ivan watson is in beijing. but first to richard quest at the new york stock exchange. richard, is the feeling there that the u.s. is now in a trade war with china? >> well, if it's not in a trade war it is more close than it ever would wish to be in a dispute with its largest trading or large trade partner and the second largest economy in the world. we can have a nice semantic argue mtd whether this is or is not a trade war, but the reality is this, these are the facts. the u.s. imposed tariffs on steel, china responded. the u.s. yesterday announced plans to impose tariffs for intellectual property theft within 24 hours and the chinese have responded. now, if this is not a trade war, just because the -- the trigger hasn't been pulled, it's a war in everything but name.