US and Canadian negotiators are racing to finalize a bilateral trade deal by the August 22 deadline to avoid 50% tariffs on roughly $20 billion worth of Canadian goods. The proposed agreement would cut tariffs on Canadian-built vehicles from 25% to 15% and reduce duties on steel and aluminum from 50% to 25%. Canadian Trade Minister Dominic LeBlanc and US Trade Representative Jamieson Greer are leading the negotiations. The North American auto industry, deeply integrated with cross-border supply chains, would face major disruptions if talks collapse. A failed deal would also likely push the Canadian dollar lower.
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