Thank you, Madam Chair.
Welcome to the committee, governor and senior deputy governor.
Not so long ago, Canada was probably the least exposed country to U.S. tariffs because of CUSMA. The government used to say, and rightly so, that 85% of Canadian exports were protected under CUSMA.
However, the method for computing tariffs changed on 6 April. In a recent note, Mouvement Desjardins assessed that a quarter of exports in central Canada, meaning Quebec and Ontario, could be subject to 25% tariffs.
Right now, that is a clear violation of the spirit of CUSMA. In the monetary policy report, you state that Canada's exposure to tariffs was around 5%, so it has gone down a bit.
Did you take April's executive order into consideration? I'd also like to know whether the Bank of Canada has evaluated the volume of Canadian exports that now face a 25% tariff.