M&A activity within the present global political framework…..

In my view, over the last 10 to 15 years, many M&A deals were done on the back of globalization. Whether it was for expanding geographies, acquiring talent or technology or increasing efficiency of the overall supply chain, there was always an element of globalization behind many transactions. As you are all aware, the world has recently seen the rise of more national protectionism. Countries are more protective of their borders in many ways, including economically. Do you think this will or already is affecting the occurrence and types of M&A transactions we will see in the coming years? How and what do you expect to come from it?