Thank you, Mr. Chair.
I'd like to explore this issue of the impact on two-way trade in the event that Canada and other allies were ever to sanction China because of some geopolitical event that took place. We know that we roughly export about $25 billion to $30 billion a year to China, most of it primary products in agriculture and mining. We know that we import roughly $70 billion a year from China, mostly a wide range of products like electronics, toys, plastics, machinery, furniture, all the things that consumers in this country consume.
My question is this: Would the disruption be bigger on our imports to this country in terms of the economic impact because the exports are so commodity-based? In other words, because they are commodities, we can get rid of them one way or the other on Chicago or whatever other exchanges are available to sell commodity-based products. Is that a fair assumption to make about the impact on trade—that it would have more of an impact on the imports from China to Canada rather than on the exports of Canada to China?