Yes. I don't want to go into too much detail, but it's important to understand that all dairy-producing countries have a surplus of solids-not-fat. The yardstick used to measure the demand for dairy products is butterfat. The demand for butterfat in the United States, Europe, Oceania and around the world is greater than the demand for the non-fat part of milk, which is called solids-not-fat.
Although Canada has a supply management system, it still exports this type of by-product as well. These by-products are found in skim milk powder form. However, in Canada, the size of this surplus has fluctuated in recent years between 60,000 and 90,000 tonnes. The agreement with the United States introduces an export tax starting at 35,000 tonnes. Clearly, above that threshold, there will be a financial impact for each tonne of surplus. We must either sell it at a loss on other markets or pay the $540 per tonne tax.
If we conduct a simulation based on what we know today, the initial impact will be around $10 million to $20 million upon the coming into force of the agreement or in the first years of its implementation. These are substantial amounts, which will accumulate over the years and will keep pace with the growth in demand.