 Hi, good morning everybody and welcome to this panel which I think may develop a few sparks as we go along here, if I've got my thinking cap on right here. I want to thank Terry for inviting me, this is my first world policy conference, so I want to thank him for inviting me to what has been a very interesting experience. We've heard a lot of interesting remarks all the way along the line. And I'd like to thank you all for joining us for this panel on the consequences of Trump. Let's see how far we can get before we get as divided as the American political scene is these days. And I, you know, it seems from the first few days here at Marrakesh that we've been talking around a subject that we're now going to talk about directly. It's the elephant in the room. And when I say elephant, I mean, anyone? Yeah, you've got it, Virginia. It's Donald Trump. And I didn't have to say it. He's always been sort of the orange-haired specter behind each one of these panels. We hear the impact he's having around the world. And so I think this morning it'll be interesting for us to see if we can analyze that impact a little bit. As I reflected on the subject, I thought, well, maybe I should look at this sort of geographically. You know, when you look at it a geographic frame, where has Trump had some kind of impact? Where are there some consequences of his three-year-old presidency? Well, it's just like everywhere. Chinese trade war, decoupling, India, the way that Modi was encouraged to go after Kashmir in Syria, what we're witnessing happening right now in Syria, and putting American armed forces in jeopardy along the way, with Iran, the JCPOA, Saudi Arabia, more weapons and American soldiers on their way, American mercenaries, maybe I should say, on their way. Israel, the way Netanyahu has been inspired, and Trump's son-in-law has come up with a rather one-sided Middle East peace plan in Europe, the encouragement for Brexit in Europe, the way he discouraged NATO in Europe, the encouragement of populism. So everywhere you look, and you include South America for that, Mexico and Canada, NAFTA, Japan and the threats of tariffs, North Korea, South Korea, you know, you name it. Everywhere you look, there's something, there's been some effect from Trump. As Thierry mentioned in his opening remarks here, you see the shadow of the White House everywhere. So we have panelists from everywhere who I think will be able to let us know about what they see as some of the consequences of Trump. We have Renaud Girard, who is the esteemed senior reporter and war correspondent for the Figaro in Paris, my colleague. Moto Shigaito, who, Moto is on the Japanese Council on Economic and Fiscal Policy, and he is known well in Japan as the father of Abe Namics. We have, next is Jean-Claude Gruffin, who is my colleague on the American Hospital Board in Paris, and he described himself the other day as a French banker in the United States and an American banker in France, who does both. Joseph Gruffin from Desite, the publisher and editor of Desite, and who else? We've got Lin Chao, Lin being the Chinese representative here on the panel. He is the vice chairman and secretary general of the Shanghai Development Research Foundation, which is an independent Chinese think tank. And finally, at the end, last but not least, John Sawyer, who is on the Newbridge Advisory Council, he's the executive chairman of the Newbridge Advisory Council, and a senior advisor of Chatham House, and more importantly, perhaps he's the former head of intelligence, British intelligence, MI6. So we have a pretty complete panel, and we decided at lunch yesterday, we had such an interesting lunch. We were so taken with our lunchtime conversation that we decided we would try to keep up our brilliant remarks for you today and kind of approach this panel somewhat differently. So I have asked each of our panelists to summarize in three words the first three years of Trump what their impressions are, what they would say, how would they react in just three words. So, you know, your three words, please. In three words only, after three years of Trump, what consequences do we have on the world? Well, we have a close-up between Russia and China. OK. Motto. Yeah, I just like to just emphasize only one thing about what I call the globalization dilemma, three lemma. I mean, the globalization and democracy and sovereign national sovereignty. That's three are very much related and maybe very convenient way to look at what happened now. OK. George Clarke. Jim, I give you two versions. You pick the one you want. The first one is unpredictable, erratic, versatile. That's the individual. And then on the policy side, a very consequential presidency. Very consequential presidency. Yeah. Maybe you can explain that a little later on. Joseph. In French, plus a change, meaning there's a lot more continuity between Trump and his predecessor Obama than meets the eye and that will continue even if we have a democratic administration in 1921. Edward Shaw. Three words I want to use. The first one is ignorant in foreign trade and a global supply chain. Second is stubborn or you may call persistent. The last one is impracticable. Unpredictable. And John, the view from Britain. Well, it's not so much a view from Britain, it's a view from me, but it's... I think the first striking thing about Trump is his approach to business and his deregulating style. I think we should acknowledge that as a significant shift from his predecessors. So deregulating is the first. The second, and you've described it, his approach to the world is disruptive. And the third, I think you have to say, is he's damaging. Damaging to the global public goods. All in all, I would say kind of a negative assessment of the Trump three years. There are few maybe positives in there. I could see maybe a few positive signs, but not particularly positive for Mr. Trump, I don't know how many Trump voters we have on the panel. But in any case, so let me just begin the discussion and feel free to jump in and disagree with each other.