 The session we're going to have this afternoon is really much in tune with what we had this morning. So you should like the rhythm of it. So I don't know if any of you picked up the economists today or yesterday actually when the new issue came out. And the cover story is about world's economies' strange new rules. And strange indeed they have become. The disruption of geopolitics that have created on the economy are patent. And for those who were last year, and Thierry mentioned it this morning in his speech, Olivier Blanchard, the former chief economist of the IMF, stressed last year how the fundamentals remained good. Record low unemployment in the states, moderate inflation and nothing, nothing should have triggered in the old world a new range of quantitative easing. And yet we're there. So today we can say at least if it's a slowdown we know that we're in the midst of an industrial recession. PMIs are going under or reaching the 50 threshold. And the lack of certainty created by the trade war launched by Donald Trump has had its toll, as have the uncertainties linked to Brexit. Last week the new head of the IMF, Kristalina Georgieva, issued a stern warning for her first public speech. Worldwide growth is slowing because of commercial tensions. The world economy is experiencing a synchronized slowdown, she insisted, with trade growth almost null. And global GDP will be amputated of $700 billion this year alone, which is the size of the Swiss economy. And this is occurring while the WTO is at its dance still and is in need for urgent reform. And while the United States are pursuing bilateral agreements in the hope of diminishing their own trade imbalances. Yesterday President Trump said America had reached a partial trade deal with China that would forestall the tariff increase schedule for October 15th. So we're going to discuss this with our panelists, this current climate of mistrust and its consequences on trade investment and the global economy. And we're going to also try to envision possible remedies. So for that we have for this, with us this afternoon Mr. Park, who is the former Minister of Trade of Korea. And then you know him well because he's been on many panels at the WPC already. The actual Deputy Director of the WTO, and that's a hard job. We commend you for it, Carl Browner. And a great scholar who has a lot of expertise on global economic governance, our Austrian friend, Gabriel Feldmayer. And finally, the Executive Vice President of one of the most important, the most important economic things in DC, but probably in the world too because there are not that many of them. It's the Peterson Institute for International Economics, and that's Marcus Noland.