make sure that we're all operating under the same investment principles fair labor practices those kind of things and that's you know if we can all meet that then i i don't think any supplier would hesitate to compete from north america with anybody else abroad but we have to make sure that those rules are fair that we're operating in in north america

I think obviously one of the objectives of the Trump administration is to reduce the importation into Mexico or Canada or anywhere else of – parts from outside the U.S. I'm not sure that anyone cares about Vietnam at the moment, which is the other non-market economy.

Certainly, China is the focus.

But it's worth keeping in mind that GM, for example, imports very substantial quantities of vehicles and parts from South Korea, the factories there.

And so I think if you reduce the non-North American content to 82% or whatever number from 82 to 75, you will probably encourage some manufacturers to make more of their components in North America and less in China.

How big an impact that will be obviously depends on a lot of things like labor costs in the US and Canada, among others, and also the extent to which potential investors are willing to rely on the stability of the new rules.

Where do you see those tariffs landing if that's the case? Is this equal to the tariffs that we see the United States apply to the EU and Japan? Is it less than that? Is there a number that's been bandied around that, oh, it's 10% or it's going to be 8% or 12%? Where do you see tariff, you know, arity, if you will?

I think there are several possibilities.