“You should expect weak demand. I think there will be industrial deflation that are likely to continue in that space and really I think there will be pressure at least in the second quarter.”

In context

“ries. The other piece I think that I think is also growing at a reasonably fast pace is electronics. The government has a stated intent of becoming more self-reliant and it is ensuring that there is incentive available for electronics companies to continue to expand and grow. Obviously they don't go to the advanced nodes that you see with TSMC or Samsung or others. But nonetheless, just in terms of the amount of chips being manufactured in China today, the expectation remains that you'll see a lot of growth there. The areas where I see the greatest stress in the near term are going to be the merchant and packaged business, which are really correlated directly to manufacturing and the fact that we have punitive tariffs in place that are going to upend that manufacturing process over there. You should expect weak demand. I think there will be industrial deflation that are likely to continue in that space and really I think there will be pressure at least in the second quarter. Potentially a little bit beyond that, as you think about that space around general manufacturing. That kind of, I think, is where things stand with China today. Do not expect, and we have not built in and we do not expect any recovery in China this year. Kevin McCarthy: Very helpful. Thank you. Operator: And we will take our final question from Josh Spector with UBS. Your line is open. Josh Spector: Hi, good morning. Thanks for squeezing me in, Sanjiv. I wanted to follow-up on one of your early comments in the prepared remarks, you talked about Europe and a more pragmatic decarbonization approach and leading to some encouraging conversations. So I just want to see if you could translate what that means for Linde. Where does that add opportunity for you? Is that preference projects? Is tha”