Thank you.
The study that was just published by C.D. Howe Institute presents certain hypotheses, on which we completely disagree. Two of those hypotheses have to do with rules of origin, one of which concerns chemical products.
Their interpretation of the study is that the new agreement makes it more restrictive, and the negotiators tell me that when you look at the provisions carefully, they do not. It is a big sector so it has a big negative impact. We don't agree with that. We think it's a mistake.
On the rules of origin in the automotive sector, what they have done is to say that we're going to increase the sourcing of the parts in North America until you meet the threshold of the content, regardless of the tariff, the MFN tariff, which you could decide to pay instead, so again, I do not think this is credible. Businesses are rational. They do want to maximize their profits and minimize their costs. The way we have done it—and the USITC has decided to do it as well—is to say that we are going to increase sourcing from North America, yes, up to a point where it might be easier just to pay the 2.5% in one direction and 6.1% in the other direction. We think this is more realistic.
Those are the two good examples that make it more restrictive in the C.D. Howe study, and that's why they have a bigger impact. Rules of origin in the automotive sector are a big driver of the results. We think those two.... There are other little things here and there, but those are the main ones that I would say we do not agree on.