I think the U.S. is mercantilist in its trade policies. I know several companies that have had to move to the United States from Canada because they cannot access the programs they want. Also, the U.S. has become mercantilist in its tax policy for IP, creating patent boxes. Companies are saying maybe they'll just move their IP from Canada to the U.S., because it's half the tax rate or something like that. A board has to look at that.
Yes, this has become a mercantilist world, and we have to assess, but if you have a product where you control a piece of value chain, and it's hard to move it if you own something that cannot be replicated, then you have leverage in the game. We have to start thinking much more strategically about that, or look at places where we can defend. Some of them we can't.
It's a much more dangerous world. I don't believe in this frame of “friendshoring”. It sounds nice, but it's reshoring in the U.S. and we're trying to pretend it's friendshoring. There are no friends in value chains.