They're telling us that it's unbearable.
In a way, it was bearable under the previous tariff regime.
First, there were no tariffs on cast steel and aluminum in the U.S. That's no longer the case: now, there's a 10% tariff on that. Some processors import American steel or aluminum for the simple reason that there's no other solution in Canada for their specific products. So there's that.
Second, as I said, 25% ad valorem tariffs take away the profit margins of many processors, and that's unbearable.
We're also told that, depending on the contracts that businesses had signed with their clients in the U.S., some clients were willing to absorb the tariffs because they were relatively low since they only applied to the value of metals present in manufactured products. Now that tariffs are 25% ad valorem, businesses are getting used to the idea that their American clients won't renew their contracts in the short or medium term. In the medium term, the result is loss of contracts.