joining us now, hany nada, cofounder and managing founder at ggp capital.ood to see you. >> good morning. >> campaign talk was tough on china. talk about tariffs, talk about ripping up the tpp. but since the election we haven't heard so much about that, and a readout of a conversation between trump and china's president xi said simply they established a clear sense of mutual respect, so how is china receiving the election? >> i think it would be interesting to watch over the next few months. obviously, the u.s. has been a world leader in global trade and if we step away from that role, china is the most likely candidate to take that role, so there's a bit of give and take to see how this is going to shake out, but i remain optimistic how china is going to do and how the u.s. is going to fair, unless we get to the extremes, whether it's protectionism or completely open trade. >> many of the topics and the rhetoric from the campaign are now thought of, hany, as just sort of a first negotiating position. talk about a potential 45% tariff on exports from china.