Certainly, the Canadian economy cannot sustain itself without a great deal of foreign trade. It's a question of scale. You need to have a certain amount of scale in the production in order to get the efficiency that makes you competitive in the international markets.
NAFTA, as we used to call it—now the USMCA—was a very important building block for our economy. The uncertainty about its future was causing firms to delay or in fact move investment decisions, often to the United States. Even though NAFTA never ceased to exist, and the USMCA now has been initialled or is ready for ratification, the fact of the matter is that over the last almost two years, we have already lost out because of the uncertainty it's raised.
What we were heartened by was that in our survey of companies, they were still prepared to invest, because they were operating at capacity and they needed to expand in some way. The fact that now we have that uncertainty at least partially lifted augurs well for the outlook in terms of investment and therefore presumably our capacity in job growth, productivity, and wage growth. All those things are connected down the chain. Obviously, other agreements are not really a substitute but a complement for USMCA, because they open up access in other places.
All those things I think are positive in a world where trade has become the way to do business. Tariffs are not that high in many of these cases, so they're not impediments to trade, but anything you do to make it more efficient just goes directly into that engine, which gives us growth.