Yes, I think that's a concern.
The preferred outcome of the CUSMA process, from our perspective, would be that parties agree to renew the agreement in 2026, even if that involves some very hard discussions and trade-offs, to try to get more certainty. I don't think this rolling annual sort of review and re-evaluation process in which parties could try to solicit or extract new concessions is good for manufacturing investment and uncertainty. We would expect that to be borne out in how our members would invest in their business and, frankly, how manufacturers in the U.S. would also make decisions.
Whether you agree with it or not, I think the working theory by many of the people pushing the pro-tariff policy in Washington, D.C. is that if there is long-term certainty that tariffs will persist, then manufacturers will make investments to get behind that tariff wall. If there is not long-term certainty that it will remain, then manufacturers will not be incentivized to make those investments in the U.S.
I expect that uncertainty would not just impact manufacturers in this country. It would severely impact manufacturers in the U.S. and Mexico as well.