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Near term implications are that u.s./china relations get worse, not that we suddenly start working with them and have a break through. >> gordon, what do you think? if president trump cannot cajole the chinese to help then what? >> i think there are things we ca convince them. we could actually sever it from the global financial system by merely enforcing u.s. law, declaring it to be a primary money laundering concern and not permitting it to use dollar accounts. that would rock the global financial system but more important, it would rock the chinese financial system. the chinese economy and ...

I think that the likelihood was about 50%. that's been cut by half just in the past few days. i think at this point it is quite unlikely that the fed will raise rates in september. and i'll tell you one reason why. i agree with what was said earlier about the extent to which the u.s. is exposed to china isn't that big here. we export about 6% of our exports to china. that is not that big a deal. however the strength of the dollar, that is, the fact that the dollar keeps appreciating relative to other currencies, including the chinese currency, makes our exports less competiti competitive. what...

Market. so if it does take another leg down that would be the expected opening elsewhere as well. i think the point that gordon made should be underscored. one of the reasons we saw the huge selloff when markets opened this morning is because investors expected over the weekend china would get into the market and try to arrest its decline. try to do some kind of the intervention we've seen from china for years on end. but they didn't. whether this is some tilt to macro management or incompetency, we don't know but it sure looks a lot more like a latter. >> we have to wait and see. gordon and j...

Bremmer. great to have all of you. gordon you sat here 24 hours ago. since then there have only been more troubling developments. north korea has put out an announcement they are going to annihilate the u.s. mainland. appear to be moving and icbm into place. >> well the one thing ta is going to change is the north koreans are going to fire a icbm. they fired off two stage i-cbm's in july. we know they have a kno 8. they showed it to us in april, 2012. they haven't tested it. i would expect them to do something that will take us by surprise, i'm looking for an int intercontinental missile that'...