US and Canadian negotiators have made significant progress on tariffs covering vehicles, steel, and aluminum as both sides race to finalize a deal before a Saturday midnight EDT deadline to avoid 50% tariffs on $20B worth of Canadian goods. The emerging deal would reduce US tariffs on Canadian vehicles from 25% to 15% and halve steel and aluminum duties to 25%. In return, Canada would restore US alcohol sales at provincial liquor stores and open its dairy market to American producers. The $20B at stake represents approximately 2% of the $720B in annual bilateral trade between the two countries.
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