Alice Han

And certainly there are winners and losers in Canada.

The agricultural sector, I think, largely has been a winner.

Automakers in Canada probably have been losers.

China is going to drop substantial tariffs on Canadian canola meal, lobster, crab, peas, and lower tariffs on canola seed.

That's a big win for a lot of ag makers in Canada.

But at the same time, and I thought this was pretty considerable, I was surprised by this, Canada is going to slash 100% tariffs on EVs from China to Canada.

That's about $49,000 per year.

And that, I think, when we think about the broader landscape of China's EV export machine, is going to be a huge loss for Canadian auto.

But I think this move is politically calculated.

To your point, James, Carney is unhappy with what is happening in Washington.

And I think there is somewhat of a consensus amongst the Europeans and the Canadians and maybe even the British, which you may be alluding to, James, that Washington's actions, maybe in Venezuela and certainly more recently in Greenland, are not in alignment with those countries, the Europeans, the Canadians and the Brits' views of the world order.

So I think in a way, when we put Venezuela with Iran with Greenland, I think since the start of the year, Trump's diplomatic scorecard is probably in the negative territory, which is probably what's provoking some of these recent moves.

And then it comes to the European dimension where

I had been predicting this, but I was a little bit late to the game.

I had thought last year that the price minimums would actually be developed as a framework.

It probably only started to kick into effect as of a week ago, January 12, when the European Commission said that they want to put a framework deal in place for price minimums for Chinese EVs.

For Chinese automakers, that is considerable because China's biggest market for autos is the European market.

And China is the EU's third largest trading partner for goods and services after the US and UK.

So for both countries, this is pretty considerable.

China, I think, made about 10% of the EV market last year.