Negotiators were expected to work through the night ahead of more talks on Thursday morning between Canada's lead negotiator, Foreign Minister Chrystia Freeland, and U.S. Trade Representative Robert Lighthizer.
Foreign Affairs Minister Chrystia Freeland, emerging Wednesday evening from her second meeting of the day with her USA counterpart, said officials would be working late into the night - and possibly all night - on potential "landing zones" where both parties can agree.
The dollar slid to a new four-week low on Tuesday, as the U.S. -Mexico trade deal aimed at overhauling the North American Free Trade Agreement prompted investors to unwind more of their safe-haven bets on the greenback, boosting appetite for higher-risk assets.
The fresh agreement between USA officials and their Mexican counterparts mandates up to 45 per cent of auto content from high-wage jurisdictions, and includes a 75 per cent North American content-per-vehicle threshold.
Negotiators have worked for a year to update and rewrite NAFTA, but in the last five weeks Washington and Mexico City worked to resolve their bilateral issues without Ottawa.
One of those has been the continuation of a dispute settlement process - we call it Chapter 19 - that has existed in the NAFTA and existed in the Canada-U.S.
"For free-trade economists that might be a black eye, but for the United States and Trump it must surely be seen as a major victory and validation of his extraordinary strong-arm tactics".
Before entering the USTR building, Freeland told reporters she is "encouraged by the progress the USA and Mexico have made, particularly on cars and labor". "I like to call this deal the United States-Mexico Trade Agreement".
US Senator to Push to Keep McCain's Afghanistan Legacy Alive
Former Diamondbacks outfielder Luis Gonzalez and former Coyotes forward Shane Doan also served as pallbearers. He lived with physical limitations brought on by war; I'm a professional athlete.
The 24-year-old NAFTA, which also includes Mexico and is integral to the continent's economy, has been under renegotiation for more than 12 months.
"I think Canada very much wants to make the deal", he said, while again raising the possibility of a separate, bilateral deal with Mexico.
Through an interpreter, Pena Nieto reminded Trump four times Monday that he hoped Canada would be part of an eventual trilateral agreement.
"I think they're going really well", Trump said of the Canada talks, saying they were "probably on track" to meet the Friday deadline.
The goal is to have the new deal signed by outgoing Mexican president Enrique Pena Nieto before his recently elected successor, Andrés Manuel López Obrador, takes office December 1.
The White House said Mr Trump will sign the deal in 90 days.
The Trudeau government has repeatedly pledged to protect dairy farmers, but Canada has opened up limited access to its dairy market in previous trade talks, including its comprehensive pact with the European Union. If we can help our neighbours, that's a good thing, not a bad thing.
The new deal requires 75 per cent of the value of a vehicle to be produced in the United States or Mexico, up from the NAFTA threshold of 62.5 per cent.
Markets appear unconcerned, with Canadian auto-parts makers Linamar Corp. and Magna International Inc. extending gains Tuesday - signaling a bet Canada will make the cut on a final deal and that the Mexico problems were the biggest ones that needed fixing. Therefore, it seems to me that Trump has moved hastily to finish these talks because of not wanting to have to speak to another leader. Considering the average wage in Mexico is closer to $5 an hour, it's likely those components will be made in the USA, or perhaps, Canada, which is where the price increase will likely occur.