joining us for the hour, rupert harrison. thank you for joining us.hen you look at tensions, they flare up and go back down. is there a time where china just retaliates instead of playing nice? rupert: this is a return to normal. the extraordinary event was treasury secretary mnuchin's statement based on very little deliverables from the chinese. i think that cut across a lot of people's views that this is going to be with us for some time. this is a strategic challenge for the u.s. and china. therefore going to go through a bumpy process. even if we eventually get to a negotiated outcome. mnuchin put that on hold. it is further complicated by the issue, i on the china think president trump has a lot of support from the u.s. and from allies. the steel and aluminum tariffs cut across that. that is going to make any kind of coalition difficult. francine: john, how difficult is it for the markets to price all this? john: i think pretty easy over the medium term. this is sort of chump change. if people think that markets are pretty complacent it is becaus