New NAFTA deal reached, according to multiple sources

US President Donald Trump and Canadian Prime Minister Justin Trudeau

US President Donald Trump and Canadian Prime Minister Justin Trudeau

Congress gave Trump's administration authority to renegotiate a trilateral continental free trade pact, which requires a 60-day notice and publication of the text of any agreement.

A senior Trump administration official said Sunday night that the new deal will be renamed the USMCA: the US-Canada-Mexico Agreement.

"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home", the two countries' joint statement said.

The key one concerns the dairy system in Canada.

The influential Dairy Farmers of Canada lobby group - which strongly opposes the idea - said in a statement that it insisted "any final NAFTA deal should have no further negative impact on the dairy sector". "We will be watching very carefully to see and to make sure that all of the things that have been pledged and promised in the agreement do come about". "Lots of progress but we're not there yet", MacNaughton told reporters in Ottawa, where the Canadian team is gathered.

It also appears to preserve the key dispute-resolution provisions - Chapter 19 - which allows for independent panels to resolve disputes involving companies and governments, as well as Chapter 20, the government-to-government dispute settlement mechanism. Chapter 19 allows countries to challenge each others' anti-dumping decisions in front of an expert panel. Officials at Global Affairs confirmed to CBC News that her rescheduling was related to NAFTA talks, and another Canadian official may have to give her Monday speech.

Additionally, Mexico will get an auto parts quota of $108 billion annually, while Canada will get a parts quota of $32.4 billion annually in the event of US autos tariffs. There was no formal agreement on the US's existing steel and aluminum tariffs, according to a senior Trump administration official.

Long live the United States-Mexico-Canada Agreement, or USMCA.

Some bank CEOs have also raised other issues they consider vital to Canada's competitiveness with the Prime Minister, including the government's stance on energy and pipelines. Trump also threatened to tax Canada's auto exports into the United States if it did not agree to America's demands.

Canada also won protection from any future US auto tariffs, but the details of those protections were not clear.

Mr. Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada.

Negotiators worked frantically ahead of a midnight ET (0400 GMT) U.S. imposed deadline to settle differences, with both sides making concessions to seal the deal.

Canadian Prime Minister Justin Trudeau speaks during a news conference at U.N. headquarters during the General Assembly of the United Nations in Manhattan, Sept. 26, 2018.

Trump campaigned on a promise to rewrite NAFTA - or get rid of it. Talks on a rewrite began more than a year ago. Canadian officials were reluctant to surrender on the politically sensitive dairy issue as voters head to the polls on October 1, according to several analysts following the talks.

"Our focus remains on the substance of the issues, not on timelines, and of course on getting a good deal for Canadians". A deal that left one of them out could cause chaos for businesses that rely on trade between the countries. "The heavy lift is going to be getting a trade deal through the next Congress in 2019 as well as ratification by Mexico's new Congress and in Canada during a federal election year".

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