david: phil camporeale will be staying with us.rade tensions and they are about the dragon the biggest part of the u.s. economy, the consumer. this is bloomberg. ♪ alix: escalating trade tensions between the united states and china, we will break them down on a sector level. here is the retail and -- retail angle. nike, cosco, png being directly hit on consumers. still with us is phil camporeale of jpmorgan asset management. start with retail. in some ways, they got a pass. how do you play a consumer staple space right now? phil: we go back to the 10%. that is what has been announced. dollariffs mean the u.s. actually rallied versus the yuan. you could almost make a case that it is a wash. they can still get their supplies from china and a kind of equal price level which means that it won't be passed on to the consumer. the 25% rate can change that. research report said you would if it goes to 25% on $250 billion, it is about 15 basis points worth of gdp and about 2/10 of a percent worth of cpi. while that is not nothing, that is p