nejra: thank you so much to tom mackenzie, our china correspondent. joining us is michael metcalfe from state street global markets. i want to pick up on the last point that tom made in terms of bigger strategic goals here. is this just the start of what is actually a bigger standoff despite the market cleaning to shrug off what happened over the past 24 hours? michael: shrug off? notink the comments about devaluing are actually a very positive thing, so one of the big questions around the trade war is how does it escalate from here? right now, frankly, it is not big enough to impact markets, and it has the potential to do so. i think those comments suggest actually that's that is not on the agenda for now. i fully understand the market reaction now. it could get more positive, you know, if that has been ruled out. now to the strategic question, i mean, yes, these are -- you have an established superpower and an emerging superpower, and they are going to clash. the first place they are clashing is on trade. there is a big imbalance there. it's understandable why trump would try to