kevin daly: the base case hasn't changed because the u.s.tiations on nafta with mexico and that will take time. there has been no initial surprises in the initial proposal that was made so that is good news. as far as china goes, i agree with what has been said earlier, that trump is likely to use this as a foreign-policy tool in terms of cracking down on chinese trade and, realistically, this is low hanging fruit to impose tariffs on chinese steel imports. this point, it is a foreign-policy tool they are waiting to use or waiting to play out and see how china responds to the ongoing threats happening from north korea. we really don't have any clarity on that so it is hard to come up with a base case on that. the market reaction clearly would be negative, initially, if there was trade sanctions on china. you would see asia fx weaken against the dollar and also em fx because it would be a knee-jerk reaction. from a market standpoint, it would be negative but at this point, you could say the markets -- the bark has been worse than the bite. da