joining us for the hour is christopher jeffery, head of rates and inflation strategy, legal & general investment management. great to have you with us. we are seeing markets soft in terms of equities, and weakening in the yuan and strengthening in the yen. is this a premature reaction given what we heard about the potential for retaliation? christopher: the thing it demonstrates is the trade is complicated and multidimensional . you are talking about two global superpowers clashing on this. do i think retaliation is likely? no. donald trump did not have a choice given that the majorities in congress were extreme. nejra: that is an interesting point, because it signals that the trade negotiations are not all about president trump. whoever ends up in the white house in 2020, it will be a long-running issue with china. donald trump and the democratic candidates do not agree on a great deal, but they seem to agree on the need for the u.s. to be tougher on china. you will not find much water between trump on the rhetoric on china and the likes of elizabeth warren. those are the ends of the