I do not think there is a specific percentage that could... In our industry, there is probably a percentage, but even there, it probably depends on the category of product.
Let me explain what I mean. An effort must be made to eliminate tariffs, particularly import duties, particularly if they are not protecting industries that are supposed to be protected in Canada. In comparison, we could say that—
It's not a level playing field.
Our industry certainly agrees that people must pay a premium, and we are very proud to do so. However, as regards taxes on imports, that makes no sense.
There is an interesting point about prices. It should be understood that—and consumers do not understand this—most retailers in Canada, even the largest ones, do their purchasing through distributors in Canada. That means that if you want to buy Nike running shoes, even if you are the largest retailer in Canada—without mentioning any names—you have to go through Nike Canada, not Nike U.S. The same is true of all our retailers.
As retailers, we would like to be able to eliminate import duties and to negotiate with manufacturers located mainly in the United States and with their distributors in Canada to ensure that if there is a rise in the Canadian dollar, we will be able to benefit from the savings and pass them on to consumers. But that is not what happened.
A preliminary study shows that the percentage attributable to the cost of living in Canada compared to that in the United States is about 15%, assuming we eliminate unnecessary import duties.