-security tariffs that have harmed steel and aluminum, and pointing to language that strengthens “country of origin” rules. These rules dictate how much of a car needs to be made in Canada, the U.S., or Mexico to qualify for tariff-free treatment. U.S. and Canadian labour groups had wanted to increase the current 60 per cent threshold: the new threshold will eventually rise to 75 per cent. And, notably, the agreement also requires that a guaranteed portion of the continent’s auto sector come from relatively higher-wage areas — those that pay $16 or more per hour.

One analysis from the conservative Peterson Institute for International Economics warned, however, that the proposed rules of origin could raise costs for North American automakers to the point that they will shift production out of the continent entirely and build cars closer to the growing markets of India and China.

4. What about Ontario’s high-tech industries?

It’s not all farms and furnaces: the high-tech sector is going to be affected by changes to NAFTA as well, and Ontario is home to the lion’s share of tech businesses and employment in Canada. A 2016 report from the Brookfield Institute for Innovation and Entrepreneurship estimated that, of the 864,000 tech jobs in Canada, 286,000 were in Toronto alone. (That’s compared to 222,200 in Montreal, the next-largest tech city.) There were another 111,000 tech jobs in Ottawa, Hamilton, Waterloo, and London — meaning that nearly half of all the country’s tech employment was concentrated in five urban areas in this province.

Jim Balsillie, former CEO of Waterloo-based Research in Motion, issued a statement Monday saying that the new agreement would harm Canada’s tech industry by extending intellectual-property protections. The big items in this category include extending the term of copyrights for an additional 20 years and allowing pharmaceutical companies to keep the data on some of their drugs exclusive for 10 years (current Canadian law allows eight).

Balsillie said that these changes will hurt Canadian business, as the country is a net importer of intellectual property — in effect, they will allow U.S. businesses to “entrench and extend” their business here.

The implications for the pharmaceutical sector may be particularly important: earlier this year, a University of Toronto researcher argued that extending the term of data exclusivity for biologic drugs would make it harder to implement a truly national pharmacare program.

One final note of caution in all this is that the agreement hasn’t yet been ratified by either the U.S. or Mexican congresses, or the Canadian Parliament. There are elections coming for the U.S. Congress in a few weeks, and the current Mexican president, who committed his country to the new agreement, leaves office on December 1. Until all three countries have formally ratified the USMCA, this isn’t over.