Chen Guo, Chief Strategy Officer and Managing Director of CSC, stated, what is the actual impact of Trump's tariffs? It may be better than market expectations. My personal view is that many of the Biden administration's policies seem to be very targeted at China, while Trump's America First seems to oppose the whole world. In this case, there may be opportunities for marginal improvement in the economic and trade relations between China and many countries in Europe and Asia, and there is also room for negotiation between China and the USA. Ultimately, the impact of Trump 2.0 on China may be better than market expectations.