So how would you say, what do you think the trade numbers are telling us about that relationship and where investment may be headed?

Well, yeah, our exports to the U.S. last year dropped by around 9%.

We imported slightly more from the U.S., But one can tell from, so if I look at long-term development between exports and our foreign direct investment stocks, so not transactions, but stock data, we see for the US, our exports and our foreign direct investment in the US moved in parallel and they increased.

So that shows you, or that's already what Jeff said at the beginning, that this transatlantic relationship is really deep and has both exports or trade and investments going up over the time.

It's interesting if you compare that to the development in China, also German exports to China and German exports foreign direct investment in China, the relationship is different.

We see investment increasing in China, but exports have dropped.

So you see that sort of this, there's a movement towards production in China versus going sort of to the detriment of exports to China.

So if we think about the pharmaceutical investigation which could happen, How do you think Germany and its European partners would respond if tariff levels established in the Turnberry Agreement were exceeded because of an additional trade action?

Is it just the conflict in the Middle East driving these prices up or are there other things going on here?

I think the prime factor driving energy cost is indeed the crisis in the Middle East and around the Strait of Hormuz.

But there are also other factors which are specific for the German market.

For example, we have relatively high taxes on energy products, but also the type of market situation in Germany is maybe particular because of the type of competition might not be as comparable as in other countries in the EU.

And is that part of the national conversation of the minute, heading into winter with these high energy costs in the background?

The conversation in Germany has been mostly around the low levels of gas storage we have right now.

And given the higher prices we are assuming will come in winter, I guess the combination of the two factors is worrisome for exports especially.

But I guess the anxieties will grow in the wider population as winter is nearing.