there are a lot of factories throughout asean and east issue that interfax are intermediary goods shipped to china and contained in exports sent to the united states. through the extent those exports are curtailed, that is going to have a negative implication in the rest of the region. on the other side of the coin, to the extent some chinese companies reached the conclusion that it makes sense to move factories outside of china to avoid u.s. tariffs, countries like vietnam and malaysia might be in a position to benefit. shery: you are on the negotiating team for the nafta deal, now that president trump says he is going to tell congress to terminate this deal so it can be replaced by the newly negotiated usmca. when you see the difference between the agreements, how substantive where the changes, and could that give us an indication what sort of deals president trump wants after the 90 day moratorium? stephen: i suppose i would characterize the revised nafta butore than tweaking, substantially less than a complete overhaul which was the impression the trump administration would require du