 I would like to turn now to Mr. Eisenstadt before going to Mr. Johnston. So Mr. Eisenstadt has a very strong administrative background because he was deputy secretary for treasury with the Clinton administration. So sir, the floor is yours. I speak to you at a fraught time in the United States in which a climate of intolerance and even fear is greater than anything seen in recent memory accentuated by the deadliest attack this weekend on the Jewish community and the history of the United States with eleven people killed in a synagogue on top of a spike in hate crimes against all minorities in the last several years. Now a basic message to you is that President Trump is, for better or for worse, a truly transformative president in nine ways. First, he's transformed the Republican Party from a free trade internationalist engaged party into a protectionist anti-immigrant America first populist party. He stirs his heavily white base with fears of unrestrained Hispanic immigration and what he calls unfair trade deals and has won the support in the most recent poll just last week of almost 90 percent of Republican voters. Second, he's transformed more broadly American politics, polarizing and already polarized public well before he was elected to the greatest degree in recent American history. The moderate middle of American politics has collapsed and the willingness of Republicans and Democrats in Congress to find areas of compromise is almost not existing and yet that is essential to the governance of our country. President Trump has stoked these differences to a white-hot level calling Democrats evil and saying they favor mob rule. As we go in just in the next week or so into a crucial midterm congressional election, this will all be put to a test. His base is enormously loyal but his overall approval ratings are only about 40 percent low by historical standards for presidents at this stage. However, several factors have recently energized his base as we go into the midterm elections and what might have looked like a Democratic so-called blue wave of resentment against Trump and Republicans has been muted because of recent developments. And my best guess is that in a very volatile situation Republicans will actually pick up perhaps two Senate seats to add to their bare majority but the Democrats will narrowly and I underscore narrowly win the House of Representatives which will have a major impact on the last two years of Trump's administration. Third, the President has transformed global politics as well by skillfully playing an anti-immigrant nationalist populist card in the United States and thereby catalyzing and validating similar movements from Brazil to Italy, from Hungary and Poland to Germany and Sweden whom he endorses and embraces. The thread that connects all of these is an anti-immigrant fear behind much of this populist movement. Fourth, he has also transformed in an unprecedented right the relationship of the American presidency with key U.S. institutions that had previously been thought to be sacrosanct and free of political and partisan pressures. The Justice Department, whose own appointed Attorney General he regularly castigates, the FBI, the Independent Council, Robert Mueller, the press and most recently the Federal Reserve Bank and his own newly appointed Fed Chairman Jerome Powell, he accuses the Fed of being, quote, crazy, loco going wild and out of control over its recent interest rate hike and expresses disappointment of having appointed Powell at all. Fifth, in a transformative break from the tradition that presidents respect even if they may disagree with international agreements reached by their predecessors, Mr. Trump is withdrawn from the Trans-Pacific Partnership Trade Agreement, from NAFTA, from the Paris Climate Change Agreement, and may I just say that I negotiated the Kyoto Climate Change Accords and the Clinton Administration as the chief U.S. negotiator, from the JCPOA Nukitor Agreement with Iran, from the Intermediate Nukitor Arms Control Treaty with Russia, and this is only in the first half of his first term. Sixth, he's transforming U.S. relations with our key European allies, questioning the value of NATO and its Article 5 mutual defense pledge and asserting that the European Union was set up to disadvantage the United States on trade and is our enemy on trade issues. Seventh, he's transforming U.S. policy in the Middle East, which had always been at rightly so strongly supportive of Israel's security, but which had also tried to be balanced by earning the trust of Palestinians. That's been transformed into a policy in which U.S. funds have just been cut off to the Palestinian Authority. To his credit, he has forged closer relations with the Sunni states and the region against Iran. Eighth, he's transformed decades of bipartisan American trade policy showing a deep distrust of multilateral trade agreements, which our fellow panelist Don Johnson has been a part of, and seeking instead through unilateral actions to reach bilateral or regional deals that he asserts are essential to our national security. He's achieved significant success, frankly, in using the brute power of the U.S. economy in ways little used before through unilateral tariff measures to bend these countries to his will. He believes that U.S. trade deficits with countries show that the U.S. has been, I quote, cheated, end quote, or duped, end quote, by unfair trade agreements rather than by market forces. And by doing so, he's achieved a new agreement with South Korea and a post NAFTA agreement, which is more beneficial for the United States. Ninth and last, emboldened by his success in bludgeoning other countries into submission, he's transforming our relation with China in ways that will shape the 21st century profoundly. This confrontation is more than just a trade dispute. It is a clash between a rising world power and an establishment. He believes China's role rises as a direct national security threat to the United States, just as Chinese President Xi believes the U.S. is out to block its ascendancy as a world power. Indeed, Xi's made in China 2025 strategy is the Chinese version of Trump's America First, explicitly designed to achieve Chinese dominance in new 5G technologies. There's a widespread bipartisan consensus in the U.S., and perhaps as well in Europe and Japan, that China, in fact, has engaged and is engaging massively in unfair trade and investment practices at the expense of Western and Japanese companies. The question is the best way to confront them. Trump believes that he can win a trade war with China because China has such a large trade surplus with the U.S., and because our economy is particularly strong at a time theirs is slowing down. He's imposed three rounds of tariffs on $250 billion of Chinese products, and these tariff levels will increase from 10 to 25 percent on January 1 unless a trade deal is reached. In addition, he's promulgated new investment rules that will go into effect November the 10th that will lead to far tougher scrutiny of all foreign investments, particularly but not exclusively Chinese, in fully 27 industries that he believes are important to U.S. national security. I believe, however, that as more and more U.S. industries complain about the negative impacts of these tariffs on Chinese products, as consumers begin to feel the higher prices that they mean, and as the stock market signals that trade wars are having a negative impact, the Trump administration will seek an agreement. I believe there will be one before the end of the year that will involve more Chinese purchases of U.S. goods beyond the 70 billion they pledged in the spring, with modest changes in China's IP and forced joint venture in technology transfer practices with a commitment to negotiate over the systemic elements of China's practices, and the President will call this the best trade deal in the history of America. However welcome this will be, if it happens, the Trump administration has a much broader concern with China as a geopolitical and strategic threat, for example their aggressive action in the South China Sea. These cannot be easily resolved, and so we're in for a tumultuous time in relations between the two great countries of the 21st century. I want to thank Thuridh and Mostafa Tharab for permitting me to share my views.