Here's what's happening with currency dynamics: the real effective exchange rate just dropped 19%—marking its steepest fall since 1990. Wild swing, right? Here's the thing though—China's operational costs are tanking way faster than what we're seeing in the U.S. and Europe. That creates an interesting dynamic. Even if the currency appreciates at a modest 4-5% annually, it won't actually hurt export competitiveness. In fact, it might do the opposite. You could see trade tensions ease up. The math is straightforward: when your cost structure is improving faster than your currency is strengthening, you maintain pricing power in global markets. So this isn't doom and gloom for exporters—it's actually a rebalancing that could work in their favor while smoothing out international trade friction.