There are certainly two elements to that aspect.
The current regional value content is 62.5%, which is the highest in any free trade agreement around the world already. If it were to be moved to 85%, our view is that auto manufacturers would not be able to access enough of their products and inputs from North America to meet that level of regional value content. We think that many manufacturers would be motivated to then move their operations offshore and sell into the U.S. market, which has only a 2.5% tariff on cars going into the U.S. market. That would likely be far cheaper than having to make the adjustments necessary to try to meet a regional value content of 85%. I think that would certainly cause significant damage to the industry in North America overall, including in the U.S.
The U.S. domestic content provision that they've proposed, which is a minimum of 50% U.S. content, would tend to attract production in the U.S. at the expense of Canada and Mexico because that would represent the largest share of content. Many suppliers would move to the U.S. to ensure they could make that minimum 50%. Meeting that 50% would be the first priority of any manufacturer or any parts manufacturer.
We have said that this part of the proposal is entirely unacceptable. Any U.S.-specific content requirement is unacceptable. We don't see these kinds of things in any trade agreements, and we would certainly continue to hold that position.