Aidan Donnelly

China has a lower direct trade reliance on the U.S.

because, you know, they are exporters, but there's not that much on the other way.

And also, I think when you look at it on a global basis, they're less reliant on the U.S.

So I think when you also then consider, and this is where this spat started off, is China's monopoly on exporting rare earth elements, which are absolutely crucial for an awful lot of technology and also the defense sector in the U.S.,

as well as then they're a big importer of soybeans.

I think it's not as easy for Trump just to kind of bully his way through on this one.

But I think, look, there's a big meeting in South Korea, potentially the two leaders are going to meet at the end of the month.

And this could, I think, just be a little bit of posturing ahead of that.

So, you know, they worry, Trump worries the market a little bit and then suddenly he's able to turn around and go, oh, I'm after getting this and it's all great and everything is wonderful.

I'm around far too long to get scared about one article.

Trust me on that one, Joe.

Look, ultimately, the article in The Economist is all about if we have a rerun of what we saw in the dot-com crash, she's saying that it could wipe out $35 trillion of wealth and have a big economic impact.

And look, there's no doubt about it, a significant bear market in equity markets would be bad.

But, you know, to say it's because of a large American exposure, I think, you know, the reality is the markets globally are interconnected.

And we saw it in the dot-com crash that, you know, just because all the dot-coms were over in the States didn't mean that European markets didn't sell off or Asian markets didn't sell off in a similar vein.

But I do think that's probably what something is that's probably slightly different this time around is the large degree of index exchange traded fund exposure from investors where you don't have, you know, you basically have everybody owning the same team because all they own is an index.

I think that is slightly different than that could have if you were to see a significant drawdown in market.

That could have a differential effect.

impact relative to what we saw in 2000.

And I think the other thing too is I think it's not just the equity market because you ultimately look at the crypto market and the interlinks between, you know, when we see equity markets sell off like we did last Friday, you know, things like cryptocurrency also crash significantly.