bloomberg's executive editor for greater china, john liu. patrick armstrong is still with us. get some kind of trade deal, you were saying it will be a little bit of a dodge. patrick: i think so. that is what we have had with nafta and iran. you get something that the white house can come out and say we got a deal, it is the best deal ever, but there is nothing much of substance. i think the core issues are almost unresolvable in the short-term. getting deals to fix the current account deficit. get china to say we are going to commit to this many soybeans, more oil imports, natural gas, things like that, we will get something like that, but i don't think it will get to the real crux. underlying tensions will continue, but the overhang of the market may lessen on the deal that will come. francine: i'm also looking at china industrial profits dropping for the first time since 2015. does that make you worry about the strength of the economy? patrick: it makes me worried about profit margins and i think that is what investors who are worried about equities have to worry about. the