 To start, my first question was about last night when President Trump announced that they had a partial deal with China and what was your reaction to it? Did you think it means anything? Is it good to have a little push on the brakes? Well, I think it means something, but not much because we had this kind of examples already two or three times. Right after the G20 meeting in Argentina, we had a truce at that time, and then they met again in early March, and they talked about something, and then they go into another truce in May, same thing. So this time, they're just delaying the extra imposition of tariff after Christmas, whatever. So it means something, but we don't have any visible agreement yet. That's my observation. That's a lot of stop-and-go, as you said. What was your reaction to it, Carl? I like the fact that the parties are talking and there seems to be some convergence, but I share the view of my neighbor. It is a little bit of a relief for a very short time, but if the big goal of the US, of the president, is to shrink the deficit that they have with China, a lot more is necessary, and I think a lot more inside the US is necessary. Gabriel? Yeah, so I think economically this is pretty much insignificant because the tariffs that have already been put in place don't go away. Further escalation is avoided, and some of the things that are promised now happen anyway, so imports of pork meat, for example, into China are going up very strongly already, also from the United States because they had to slaughter large shares of the big population because of an epidemic. And on the other hand, the US president is not very eager to have tariffs on Christmas presents, so I think the pork story and the Christmas story, and then we have this sort of small deal, but it does nothing, also uncertainty, the big issue we discussed this morning is not going away. One could even say that this type of negotiation actually exacerbates uncertainty because it shows the back and forth and how transactional this all is and how much showbiz is there out. It's very much like Trump, you know, transaction showbiz, I mean we're very much into it. What about you, Marcus? Transactions and showbiz, yeah, I think these will be running themes for the next hour. One hopes that this is a first steps or something greater, but I am skeptical. Donald Trump is an avowed protectionist. He makes no bones about it. And the people who surround him do not support a liberal rules-based international order. They are not friends of the WTO. They want to see trade organized through bilateral managed trade deals. If they resemble anything, it's the European governments of the 1930s. And Donald Trump, as you mentioned, launched a series of trade wars. It is important to understand how big this is in the US context. If you simply calculate the implied, applied tariff rates on either imports from China or imports from the world as a whole, Donald Trump has basically moved the United States from the neighborhood of the EU or Japan with applied rates of less than 2%. To the neighborhood of Brazil and India. We're going to be another big emerging market with populist political leadership. The implied, applied rates on China would be more than 25%. There's huge numbers. So if you look at the specific deal last night, first of all, there's no deal. There's no text. There's not even a joint statement. The Trump administration made assertions that have not been repeated in China. So we don't know what that's about. There is a postponement of tariffs. The tariffs were supposed to go from 25% to 30%. That's been postponed. But it's not been taken off the table. And the core issues that supposedly were the justification for the trade war in the first place, intellectual property rights, forced technology transfer and so on, are not talked about. So one hopes this is the seed of something that becomes much greater, but it doesn't look like much. One last thing about show biz. This also has to be understood in the context of the impeachment effort underway in the United States right now. Trump's support among the farmers is eroding. He has been hurt badly by the Chinese retaliation on soybeans, as well as not only on pork from China, but the fact that he pulled the United States out of TPP. So the United States producers faced big trade diversion problems in the Japanese market on pork. So an audience like this needs to expect over the next year or so, not just in the trade area, but foreign policy area, that as the impeachment process ramps up, President Trump is going to be increasingly desperate to change the conversation in the United States and have some sort of positive or some sort of victory he can point to. And so he's going to take something like this, which appears to be nothing, and turn it into, you know, we're making progress with China, and the rest of the country is here as well. Expect comments on trade and other foreign policy issues that may bear no resemblance to reality that are being driven by domestic political messaging. Okay, so I guess we all agree that last night we have a French expression for that. It's called la poudre aux yeux. I don't know how you say it in English, but it sounds well in French, just for the show.