Thank you, Madam Chair.
Thank you to the witnesses for being here today.
It's a very interesting topic we're looking at. However, I might suggest that it's a little outdated in the sense that things have changed over the last several weeks given that a new incoming U.S. administration will be taking office in January. There are big unknowns there. We're already hearing about tariffs on certain items and about certain issues. We're talking about CUSMA renegotiations. There are issues with the $390 billion that was committed to the IRA by the Biden administration over 10 years. We have an incoming president, and the previous administration had no carbon tax in place.
From a regulatory standpoint, should Canada be out of lockstep with what's going on in the United States? We just heard from the United Steelworkers about fair competition and keeping a competitive advantage.
If we do a carbon-based mechanism without the United States, how would that impact Canada? They are our largest trading partner. We trade more with the United States than we do with the rest of the world combined. About 50% of our steel is exported to the United States, whereas 0.1% is exported to the EU. How can we maintain a competitive advantage?
First I'll go to you, Mr. Campbell.