It's a good comment. We're starting to see signs of softness in the U.S. economy. It's taken a painfully long time for the impacts of these tariffs to flow through to consumers. In the homebuilding space and the home renovation space, we are seeing it.
The U.S. housing market is a huge indicator for us. For every house that's built in Canada, there are seven built in the U.S., and that's why the scale of the U.S. market is so important to us. They have proven that they can go elsewhere, such as Europe, but right now the Europeans, through the negotiated deal the Europeans have with the United States, are paying a 15% tariff on their exports to the U.S., while we're paying a 45% tariff. Unfortunately, the Europeans have not only the wood but also a 30-point advantage in the market right now.
That said, the European fibre basket is getting tighter. The commitments on the fibre basket, or the wood supply, are getting tighter. I'm not sure about the years ahead, but in the immediate, yes, the U.S. is finding other options.