Jonathan Cheng

Obviously, what it means is that they're selling goods.

far more to the world than they are buying from the world to the tune of a trillion dollars this year.

This is obviously not something that is necessarily looked upon as a good thing in other countries, particularly in the White House, where President Trump has long had a problem with deficits, especially with China.

But, you know, this is not just the U.S.-China thing.

This is a Europe thing.

This is a whole world thing.

This is China just making a lot more and selling a lot more to the world than they're buying.

Yeah.

Certainly, I think the view in Beijing is to say, listen, we're playing by your rules.

The whole idea is that those who can make certain products more competitively than others should make them and sell them to other countries.

That's what we're doing.

Now you're going to penalize us because you don't like the results.

But I do think that when you look at the geopolitical chessboard around the world, China really regards the U.S.

as the main

rival, adversary, however you want to put it.

And in that scenario, Europe is actually someone that China wants to bring onto its side.

So you could see a scenario where China looks at Europe and sees perhaps a tactical reason for wanting to extend a lifeline or

go a little easier on Europe when it comes to trade.