President Donald Trump's declared victory for U.S. dairy farmers may not be as large as it seems.

On Sunday, the U.S. and Canada reached a deal to replace the North American Free Trade Agreement. The new agreement is named the USMCA — the United States-Mexico-Canada Agreement.

Trump said on social media on Monday that the USMCA will "greatly open markets" for American farmers and manufacturers.

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But Bank of America Merrill Lynch told its clients some of the concessions in the new deal were "mainly symbolic," including the one Canada made for U.S. dairy farmers.

"The deal includes a small reduction in protectionism for Canada's dairy farmers," Bank of America Merrill Lynch global economist Ethan Harris said in a note to clients Tuesday. "Under the new USMCA, American dairy producers will have access to 3.59% of Canada's dairy market — slightly higher than the 3.25% they would have gotten had the US signed the Trans Pacific Partnership [TPP]."