mckenzie, our china correspondent. joining us now, the chief investment officer for international fixed income at j.p. morganement, and the head of f.x. strategy at cibc. thank you so much for joining us. if you look at the trade, you can either take the view that desperate world growth, you say this is kind of tit for tat, $50 billion, forget about it, because it's redistributing trade instead of hurting trade globally. nick: at the moment, it's the tit for tat. at the moment, the context of global growth aren't actually that massive, but i guess the risk is it escalates. you know, let's be honest, the numbers get bigger and big we are each month that we go through, but one way to look at it at the moment, when you look at the impact it's having on growth and inflation, actually very, very muted so far. francine: jeremy? jeremy: agree. of course we couldn't downplay the risk of an escalation, but in terms of the current context, it is very manageable. what we would say, we entered the year with global growth in we tty good position, would have synchronized growth, but that's he is can a late. there's a litt