>> We are working extremely hard, extremely intensely, and we continue to be optimistic about the progress that we can make this week.>> Canadian Foreign Minister Chrystia Freeland choosing her words carefully Wednesday A more than $1 trillion three-way marriage is on the ropes if Canada doesn't find a way to agree to a US update to the North American Free Trade Agreement by Friday deadline.
The pressure ramped up this week by a two-way deal reached in principle between the US and Mexico, focused on the auto industry.>> Congratulations, that's really a fantastic thing.>> Official details are scarce, but sources tell Reuters exclusively, part of the deal would allow the United States to pursue quote national security tariffs of 25% on any Mexican made car or SUV imports that exceed a 2.4 million vehicle annual threshold.
Officials from both countries either declined to confirm or weren't available for comments. No wordy yet on how Canada feels about new quotas. But there is one thing Canada is giving the thumbs up to, wage protection for auto workers.>> Our workers have been concerned for a long time.
It was one of our election issues, about the ways in which trade agreements can harm blue collar workers in high wage countries. There are some important things that we believe we have accomplished together with the United States. And thanks to some significant compromises Mexico was prepared to make to support Canadian workers.
That is a really important step for us.>> The progress shared by Canadian Prime Minister Justin Trudeau Wednesday, but with a note of caution. Saying a three-way agreement has to be right for Canada because->> No NAFTA deal is better than a bad NAFTA deal.