When we did our analysis, we saw a number of possible scenarios. As a result, it is difficult at the moment to provide a precise answer to your question.
In our report on monetary policy, we tried to identify the channels of change that could affect the Canadian economy. If there were tariffs, for example, the impact would certainly be felt more on the industries directly involved. If a tariff affected some industries specifically, it would have a different effect across the country. Actually, that is what we can see at the moment in forestry.
There are also other channels of change, like the oil price shock, which has implications on broader sectors. For example, workers may have to move in order to find jobs in other provinces or other sectors. There are also capital investments in other industries. Changes like that will require an adjustment that could take time and, basically, result in productivity rates that are lower than they are at the moment. This is because of the global value chains that have been built during all these years of globalization. Those chains are effective, but if they start to become unravelled, we will once more have production chains that are less productive.
That is why we are saying that, if it happened, the effects would be very negative, but at the moment, it is not possible to say specifically whether it will happen.