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"Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernized trade agreement for the 21st Century: the United States-Mexico-Canada Agreement (USMCA)", the US and Canada said in a joint statement Sunday.

U.S. officials intend to sign the agreement with Canada and Mexico at the end of November, after which it would be submitted to the U.S. Congress for approval, a senior U.S. official said.

The White House's Peter Navarro said "everybody's speaking in good faith right now as we speak", on Fox Sunday.

Federal cabinet ministers were summoned to a late Sunday meeting at the Prime Minister's Office near Parliament Hill, while the White House convened its own late-night conference call just an hour before the midnight deadline.

Canada also agreed to a quota of 2.6m vehicles exported to the USA in the event that Trump imposed 25% global autos tariffs on national security grounds, a side letter to the agreement showed.

Trump blames NAFTA for the loss of USA manufacturing jobs and wants major changes to the pact, which underpins $1.2 trillion in annual trade.

It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster.

The key one concerns the dairy system in Canada.

Two Ottawa sources directly familiar with the talks said a deal could be very close but stressed some challenging matters had yet to be solved.

Canada is also reported to have secured some protections for automobile industry against potential U.S. tariffs.

Trudeau departed shortly after 11 p.m., saying that it was "a good day for Canada" and he would have more to say on Monday.

Prime Minister Justin Trudeau is briefing Canada's top bankers to give them fair warning about the possible fallout from an intense period in U.S. "We're doing our best".

A bulk of Canada's efforts this weekend have been focused on securing an exemption to the Section 232 tariffs - especially dealing with autos - which allow President Donald Trump to slap duties on foreign products in the name of national security, a source with direct knowledge of the talks confirmed. Mexico wants a deal signed before December 1, when the new Mexican administration takes over and the Trump administration wants the current, Republican-controlled Congress to vote on the deal quickly, given a potential change in control after the November midterm elections.

'Lots of progress, but we're not there yet, ' MacNaughton told reporters.

Under the deal signed with Mexico in August, 75 percent of auto content will be made in the United States or Mexico, up from the original threshold of 62.5 percent.

Under the current system, US imports exceeding quota levels are subject to excessively high tariffs, such as 245 percent for cheese and 298 percent for butter.

Canada, the United States' No. 2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement. The U.S. and Mexico had already reached a deal. One of the officials said the discussions between Canada and the USA were ongoing, but progress was being made.

The deal is likely to boost global stock markets today, which have been dragged down by concerns about USA trade disputes with China, the European Union and others.

But the deal failed to resolve US tariffs on Canada's steel and aluminum exports.

The US appears to be willing to give up demands to drop independent dispute resolution panels if it can have greater access to the Canadian dairy market.


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