Canada and the United States moved closer Wednesday to finalizing a trade agreement that would avert threatened 50% U.S. tariffs, with a senior Canadian official calling the emerging terms "a very good deal for Canada" while cautioning that negotiations were not complete.

President Donald Trump said the agreement was "very fair" to both sides and predicted U.S. farmers and manufacturers would benefit. The tariffs on about $20 billion worth of Canadian imports have been postponed until 12:01 a.m. Saturday.