I have two quick points on that.
The National Bureau of Economic Research in the U.S. has shown the full extent of trade integration—and my colleagues can join me in this, because we all say this all the time. Every dollar of goods or services that the U.S. imports from Canada contains 25¢ of U.S. content. Every dollar that the U.S. imports from Mexico contains 40¢ of U.S. content. Number three on the list is Malaysia at 8¢. You have to go all the way down to 4¢ to hit China, and 1¢ or 2¢ to hit Russia. When the U.S. imports something from Canada or Mexico, it's directly related to U.S. jobs. We talk about this all the time.
On the deficits, we're doing well because the price of oil is down. If the price of oil were back up, the U.S. deficit would be a lot higher. When the Americans talk about deficits, they talk about deficits only in trade in goods. They don't talk about trade in services. We're running a deficit in trade in services with the Americans, and we and the Mexicans need to remind them that with all those jobs they like to talk about—the new jobs, the white-collar jobs, the knowledge jobs—they're doing well in this relationship. Let's not forget that.
Investment is another area in which the U.S. does quite well. Look at the investment in Phoenix. There are tens of billions of dollars from Canada in Phoenix. I was there just a couple of weeks ago, and I was floored at the amount of Canadian money that's going down there. We need to round out the conversation and include those things.