Well, I think I'd have two reactions to that.
First of all, by getting the agreement first on our side between Canada and the EU, it gives us a chance to develop those markets, to develop joint projects, and to develop customer relationships, to be in there first and get established long before the U.S. would be able to. If the U.S. and the EU manage to reach an agreement— and that is an “if”, because I think they will have some significant challenges—including on that element, then certainly we will have some head-to-head competition with the U.S., but we will have had a head start.
The other benefit that would come to us in that situation is that, in all likelihood, we would then be able to have no restrictions on bringing U.S. product into Canada, processing it, and exporting it to the EU, because then it would be considered of North American origin, and we'd both have free trade agreements with the EU.