despite that, olof scholz, the chancellor of germany, doesn't want to have higher tariffs.wants to have free trade, but urge his chinese counterparts to actually use the subsidies they are deploying for the industry. byd is flooding the european markets with their cheaper evs which they can afford with the subsidies. what we can expect is some positive rhetoric, but i don't think we get actionable news from the negotiations. today is all about economic policy. tomorrow is more interesting. perhaps it is international relations security and that is when russia comes into play. olof scholz wants to push china to move away from supporting russia and perhaps also mitigating a potential peace deal in the region because clearly china seems to have a sway over russian politics. here, there is hope that there could be actually progress when it comes to the war action in ukraine. i guess the hopes are high and the result is the jury being out from that meeting. >> we will see what is important to monitor with the potential tariffs in the space as well. we know the europeans are curr

janet yellen was there, but tough talk from her about overcapacity and now olof scholz is there sayinghings like competition must be fair. what does that mean when we talk about china as well as germany and the u.s. emphasizing they had it up to here when it comes to dumping and overcapacity and they plan to level the playing field? >> i think overcapacity is going to become the most popular topic in terms of global trade this year. it is important to note that the chinese government and u.s. government already view policymakers on the overcapacity and that suggests it rehe marem. if you are thinking of things from the china perspective, the capacity utilization rate among the different sectors not that low from the china standards. for example, ev production. that is about 70%. it is actually high by the chinese standards. the government subsidies to the industries in the u.s. and whether those are aiming at boosting china's export and increasing the chinese market share in the global trade while squeezing out the space for other trading expporters is a concern from the u.s. perspecti