Suppose that we didn't have this carbon pricing system and we paid the full cost of carbon border adjustment mechanisms for those jurisdictions that have imposed them. How would that compare to imposing the carbon pricing system on ourselves for all of our exports? I suspect that even if we ate the cost of the carbon border adjustment mechanism, it would still be less costly for us.
The other point that I would make is that we hear a lot of references to places like Germany and the U.K. We have to ask if we really want to emulate their experience with deindustrialization, because there are certainly problems in those countries where they've moved out of step with their major competitors, including in Asia. As a result, it's this leakage problem all over again. Emissions don't go down. They just move to different jurisdictions. Domestically, you incur a lot of reductions in your standard of living.