Canada and the US are finalising a highly anticipated trade deal, with President Donald Trump and Prime Minister Mark Carney touting it as a success.

Trump said the proposed deal will be welcome by US farmers and manufacturers, while Carney said it will secure "the best terms" for Canada's strategic sectors and provide certainty on the future of US-Canada trade.

Trade negotiators met on Wednesday for the third time in as many days on Wednesday and after Trump paused a new wave of tariffs he had threatened to impose overnight on a range of Canadian goods.

But details on what the agreement covers, and what concessions both sides have made, and what still need to be ironed out, remain unclear.

Speaking to reporters briefly on Wednesday after a 45-minute meeting with his Canadian counterpart, US Trade Representative Jamieson Greer said the Americans are "very happy" with the latest discussions.

He said he will soon brief Congress and US stakeholders on the deal's details.

"We feel confident that we've reached an agreement that will not only continue to protect American workers, American jobs, American supply chains, but really strengthen the North American economy," Greer said.

The deal eliminates "some of the irritants" that the US has had with Canada, he added.