Well, it really depends. The answer is yes, certainly. There are gains and costs in any trade agreement. We felt that the end result of the CPTPP provided overall gains and benefits to the broad Canadian economy, including several sectors.
However, we did hear concerns vis-à-vis products from Japan, specifically on autos. As one of the committee members noticed, the perception was that by eliminating our 6.1% auto tariff, we would see more Japanese cars imported into Canada. Our sense is that, moving forward, once our tariff is eliminated, the higher-end Japanese cars that aren't produced in North America will be imported into Canada directly from Japan and will displace other foreign cars from Europe and Korea.
We also heard concerns about opening up our market to some sectors in Vietnam and Malaysia—some of these are emerging market opportunities—but overall we're feeling very optimistic that the benefits of new export opportunities offset losses.