It came down to the wire, but late Sunday night Canada and the United States were said to have reached a tentative deal on the North American Free Trade Agreement (NAFTA), which will be renamed the United States, Mexico and Canada Agreement (USMCA).

It's being reported that the two sides have agreed to keep NAFTA's dispute resolution mechanism as part of the new deal. However, Canada is expected to give up access to its dairy market, similar to the agreement made for the Comprehensive and Progressive Trans Pacific Partnership (CPTPP) which was signed earlier this year.

In a statement, Dairy Farmers of Canada says they've been informed that Canada will be "granting an additional market access of 3.59% to the domestic dairy market, eliminating competitive dairy classes and extraordinary measures to limit our ability to export dairy products will have a dramatic impact not only for dairy farmers but for the whole sector. This has happened, despite assurances that our government would not sign a bad deal for Canadians. We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood."

It's unclear whether the U.S. will lift current tariffs on steel and aluminum.

It was also reported that U.S. President Donald Trump has agreed that no hard limit will be placed on Canadian auto exports heading south.

More details on the new United States, Mexico and Canada Agreement are expected to be released on Monday.

The U.S. announced last month that it had reached a bilateral deal with Mexico and set an October first deadline for Canada to join the deal.