US and Canada race to avert 50% tariffs before midnight deadline

Canadian Prime Minister Mark Carney and US President Trump spoke twice this week to try to reach a deal before a midnight Wednesday deadline, after which 50 percent US tariffs would hit roughly $20 billion of Canadian imports outside USMCA protections. Talks are stuck on auto tariffs, with Washington offering to cut Section 232 duties from 25 to 15 percent but rejecting Canada's request to count broader North American content. Carney called the negotiations intense and delicate, and trade groups warn of job losses in lumber, wine and dairy if no deal is reached.

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