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Bloomberg. Francis Donald joins us now with Manulai.

Francis let me take that headline of continued tariffs.

Can you make the assumption that any new tariffs diminish our economic growth

and if that's the case what is your run rate for the

economy into next year? Well you know in 2016, 2017, 2018 the economy economy was and put lightly booming.

It was doing really well.

It could take the near-term headwind of additional tariffs.

What would worry me heading into 2020 and 2021

is, you know, we're still in the greatest economic shock in over 50 years.

This is not the time to be putting additional headwinds on this economy.

So you would find, I suspect, if you move towards additional tariffs, that you would have more

downward revisions. But you know your question is really well framed, which is what is the run

rate for the economy and what we've failed to talk about so much in COVID is what does the trend growth look like afterwards?

Are we getting back to 2% growth? My suspicion is because of a lot of the damage created here.

We're going to see a lot of people revising

down their potential GDP numbers and tariffs are just going to make that worse.

Well meanwhile though sticking on the tariffs and the sort of de-globalization theme

...