This red and white sign means you should:

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Back up or turn around immediately
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Give the right-of-way to traffic on the road you wish to enter or cross.
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Stop and check traffic both ways before proceeding.
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Keep a steady speed and check traffic both ways.
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Explanation
A YIELD sign indicates that drivers must slow down and be ready to stop, if necessary, to let any vehicle, bicyclist, or pedestrian pass before proceeding.
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