conversation, when you talk about tensions in international trade, it is just the united states and chooirn. it -- china. it is a larger context. and it is very hard to negotiate beyond the border regulatory matters and when you're talking about 160-plus countries and when you have a settlement mechanism that does matter and it therefore means you have to abide by the rules. but nevertheless i think that the fact that the two largest economies are pursuing this trade tension and in a way eroding confidence in the multilateral trade system is significant. particularly we think that this is evolving into a longer-term conflict, of adversaries, looking at each other in that manner. what do we know about how china is thinking about this? how is china responding to the trump administration's messaging, starting with trade, starting with deficits, and favors, and now after the hudson speech, it is a different thing all together. so how is china responding to this? >> i mean i can talk a little bit about the trade piece, which has been very interesting, because i think china's response out of the