 Global trade and investment and commerce does require a fair amount of certainty. And the uncertainty that President Donald Trump has brought to regional and global trade is very disruptive. So a lot of uncertainty about US policies, how inward looking the United States is going to be, and combined with Brexit and the troubles in Europe, the rise of protectionism and nationalism leaves a huge amount of uncertainty globally. That's troubling for the global system and the region. The Trans-Pacific Partnership Agreement was important for the US in Asia and US entrenchment of economic and political interests in Asia. So the US withdrawal from the TPP, the Trans-Pacific Partnership, is symbolically significant and hugely un... it's very worrying for partners. A lot of the negotiating members, the 11 other countries, used a lot of political capital in negotiating this agreement. And having the US withdrawal kills the agreement. I don't think the Trans-Pacific Partnership can continue on without the United States. So it's a matter of picking up the pieces and looking for alternatives going forward. We're very uncertain about what policies Trump will implement. During the campaign, Donald Trump promised 45% tariffs on Chinese imports, 35% tariffs on Mexican imports. Either or both would be a disaster. That's unprecedented and would lead to large shocks internationally. And Australia and the region, others will suffer significantly. It'll have major welfare implications, but it also will test the rest of the world and the global trading system. So the WTO, for example, challenges through the WTO take many years, will be underway, but also other countries will retaliate without waiting for WTO dispute settlement. So very worrying if those come through other measures such as the border adjustment as part of corporate tax reform in the US, broader tax reform as it currently stands is not consistent with WTO obligations that the United States has agreed to and the Europeans are lining up to challenge the United States if the United States undertakes that, which would be significant for relations between the United States and Europe and the United States and the rest of the world. So it's very troubling times if any of Trump's campaign promises are implemented. There is a worry that after a year or leading up to the mid-term elections in the United States, if employment hasn't picked up and manufacturing jobs haven't come back, then the Trump presidency will be forced to pick out China or one of these other big countries, especially China, that they have a trade deficit with and implement protections policies. So Australia is a small open economy and countries in the region to our north and our partners around us rely on an open system, open rules-based global trading system, an economic system. If that is undermined by the United States, which might well be, I think these countries in our region have to form coalitions of like-minded open economies that have an interest in keeping the region open. So we can't sit back and wait for something bad to happen, but we have to push ahead with reform, opening up liberalisation and looking for ways we can draw clear lines and build coalitions against inward-looking policies in the United States. Now that might happen in the G20 with Germany hosting this year. The United States is party to the G20. It will be difficult, but there are big strong interests in the G20 that require an open system. But most of the action will have to come from Asia. So Asia is still growing faster than the global rate and relies on open markets to expand their trade, to develop their economies and to do so in a hostile external environment is very difficult. So Asia needs to create a more positive external environment and a ballast against these protectionist forces elsewhere.