A step back, what has been happening is the direct effects between the u. S. And china of the actual tariffs, you know, theyre starting to get up towards potentially over the course of two, treeyear period about 1 percentage point lower for usgdp if they remain in place. Theres the direct effect. What is happening globally is a confidence effect on business, business confidence, not just in the u. S. And china, but across the supply chains and more broadly because it is not, as you know, just a series of measures between those jurisdictions. We had issues with usmca, we have issues around auto, we have issues around steel. We have issues in terms of the technology complex, if i can put it that way, and those effects are at least as material as the direct trade effects those effects are impacting all of the economies around the world. Right. Thats what is starting to happen now thats starting to play into the outlook for the Global Economy, and whether you are directly involved or not i
About 1 percentage point lower for usgdp if they remain in place. Theres the direct effect. What is happening globally is a confidence effect on business, business confidence, not just in the u. S. And china but across the supply chains and more broadly because it is not, as you know, just a series of measures between those jurisdictions. We had issues with usmca, we have issues around auto, we have issues around steel. We have issues in terms of the technology complex, if i can put it that way, and those effects are at least as material as the direct trade effects those effects are impacting all of the economies around the world. Right. Thats what is starting to happen now thats starting to play into the outlook for the Global Economy, and whether you are directly involved or not it is impinging on the outlook for example, for the uk, it is starting to affect our outlook. I think people need to understand you as the governor of the bank of can dan and before that Goldman Sachs and pla