Maybe a quick wrap-up, Mr. Chair, and I realize I only have two minutes. I have more of a statement than anything else.
With respect to Mr. Easter's statement, 74.9% trade with the U.S. is absolutely right. And Mr. Stephenson is absolutely right that in 2002 our trade balance with the United States was 86%. Geography, our adjacency, and a number of issues will always make the U.S. our largest trading partner. That doesn't mean that our companies shouldn't be able to diversify, and if we don't sign free trade agreements around the world, they won't be able to diversify.
The reality is.... Mr. Chisholm mentioned that tariffs were really primarily non-existent and simply weren't an impediment to trade any more. Unfortunately, that is simply incorrect. You listened to Madam Hillman discuss the tariffs in Panama--15% on wood, 30% on oil and fats, 50% on machinery. I don't need to go over them again; it's on every single tariff line. We're negotiating this agreement, a comprehensive economic trade agreement, with the EU, and we're facing tariff lines on fish coming out of Nova Scotia, which is a significant export item for all of Atlantic Canada. In Nova Scotia alone we make up more than 30% of the entire Canadian fishery. We're facing tariff lines of 17% on frozen lobster, 7% on live lobster, 25% on cod loins. I mean, it's simply on and on and on.
We have to find a way to cut those tariff lines down. Every percent that we drop is one more percent of profit for our SMEs, our manufacturers, our small businesses, who are going to take advantage of these trade opportunities. I can't stress it enough.