Thank you for the question.
I think there's competitiveness in our market and competitiveness in the U.S. market for us to think about in terms of our producers. A BCA helps you to preserve the competitiveness of your domestic firms in your domestic market. One source of competition in our market, which is not paying for carbon right now, is most of the U.S. If you put a BCA in place, that would charge them and would level the playing field up to the chosen level of Canadian carbon.
For the U.S. market, I think the way we're managing that currently is through the degree of allowances we choose in our system. That's something you can continue to choose as you go forward. Those are essentially climate policy choices in the first instance, so the role the BCA plays is to level the playing field.
I think where your question is going is that there may be consequences if we do that. In the current uncertain environment, that's a very fair question and a fair issue to consider. I'll try to be brief, but I think in the world we're in, which you've described, you can cave to intimidation, you can negotiate or you can retaliate. In the first administration, we saw examples of this. In my view, working on a BCA creates an additional element for Canada to think about using in a negotiation process with the U.S. as you go forward.