4 takeaways from the U.S.-Mexico trade deal

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The agreement does appear to resolve - at least between Mexico and the USA - two contentious issues that would represent big wins for the Trump administration. "It's a really good deal for both countries", President Trump said in announcing the agreement from the Oval Office, with Mexico's President Enrique Pena Nieto participating by telephone.

But Canadian officials said USA negotiators are still working toward a three-way agreement. Trump and Republicans in the US Congress up for re-election in November want to ensure farmers and other voters whose jobs depend on trade with Canada and Mexico that the deal is sealed.

Freedland's arrival signals Canada's return to the Nafta talks after being sidelined following a meeting between Trump and the Canadian prime minister, Justin Trudeau, at the G7 in Quebec in June.

In a press release, The White House announced it has secured a preliminary agreement with Mexico that "modernizes and rebalances the trade relationship to reflect the realities of the 21st century".

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Industrial companies, banks and big technology stocks are among the biggest winners in midday trading on Wall Street. "And, frankly, a tariff on cars is a much easier way to go, but perhaps the other would be much better for Canada". It saw shares in Ford rise 3.2 per cent, General Motors 4.6 per cent and Fiat Chrysler 4 per cent.

Canada, which is part of NAFTA, is not participating in the announcement. He's threatening anew to slap tariffs on Canadian cars if they fail to do what he wants.

NAFTA is blamed for hastening the demise of USA manufacturing as automakers and other manufacturers moved factories south of the Rio Grande.

Though the U.S. and Canada have traditionally enjoyed good trading relations, some 75 percent of Canada's exports are reportedly bound for the USA with only 15 percent of American exports destined for Canada.

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Negotiators have been shuttling back and forth between the three countries for months to try to iron out the bilateral stumbling blocks, including rules for the auto market, before the end of August. "Given the encouraging announcement today of further bilateral progress between the us and Mexico, Minister Freeland will travel to Washington, D.C., tomorrow to continue negotiations", her spokesman said. "It would be bad for the [U.S.] mid-west - the heartland that the president is dependent on". The delegation also included Jesus Seade, a World Trade Organization veteran tapped by Mexican President-elect Andres Manuel Lopez Obrador as his future chief trade negotiator. Both Canada and Mexico, as well as many in the US business community, reject that idea.

He heralded "very positive progress" on auto trade provisions reached by the U.S. and Mexico, but flatly rejected USA demands to dismantle or greatly open up access to Canada´s supply-managed dairy market in a revamped North American Free Trade Agreement (NAFTA).

Until a new deal is signed, the other terms of NAFTA - including the elements that allow USA companies to operate tariff-free in Mexico and Canada - remain in place.

"Because of the massive amount of movement of goods between the three countries and the integration of operations which make manufacturing in our country more competitive, it is imperative that a trilateral agreement be inked", Timmons said in a statement.

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