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It's not final, since Canada is still involved in the NAFTA process, but Trump said the USA and Mexico could move forward with a bilateral agreement if the Canadians drive a hard bargain.

President Donald Trump, right, arrives in the Oval Office for a telephone call with Mexican President Enrique Pena Nieto on August 27, 2018.

Foreign Minister Chrystia Freeland of Canada had said earlier she was encouraged by the progress and would rejoin the talks once bilateral discussions concluded.

President Trump won a major victory on trade on Monday, supplanting the North American Free Trade Agreement (NAFTA) and replacing it with something far more beneficial. "Why make it harder for USA firms to court customers overseas?" The currency touched its strongest since June 6 at $1.2895.

"I am working through the details of the possible US-Mexico agreement, but there is reason to worry that this might be a step backward from NAFTA for American families –especially on fundamental issues of presumed expiration of the deal, and empowering government bureaucrats rather than markets to determine the components in cars and other goods", GOP Sen.

Mr Nieto wrote on Twitter that he had spoken to Canadian Prime Minister Justin Trudeau about the advance and hoped the three sides would be able to conclude negotiations this week.

Mexico's president stressed that he, too, wants Canada included in the deal.

The Dow Jones Industrial Average rose 43.06 points, or 0.17 per cent, at the open to 26,092.70.

USA stock markets rallied, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, pulling oil prices up.

"Global trade tensions have undoubtedly been the most significant source of risk in 2018", said Hussein Sayed, chief market strategist at FXTM, told Reuters.

The U.S. Congress wouldn't vote on it until next year - after November midterm elections that could end Republican control of the House of Representatives. But Trump has pushed ahead, with the slack provided by the strong economy and the still-optimistic stock market, which gained ground again Monday and which has been climbing for months even as the trade war escalated.

Vermont delegation reacts to John McCain’s death
Earlier this summer, McCain issued a blistering statement criticizing Trump's meeting with Russian President Vladimir Putin. Still not a kind word about McCain himself. " John McCain is quintessential Arizonan - he's a maverick, he's independent".

The U.S. Commerce Department also said on Monday that Chinese steel wheels exports were heavily subsidized and that it could impose duties on the product. "And now we're bringing the other party in … So it isn't like Canada's coming in at the last minute".

As a candidate, Trump vowed to tear up NAFTA, "the worst trade deal in history".

Trump has presented this as a bilateral deal and threatened Canada with vehicle tariffs. "The hawks are certainly in the ascendancy on China trade policy".

The agreement between the two countries could restart negotiations on NAFTA with all three parties - the United States, Mexico and Canada.

The pact also requires greater use of USA and Mexican steel, aluminum, glass and plastics.

A source in South Korea's auto industry said many automakers would find it hard to meet the rule on workers' wages, which are much cheaper in Mexico.

Australian shares are expected to start the day higher, with ASX futures gaining 23 points.

The Australian dollar has risen slightly to 73.5 USA cents, due to a weaker greenback.

US economic data - with latest estimates for second-quarter gross domestic product expected on Wednesday - could determine the dollar's further moves.

In a phone call to French President Emmanuel Macron, Iranian President Hassan Rouhani said that Iran wanted the Europeans to give guarantees on banking channels and oil sales as well as in the field of insurance and transportation, according to the state-run Iranian news agency IRNA.