I think it's not a one-size-fits-all situation, and a direct comparison of Canada to Europe probably isn't relevant.
I will speak to the USMCA negotiations. As I said in my opening remarks, the Canadian oil and gas industry represents over 20% of Canada's entire balance of trade. The majority of that currently—I think it's close to 95%—goes to one single customer: the U.S.
The USMCA will be a big component of that, because even with all the uncertainty, the threats and the trade challenges being caused by the Trump administration, we still must recognize that the U.S. is the largest oil and gas consumer on the planet and remains by far Canada's largest customer. We've traded energy virtually tariff-free for nearly 150 years. Our companies operate seamlessly across the border, and our energy infrastructure, pipelines and refineries are highly interconnected. That's one piece of it.
