a facebook is slumping for second day, congress is preparing an investigation into the current scandal. the company suspends its ceo. they say he secretly reports comments and it is unacceptable. >> finance ministers failing to block president trump's terrace and protectionism. >> it is all go at amazon. the market cap is now surpassing alphabet for the first time.

betty: look, it has been another good session and we did entire in the market. look at where the u.s. markets close as we set up for the asian trading day. we saw green across the board with the s&p 500 hire about one 10th of 1%. the dow is adding 1/10 of 16 points -- 1/10 of a point. energy shares are really helping the markets move higher. that's it you up for hopefully a rally in asia. atdi: can you take a look materials and energy, we might see optimism from opec and its allies saying the rebalancing process might be moving faster than we had forecasted. asia, it is going to be thin as we get closer to the fed. they are even seeing it today.

again ins trading session and kiwi stocks are up. the progress is being made and we will be watching that story as trading progresses in new zealand. have the kiwi dollar with a big decline overnight. looking potentially positive as we get into the asian market open. sydney future is up by a 10th of 1%. .7683.sie dollar, beinge the markets possible hop this, relating to dot plot, he's going to go short on the aussie dollar as his best

trade. a pressure coming up from gold and crude is jumping up. these where we see wti on opec comments. it has been moving forward to september this year for completion. a little bit of a brighter future when it comes to industrial commodities like iron ore seeing a bit of again. ready -- betty? betty: breaking in your neck of the woods, they are saying james packer designed as director. that it is resigning says he is resigning for personal reasons. .e has been struggling grande resort has also been struggling. it really took a big hit back in investigationthe of crown employees trying to bribe, essentially, consumers to come to their resorts in china.

again, another chapter here in crown resorts and he is resigning for personal reasons as director. we will follow crown resorts and the story, it investors have now of value offlion facebook shares. information is growing on tens of millions of users ending up in the hands of hackers. bloomberg has learned the ftc is investigating the social network along with half a dozen congressional committees. it is piling on. selena has the latest on this. tell us a little bit about this. cambridge analytic and the ceo and what we found here. >> we learned cambridge analytic was using some illegal tactics to obtain information. they are able to scrape for very personal social data and makes that with behavioral science to help people target their

advertisements and political campaigns. the they were connected to the trump campaign. investors are reacting strongly to the fact that this is the last straw of manipulation and issues of fake news, and thoughts on facebook. and this alleged data breach could be a huge blow to not only reputation, but also to the bottom line if this onons come out of how they can interact with consumers or developers. betty: what are lawmakers concerned with? >> they want to know what is facebook doing to safeguard the personal data of their users, how are they preventing actions from these backdoors, and how this data -- the bad actors, and if the data was used for the trump campaign and if it was shared with russia. the report earlier today came out from a former facebook employees saying he has

suspicions that there are many other corporations that use a similar loophole on facebook's platform to target and harvest personal data of employees. because up until a couple years ago, at developers were able to develop the data of friends and family of the people who willingly chose to share their data. haidi: the pressure is growing in the fallout from the privacy commissioner and canada, opening is still best opening its own probes related to these media reports. this relates to cambridge -- ytica and >> in a certain way, facebook's response made it worth. proseook this drip of

slowly revealing news at the point where they have to. facebook knew there was some sort of data violation back in 2015. they chose until now to finally realize that the data that came at analytic had was -- cambridge analytic had was deleted. there are a lot of questions about what the processes are inside of facebook to safeguard against any of these issues we heard from a former employee but said there were executives inside facebook saying there was something like this was going to happen. executives told him it was better to play it safe and disclose as little as possible to avoid any potential legal ramifications. haidi: selena, thank you so much. recapping day two of this data crisis. that stock is plunging for a second day. let's take a look at the broader market.

the broader market is shrugging off a little more of the tech sector leaving facebook to deal with its own problems. some of its peers managed to recall -- recoup. oil rates are rising to a three-week high, and there is a shift on the fed meeting that is underway as well. a little more of a mixed session compared to the tech selloff that we saw before. >> it appears the market is looking ahead. snapshot, youthe see the treasuries drifted lower, pushing yields higher, and we saw the dollar strength and ahead of the fed meeting. that appears to be the focus of investors. gold, and crude oil is hitting a three-week high. we will get to that in just a moment. all major averages are posting gains. if we go to the most actives, you will see facebook down not

as much as it was yesterday, but extending the decline. twitter is also down in a very big way on regulatory risk. the ftc may be looking at facebook, and there are concerns that other companies like twitter and google might come under the tighten scrutiny. biginal health is taking a dip along with a lot of the drugmaker stock. president trump's policy is a big crackdown on opioid. it's negatively impacting a lot of the drug companies. if we go into the bloomberg at g #btv 3732. this is the big see that we saw yesterday and a lot of the bank stocks went lower in sympathy with facebook. here and closer look see that the other stocks appear to be moving away from facebook. this is where you see it. this was yesterday. they spoke took a leg lower and

the other stocks all seem to move higher. analysts say at what is important, if you take a closer trailingebook has been the other stocks for sometime now and it may decouple from the group going forward. a couple of looks after hours, we have federal express soaring higher. lower, but itts was on positive outlook because of a big record holiday shipping season and tax gains. a theme we are starting to hear in earnings. >> and as we mentioned, energy shares were a big part of this rally bouncing back. it looks like a combination out of opec and also the speculation on another bullish inventory report in u.s.. called --e alone caused a big boost. a lot of energy stocks were hurt by regulatory issue. that appears to have been a marathon. quickly to the chart on oil.

highove to the three-week is significant again, not only optimism, but the fact that there is a expectation of a bullish report wednesday. very much.nk you let's get to the first word news. g20 finance ministers failed to block president trump's protectionist plan. that is despite warnings that the terrorists threaten to undermine the global economy. mnuchin and the u.s. entered the day co-opting allies who were lobbying for prevention. the closing statement removed pledges to fight protectionism. are set to rise between washington and beijing. that's as president trump forces tariffs on chinese products. we are told measures are worth $60 billion could be imposed as early as friday. that is the punishment as the

administration receives intellectual property that. -- property tech. willday's focus in beijing be on the deal signings later this morning. president trump will sit down with the chinese president and tell him on the trade front that the relationship is unfair and unbalanced and that china needs to take steps to address that. what is not clear is what will happen after that. authorities are investigating an explosion of a fedex building in texas. it is not clear whether it is linked to bombs that went off earlier this month. -- was wounded but police said they fear as serial bomber is in work in texas. and shooting at a maryland high

school of two students wounded and the suspects dead, police say a teenage boy shut the girl before being fatally wounded when confronted by a school resource officer. it is not clear whether the boy took his own life or was shot by the officer. sufferedar-old girl what is being called life-threatening injuries. a 14-year-old boy was also injured. global news, 24 hours a day, powered by more than 2700 analysts and journalists in more than 120 countries. i'm jessica summers, this is bloomberg. thank you for that. we continue to focus on tech in this part of the world. are expecting a drop in gross margins, i now live. betty: counting down the first policy decision. we talk about opportunities in the market with the ceos investments. this is bloomberg. ♪

betty: betty liu in new york and you're watching daybreak australia. a rate hike they can for wednesday. investors will watch for any other clues on monetary policy direction from jay powell's first meeting. our next guest says the dot plot does not matter. the ceo of an, investment company. dan, you are looking pretty dapper greed why do you say dot plots don't matter? form --nk dot plots a are a form of expectation setting by the fed. we tend to take them to literally. assumption isdy's that we will get three increases this year, to next year, and we are all cut up. it will it be for this year, or

three next year? what is it going to be? betty: that is the crux of our show, dan, yes. >> but i'm here to tell you that we are in phillips curve goldilocks territory. looks curb -- phillips curve is averagingay of employment and inflation. i think it is easier than it looks because we are not at full employment. even though the unemployment rate is down to 4%, we are not at full employment. there is a more robust unemployment rate for people who has given up on looking for jobs, that is a percent. the labor participation rate toe up slightly from 62.7%

53% but it is still hovering around 40 year lows. are out of the workforce, even though a lot of jobs are being created. wages are going up because the jobs that are being created are high-paying jobs requiring higher education. on the labor side, we have plenty of workers. there is slack in the labor market, and we have also, on the inflation side, we are living in a disinflationary world. is making things cheaper across the board and giving people more perching -- purchasing power because the dollar goes farther in every area of society. as a result, what we are seeing from technology's improvements in labor productivity, not because people are working they are working less because technology is taking some of the burden. pulls up a chart that is affirming what you are saying or says it in a different way. we love our chartier.

it shows you how job openings, yes they are going up, the trend is going up, which signals a more robust labor market, but hiring has been quite flat, quite slow. openings, -- >> but we had 313,000 jobs created last month and that is a big update. i basically quite bullish. i'm not worried about the fed, not worried about our -- how .ill -- powell they know what they are doing and they know about all of these conditions in the economy, including the really important impact of technology in industry. i think we are not going to get any radical surprises, whether we get for rate increases this year or two next year, or four and three. i don't think it will make much of a difference. mnuchin is if steve

competent about wage growth without inflation, is that how it works? we can get some wage growth without inflation, but we don't necessarily need to get a tremendous amount of weight growth if expenses are stable or declining. people don't need to see their wages go up if cost of things is going down. haidi: i want to throw up this 8924 chart this is g #btv and it goes toward whether the market is getting ahead of itself when it comes to inflation expectations. they haven't really moved that much so treasury yields have been steadily climbing. we had another move up in the last session. where do you think the bond market will be at the end of this year? there are still a lot of people say it will be trading between

3% and 4%. what happens when we get to 3%? if we do. dan: that is an interesting question. i think interesting rates are going higher regardless of what the federal reserve bank does. that has to do with the supply and demand relationship in maturing treasuries. are stoppinges using policies. $2.5ederal reserve owns trillion of u.s. treasuries now. when those mature, the fed will not be by. point $2 trillion of our treasuries, we now have a heart store call high treasury debt. to really dollars of that is owned by foreign buyers. -- saudist of which arabia is number 13, but china and japan are buying less treasuries. we should talk about that that's we should talk

about china and the whole dynamic. i don't think the treasuries will be bought as much as they have been by china and japan. they are already not being bought by they are like saudi arabia because we are not buying indi oil and it is doing it denomination. betty: if we are looking for the next crisis, it could be in the treasury markets then? dan: i think it could be led by rate increases with supply and demand as treasuries. i think 15 or more trillion dollars of treasuries will mature, and as they do, they will have to come at higher rates to clear demand and that will increase rates across the board. we have not reduced debt. certainly not in the united states since the financial crisis. we just moved it from household

balance sheets to corporate balance sheets. when interest rates go higher, there will be a problem in the corporate credit markets as well. betty: before we go, dan. dan: where we going? we just got here. betty: [laughter] you rightly say this is being broadcast into the asia region, and you have to talk about the anchor there. you say the u.s. and china rivalry, the economic rivalry, if managed well presents a great opportunity. what do you mean? dan: what we see as a rivalry and what we describe as a rivalry these days, is really a codependency. the relationship between the united states and soviet union -- sorry, china, has been until recently, we have been a consumer of low-priced chinese manufacturing. they have been a consumer of our treasuries.

china's long-term goal, the arc of the entire reform process, is ultimately being geared toward empowering the chinese consumer. the chinese need to read out currency -- there currency and they will be a consumer of the world's production in addition to their own. and the world's production includes u.s. exports. it will be more expensive for us to buy chinese products, let's expensive for them to buy american products, and that is really what donald trump is looking toward. more balanced trade. if we start a tit-for-tat retaliation, we will have a disorderly trade process with protectionist barriers and policies in both countries. not something either country is actually anxious to see. i don't take donald trump's opening bids all that seriously. that is his style. gatemes hard out of the

and likes to sit down and negotiate a compromise. the chinese, on their part, have shown a lot of restraint and maturity in the face of the general conversation. i believe they are looking forward to negotiating fair outcomes here. everybody benefits, both sides. betty: you have always said president trump is a good negotiator. dan, thank you so much. ceo of xerion investments. you can find us on bloomberg radio. tune in to bloomberg asia, which is 9 a.m. in sydney. you can download the app or access it via bloomberg radio on bloomberg.com. ♪

haidi: u.s. stocks are managing to edge higher, let's get an update on how we are looking going into the asia opening.

you feel it is seeing a little bit of positivity. the kiwi dollar, the biggest decline. this is how we are shaping up. the aussie dollar, pulling the short dollar and biggest trade. ♪ mom, dad, can we talk?

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haidi: kind of a drizzly sydney day but markets open in 30 minutes time. i'm haidi lun here in sydney. betty: i'm betty liu in new york. let's get to the first word news with jessica summers. >> thanks, betty. facebook is drawn scrutiny from the congressional committees over its mishandled data scandal. the federal trade commission is investigating whether facebook violated a 2011 decree over handling private information. at the same time, cambridge

the ceoa has suspended saying the comments have been unacceptable. the uk's only offered a bare-bones deal after brexit. they can access the financial markets only as long as the british are seeing as credited. arlene foster spoke exclusively to bloomberg and they said they take a lax approach to brexit. >> i hope we can talk about the trade relationship and what it will be, as in terms of northern ireland, we want to work with our neighbor and the republic of ireland in a pragmatic way that is good for both of us. let's cut out the aggression and move on to doing what is right. and the finance minister said it could be weeks or months before new governments are formed. hasanti-immigrant league

claimed election victory. neither of the companies has established a parliament majority. the democratic party will go into opposition wants it happens. you should expect a resilient economy which continues to be resilient. the fact that this is not unusual in europe which seems like the latest in germany. months were needed to find a stable government. so why should italy be difference. president's welcome the saudi prince as a friend of the u.s. u.s. a friend of the he finalize the buying of more than $12 billion worth of planes, missiles, and other things from american companies. there are now considering investment opportunities of up to $400 billion. global news, 24 hours a day, powered by more than 2700

analysts and journalists in more than 120 countries. i'm jessica summers, this is bloomberg. fori: thank you for much that. a trading update, this is the major australian department store coming in at $1.72 billion -- all the dollars. dollars. so far, the ceo announced the departure there as well as the stocking getting dumped from the benchmark index as well. it is one to watch today as we get a few more updates as to how the state of the business is running. trading is getting underway, our global markets and we're looking at the dollar. not many bowls around, are there. under pressure for

the last 12 months. we have had a bit of a bounce and it is bringing back the argument of why you would want to be along the u.s. dollar. it comes down to the changing growth outlook and a lot of money that is going into the euro around the idea of strengthening a recovery in europe. that is very much taking place. some arguments we are hearing, they are making the argument swinging back in favor of the u.s.. that european recovery is back a little bit in the u.s. and they are picking up. it is all about the rate of change for economic growth. that is what will really affect the currency fundamental. we could see a little more of these bulls coming out now. 3896 shows the extent of how scarce these bullish positions have been.

a lot of that speculates short money that has been betting on for the declines on the greenback. the bulls are holding out. get the more we accelerated pace of tightening signals. the fed at have meeting, it is probably not the time to be swapping your position on the dollar today. you have been looking at how the derivative market is positioning for more volatility. talk us through what the options market is showing us. >> betty, the focus has been on facebook and to a lesser extent, apple at the start of the week. s that, the tumultuousnes we have seen in technology stocks is playing out and a fairly interesting way in the derivatives market. as this chart shows, if we dive into the bloomberg terminal of g #btv 4636. this is the implied volatility

on the nasdaq 100. this is relative to the s&p 500. it is higher and we have seen a mandy overre, but as at credit suisse is noting, it is not a sign of panic for her. not an indication of expectations of volatility in the tech space. it is certainly higher than the ofad market indication people expecting volatility in the tech sector to stay higher. but not in any kind of panic level territory. we have been on such a great run in tech so long now, it has doubled the returns of what the s&p 500 has done over the past 12 months. why people reason want to dial back some of those expectations in the tech space. given that relative outperformance. things areof the

looking tested. we get our latest read on the chinese state of play today. tencent earnings will be the big focus as trading gets underway later on today. betty? betty: adam, thank you so much. he mentioned the tencent remains on tech today. analysts are expecting gross margins of the klein and tencent broadens it revenue makes -- it revenue mix. joining us from san francisco, how are the numbers going to shape up for tencent? >> the top line will be the key thing. we will see growth. we will see that for the next few years. i think it will outpace expectations, simply because they are good at managing them. gross profit is a key point.

the company is spending a lot of money to boost promotions and so forth. that impacts the bottom line. is one theory that a lot of analysts will be looking at. come at the diminishing marginal returns on investment and, if they do spend so much on marketing and does not give quite the returns, investors could be worried. we are already seeing a lot of analysts this week upgrading their target price for the company. whatever little hiccups we have their. gaming is big for tencent as well as their platform. where are they going to gets new revenue? >> you talk about gaming, and that is right. that is their bread and butter. unlike facebook and twitter and so forth, tencent's revenue does not come from ads. they have we chat which is incredibly powerful and people are on it every day.

as to the pipeline is quite light. they don't shut a lot of them down the pipeline. don't see a lot of ads, but there is a lot of room for that. they can target of that's very well so they can manage that. what we will see, as tencent has hit a billion users, the top line growth in terms of user growth will slow course. they will be able to feed more as down the pipeline so we will see more growth from advertising and they will be able to target it very well. betty: what are the possibilities of risk to growth? that i have few seen on the horizon for the next few quarters. ads.s managing those if you push too many ads down the pipeline, you could get people disengaging. they have been very careful about that. so far, velocity quarters, they've done that but it is a risk factor. there's a lot of advertisers who

want to advertise on tencent and they are pushing them to advertise but tencent is holding back. the other areas, are the areas of company gains which a very solid but there could be a swing factor any time. gains could be seasonal. you can have a half game or cold game. operatingt of not highs. they are an investor in spotify and they are about to do a listing. there are a lot of other areas where they are invested and that could flow through the bottom line and may not show up on the revenue levels. through the line, we could see things top up and investors should be careful. tim, thank you so much. we have a look ahead at the tech but he missed tencent earnings. up next, focusing on the income, this week's media and how the governor plans to steer the biggest change in decades.

this is bloomberg. ♪

haidi: tom haidi lun in sydney. betty: tom betty liu in new york. gathering of jay powell is over. with moreays is here on what to expect on the conclusion of this two-day meeting. they are saying dot plots don't matter, -- >> i would say dan is in the minority because everyone is so focused on the dots. with all due respect, i think the question will be will the go onto the dot plot. dollar was stronger today. bond yields rose because markets seem to be bracing for this, somewhat hawkish, tilt. want a reminder, betty on what the dots are and let's take a

look. is just yet, but i have a full screen that has bullet points on it. let's move on from this. here you see the consensus for three hikes. now, we will show you how this comes about. on the summerst projections for gdp unemployment and inflation for every member of the federal committee and each one of them, given my forecast for the economy, this is the number of rate hikes i think will be appropriate. then you have this dot plots, all the different dots shopping and it shows the array of forecast. cluster, isthe dot the consensus. it is important to realize, the fed does not say let's move the consensus for dots from three to each what we are saying is one independently makes their own forecast. it is not a very broad consensus right now. we have six who didn't even see

rate hikes this year. what will they be looking for? faster gdp growth, inflation is hitting the 2%, and maybe by the middle of this year as some are forecasting. inflation is below target, week retail sales, the slowdown of the first quarter of the gdp. heidi, we have leadership changes around the world, not just fed. have theorea, and we reserve bank of new zealand. a lot going on in terms of leadership changes in maybe the way they approach policy as well. ofdi: the other major story this week, kathleen is with us. shuffle is going on having the incoming governor taking on the biggest reform. joining us now is christian who is the head of asset management.

he previously worked at the rbn. what is the new governor's largest challenge going to be? >> i think the governor's priority will be on communication. feltything, the bank has embezzled over recent years but the interest rates up during 2014 at having to quickly retreat to 2016. embezzledalso felt with the use of tools under a lot of political rusher. i think adrian will focus on communication. he is a big personality, a very colorful communicator, and i think he will look to get on the front foot and clearly communicate the banks objectives. >> i have to echo what you just said in spades.

i had the good fortune a couple of years ago of moderating a keynote panel on the wyoming state treasurer. adrian or was there and his sense of humor, it is intelligence, he is quick and you just want to sit and listen to him. in 1989, he was one of the architects of inflation targeting. now, when everyone is rethinking, it seems to me so interesting, and it's maybe -- and it may be appropriate to look at what he is doing on looking at banks around the world and how we is changing it. >> that is right. it is difficult to find a more qualified candidate for this role. it was previously the chief , themist at the bank financial stability win of the bank. he stepped outside leading the wealth fund. he has all of the technical

expertise that he would look for from the central bank governor, but a communication style that i think markets might take a little while to get used to. toething probably more often the u.k. foreign minister than a traditional central bank governor. reforms on the financial stability side are also going to be really important in something that he has a lot to offer on. betty: it's unlike we will cover more of these meetings then given his communication style. that is nevertheless going to be an improvement from his predecessor right? graham was under some pressure of first communication. he struggled to get the local media and local commentators on board with some of the messaging. at times, it looked a little bit awkward, fronting for the

organization. i think that will be a role that comes a lot more naturally to adrian orr. >> he is taking over march 27, and we will get results in the next 24 hours. as the man who have to deal with six rate hikes, how will that affect the bond market and how you manage that? fed rippleons of the right across portfolios around the world. particularly at the long end of the -- long and outside of the u.s.. that is a key for us in new zealand. what has been interesting is that the bank in new zealand has been taken a completely course -- completely different course than the fed. by keeping interest rates on hold.

the implication of that is that the new zealand team bond yields have fallen below the u.s. yield for the first time in 24 years. that is largely because of the strength of the jews -- strength of the new zealand dollar. being the strength of the new zealand dollar that has been driving out markets. as always, we need to keep our eyes on the fed as well. haidi: i was can ask you quickly, are the days of -- gone for new zealand? be with thatto spread going right through the u.s., we have still offered a generous spread to the european countries and japan. they are still an element of that. you are also getting growing talk which we find a little unusual here. new zealand is being seen as a safe haven. various trades, it

is seen as a safe haven, a place where you have good political stability, strong institutions, strong terms of trade. it's the switzerland of the south. haidi: and beautiful landscapes to boot. thank you for joining us christian, head of the fixed income as it management. on ourwant to catch up past conversations, you can use our interactive tv function and any of the securities we cover on bloomberg but it is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

haidi: i'm haidi lun in sydney. betty: i'm betty liu in new york. you are watching "daybreak australia.

us forlen is here with more on our next story. story, he isthe battling mental health issues? >> we don't have a great deal at the moment, just a two sentence statement from ground that he resigned for personal reasons. crown is saying we appreciate his contribution and respect his decision to step down. . obviously a lot of speculation will fill the void about the exact nature of the personal reasons. there was one media outlet in australia reporting that there could be mental health issues. haidi: he has form when it comes to this, doesn't he? >> death he does. i had to do a double take when this came out. he quit as director and focused on special projects including the construction of the first casino in sydney. back, and that

all of the difficulties in china where crown employees were arrested and the struggles for the business. based on his track records, you would not call that a return. he is still a 47% stake on shale. fori: thank you so much that. a quick check on the headlines. fedex boosted its annual forecast for a second time on a record holiday shopping season. fedex and rivals are benefiting from online purchases. the only problem is deliveries to homes are less profitable then those two businesses. >> after an autonomous uber vehicle knocked down and killed a woman in arizona, they're speculating on the cost of a crash and what it means to the

self driving sector. the incident might have an emotional effect on his drivers. it is putting the program on hold, temporarily. are starting to speculate that this company needs a radical change of tune. some are saying the sea -- the ceo has to go with $550 million due. he said he wants to be the nike of music. critics say the company should focus on making the cars. that's it for daybreak australia. yvonne and betty are up next for the next two hours of daybreak asia. yvonne, what are you watching? >> we will dive deep into these earnings. it looks like a stellar 2017. the income is climbing more than the that it wasn't as much

reports because they were robust. it is about the intact. .- fintech we ask more from james gardner, who is the chief strategist about the ipo for not just them but also a list of the tech units as well. betty: we will move on to talk about what is happening from china to the u.s., but we can't talk a trading day in the u.s. without talking about the u.s., china relations read -- relations. in on the weighing markets on trade and facebook, technology shares, and those are driving down the markets again. we did see that the rebound overall. haidi? haidi: we are still expecting this package of china targeted tariffs to come by the end of this week. we are also talking about a cheap economist talking about

the fed. as the u.s. economy been strong enough to go from three hikes to for? ur.to fo ♪

yvonne: it is 7:00 a.m. here in hong kong. i am yvonne man, welcome to "daybreak asia." a second day as congress prepares an investigation into the mishandled data scandal. the company at the heart of the uproar suspended ceo of cambridge analytica, saying it alexander nix's secretly recorded comments are unacceptable. betty: i am betty liu, in new york. the finance minister failing to block president trump's tariffs. they also blocked their resistance to protectionism. yvonne: i