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Bloomberg. Pim, why don't you bring in our esteemed guest, Stephen Whiting where this was Citigroup, and that is a good thing.

Yes, it is. And Stephen Whiting is Citibanks Private Bank Global Chief Investment

Strategist Stephen Whiting, thanks very thanks for being with us.

Your note talks about global trade wars.

You say quick deals versus just the beginning.

What do you mean by that?

Well, if you think about where we were with Treasury Secretary Stephen Manuchin coming

back saying the trade war is on hold, we have the framework for an agreement with China.

That's a very different situation

that we'll find ourselves today

where we actually have tariffs being collected and expanding.

We were apparently fairly close

to having deals wrapped up with NAFTA reforms, but all that has

been pushed now further out, and we certainly have the prospect, at least the threatened prospect of expanding the tariff war to the

auto sector which was complicated products and complicated supply chains you

know would greatly expand the economic impact to this.

So we have to consider really different environments.

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