Thank you very much for the question.
In fact, global benchmarking demonstrates that Canadian steel is among the greenest in the world, so it's not that we haven't kept up. It's that we may still continue to allow for trade with nations that don't have the same requirements and may practice unfair trade.
Specifically, in one of my recommendations, I asked for the government to consider carbon tariffs. A CBAM—carbon border adjustment mechanism—that you are referring to is a very specific type of carbon tariff. We suggest that we should be very serious about that, to your point. It is a potential threat, so we don't want to be caught off guard. We should proactively prepare for it. Furthermore, we should do that in collaboration with our largest trading partner, the United States.
You rightly point out that the U.S. is doing the investigative work to prepare for carbon tariffs on steel, in particular. Our view is that this won't be a function of whoever is in the administration. We think either outcome of tonight's election means that carbon tariffs will very much be a trade tool the U.S. will contemplate.
Thank you.