With regard to the NAFTA, our view is that a trilateral arrangement works well. When you take a look at the kinds of investments and sourcing decisions that have been made in many sectors, you see that these have been made, over the last couple of decades, on the understanding that a trilateral agreement is in place, and that's how many sectors have organized themselves, most notably the auto sector.
We think that this kind of trilateral supply chain is quite beneficial to Canadian manufacturing, but also to U.S. manufacturing, and we've certainly heard many voices in the U.S. saying that being part of a trilateral supply chain helps promote manufacturing success in the United States. As we've certainly heard, the Trump administration views manufacturing employment as something very important. We do think that if we were to move down a direction where these kinds of investment decisions and supply chains were undermined, it would have a very negative impact on manufacturing in the United States. I think there is an awareness of that.
Right now, from what we hear from testimony in the United States by the U.S. administration, there is a discussion about the value of bilateralism, but there is also a recognition of the importance of the supply chains in North America. Right now, all the focus is on getting ready to put forward, from the administration, a notification to Congress of an intent to renegotiate the NAFTA rather than to tear it apart.
As for what might happen in the future after some election, and what the timelines might be, it's very hard to tell. Certainly we've done the analysis and are thinking through a wide range of possibilities, but definitely our preference would be to maintain the general structure of the agreement going forward.