Canada's last-minute announcement that it will join the United States and Mexico in a new deal that replaces the North American Free Trade Agreement (NAFTA) marks a "bullish day" for the United States and for North America, White House key trade adviser Peter Navarro said Monday.

"When countries come to the table and bargain fairly, we sign deals," Navarro, who heads the White House National Trade Council, told CNBC's "Squawk Box," adding that the decision means President Donald Trump "has basically declared that we will no longer be the piggy bank of the world."

Late Sunday, just before the midnight deadline imposed by the United States, Canada said it agreed to sign on to the United States-Mexico-Canada Agreement, or USMCA for short. The agreement replaces the 24-year old NAFTA, which Trump had referred to as a job-killing disaster.

Trump's son-in-law and advisor, Jared Kushner, U.S. Trade Representative Robert Lighthizer, took the key point spots in the negotiations, and "Trump was the visionary," said Navarro.

He added the three countries' leaders are expected to sign off on the USMCA before the end of November, but it won't be ratified for many more months.

Navarro refused comments about what the new pact may signal to China but accused China of intellectual property theft and other trade offenses that hurt the global economy.

• Wall Street Soars 250 After New NAFTA Deal
• Saving NAFTA: A Milestone Victory for Trump