Mr. Davies, a thing I learned very early on in the NAFTA negotiations—and it became a rule that I set for myself—was to never make commitments based on a hypothetical, particularly when it comes to political events in the United States. However, I am going to make two general comments, because I think you raise an important issue.
Number one, I do think all of us need to be thoughtful about Canada's global competitiveness. At the Department of Finance, Mio is the head of tax policy, so he's in charge of all the harder stuff that the finance department does. The other finance people will be mad that I said that, but he has an internationally respected kind of engine that calculates METR, the marginal effective tax rate, comparing Canada to other economies.
We have a table for METR in the budget, and we look at that closely all the time to be sure we are competitive. It's a relative measure.
The second thing I'll say is that I do think that we, as people in western democracies, have been living through a period of a race to the bottom when it comes to taxation. You've seen in every single country a real corporate push to drive rates down and to tell citizens that they have to accept this because otherwise the capital will move to another jurisdiction. That's why I think the OECD two-pillar process is so important in trying to put a floor on that. I do think that this kind of collective action helps us as western democracies to maintain the revenue base that we need to make the investments that, in our case, Canadians need.