This is John Batchel, asking colleague Chris Regal of Scholar.com, when the Chinese slowdown started, when did they peak?

They're all export all the time manufacturing.

It's leading into disorder long before the tariff talk of 2025.

And what is the driver?

Chris has several versions of the answer.

They point to not just the property problem in China, but the American slowdown here

in the age of stimulus packages out of Washington that started with a T trillion.

Here's Chris Regal on the slowdown in China and its

connection to the slowdown in the U.S. Much more of this tonight.

John's a great question. So China faces two problems. One is the domestic property problem,

and that started two and a half three years ago. It got noticeably worse last year,

as liquidity in China continued to dry up. The other part of the story is the U.S. domestic

consumer slowdown, which really started earlier in 2024. Government spending kind of covered

that or hid that from GDP results, but it's been pretty

well known within the business circles and consumer-facing retail that the consumer had

materially slowed, and that's further decelerated into 2025.

So China can work to fix their property problem, not going to be easy, but it's solvable, but they cannot force the American consumer to buy more.