US and Mexico are nearing a new trade agreement

Negotiators worked all day Sunday and were expected to reconvene at the US Trade Representative's office in Washington on Monday morning.

The official said an announcement could come by early afternoon, and that the two sides appear to have reached an agreement on autos and dispute settlement agreements.

A deal reached between the United States and Mexico would not mean they have reached a final agreement on renegotiating NAFTA. But it could allow Canada to rejoin the talks, which may extend for several more weeks.

In May, the United States imposed steep tariffs on steel and aluminum from much of the world, including Mexico. In response, Mexico slapped tariffs on $3 billion of US goods, including pork, apples, potatoes, bourbon and different types of cheese.

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