policy response thus far since liberation day? The Chinese are responding with reciprocal tariffs. However, I don't know how meaningful that is because again, like it's not like U.S. companies are hyper competitive within China's economy to begin with. So what has been the policy response and how do we interpret those responses? How much of that is just signaling to try to get a deal maybe or to try to say, hey, we're going to kind of respond to save face, but we want to meet you at the table. And how much of that response has actually been to try and put pressure on the U.S.? I know there have been some reports. I don't know how true they are or aren't that the Chinese have been selling U.S. treasures on the margin. Some people might argue, even if they agree that that is happening, they might argue about why it's happening. Is it happening because the Chinese are voluntarily selling treasures in order to send a signal? Are they selling treasures because they need dollars? I can't (24/45)
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