okay. >> fred bergston here at the institute. thanks to all of you very much for coming. a question to professor ha. in your slide that talked about the economic impact of a trade war, you suggested that china's trade surplus would drop by $100 billion, and cost china 0.8% of gdp. i was puzzled by that. my understanding is that china plans to retaliate, dollar for dollar, against u.s. restrictions. and if that was the case, i don't see why there would be any change in the trade balance. but you seem to be referring to a paper from one of your colleagues, and i would like you to explain that. >> okay. yeah. first, that $100 billion is a very ad hoc assumption. because we really don't know if, you know, the situation worsens, to what extent it will worsen. so it's an arbitrary, you know, kind of ad hoc figure. but $1 for retaliation for u.s. trade policy in china is not possible. because the u.s. exports to china is much smaller than china's exports to the u.s. u.s. export last year, about $130 billion products to china, where china exports $500 billion products to the u.s.