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False reports of 'a Canada-USA trade deal' aren't far off from the number of reports about 'peace in Hormuz' so I would take this one with a grain of salt. There has been some noise over the weekend about new trade negotiations led by Lutnick.

This report from Reuters cites two Canadian and four American sources that say the sides are talking about reduced tariffs on autos and steel. They're underway with broad discontent in US border states about tariffs and Michigan Republican Senate candidate Mike Rogers now running against tariffs.

The report says a deal is possible before the November 3 midterms but that the US wants Canada to make further concessions

"If it happens, it'll happen fast. But my sense is that it'll be a narrowed deal, if it ever happens" a 'Canadian industry source' is cited as saying. The current schedule is for a rise to 50% tariffs on Canadian autos and steels from January 1 but Trump said at a rally on the weekend that a deal could come "soon".

This article was written by Adam Button at investinglive.com.