I think Canada has a great story to tell. If you look at our overall trade balance with the U.S., we're running a surplus because of energy, which they are looking for. On manufacturing products, we're running a small deficit with the U.S. It's very equal, and Joseph mentioned the steel-specific one, but pretty much across the board, we're equal.
I think for us it's that story of joint competitiveness globally. If we can structure and build on the existing deal and tell the story to the Americans that by working together on global trade we stand to benefit.... The U.S. in a lot of ways—and the China story in terms of steel dumping is one example—feels like they're alone in a fight on a lot of these issues globally. That's just one example. There's currency manipulation and other examples.
We have exactly the same problems as the U.S. does in a lot of ways. If you look at our trade deficits, for example, we're running similar types of trade deficits with exactly the same countries: China, Europe, South America. On the CME's part—and we've been saying this for a while now—we should be going to the U.S. and offer to work with them in areas of mutual interest to benefit both economies. If we can strengthen the integrated level of the economies between our nations—we're selling goods to each other, and we're their biggest customer—we have an opportunity to really tell them a good story about joint competitiveness and growing our economies together.
All you have to do is look at what's happened since the signing of the Canada-U.S. Free Trade Agreement. The U.S. hasn't lost massive numbers of jobs to Canada or anything like that. We've actually developed really strengthened integrated economies that mutually benefit each other. I think that's the great thing I've seen about the government's effort and the team Canada approach in telling that story in the U.S.
I do think we have a lot of positive things to tell them about and a lot of positive areas where we can work together to build off of. In my mind, rather than just trying to pick fights all the time with them, we need to pick two or three areas where we say, we're going to be your partner on this, let's work together on it.