we've already done a big tax cut. the budget deficit is high. you can't do more government spending. so we're out of ammunition? >> pretty much. we're close to being out of it. you have all the geopolitics, which are an overlay, plus one other thing, donald trump's trade war. he's at war with himself in an odd sort of way. his biggest talking point has been the stimulus he's given to the american economy. what he's doing on tuesdays, thursdays, saturdays and essentially offsetting that with tariffs, be it against china or everybody else. he's now become, in some ways, the greatest overhang over his own biggest accomplishment. >> the chinese have tried to calm the waters. this is a very rare thing to see. it's not the u.s. the u.s. is roiling the waters and china is saying, don't worry, we'll meet them halfway. >> the chinese have always said, we're willing to come to the table but they've made it clear