00:00Paolo, Mark Carney has also said Canada will need to dramatically reduce reliance
00:06on the U.S. and will need to pivot trade relationships.
00:11Carney has pretty much come out swinging here, as you say, unprecedented, and we
00:17have seen Trump threaten tariffs in the past, but he hasn't necessarily followed
00:22through with them. Do you think this change is permanent or do you think it's
00:27temporary? Well, it's really, really difficult to know because, as you pointed
00:35out, Mr. Trump launches ideas and then he says, okay, now I changed my mind. Oh,
00:40we're having negotiations, say, with Ottawa and they're very productive, you
00:45know, because we, without being tough on them, we force them to take issues
00:50seriously and now we are negotiating something different, which is to my
00:54satisfaction, and so the tariffs are lifted. This could happen tomorrow, for
01:00all we know. It's really difficult to predict, you know, this sort of mercurial
01:05fashion of making big announcement changes, modifications, you know,
01:11deletions. We really don't know. At the moment, it looks very bad and, as you know,
01:17this is really across the board. Tariffs against Canada, tariffs against Mexico,
01:21now tariffs, you know, regarding the European Union.
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