[{"data":1,"prerenderedAt":196},["ShallowReactive",2],{"story-83792-cn":3},{"id":4,"slug":5,"slugs":5,"currentSlug":5,"title":6,"subtitle":7,"coverImagesSmall":8,"coverImages":9,"content":36,"questions":37,"relatedArticles":59,"body_color":194,"card_color":195},"83792",null,"Dollar Hits 4-Year Low: Import Costs Surge 3-8% for Cross-Border Sellers","- Weaker USD increases COGS for import-dependent sellers while boosting export competitiveness; ING projects 4-5% additional depreciation in 2025",[],[10,11,12,13,14,12,15,16,17,18,19,20,15,21,22,23,17,24,25,26,27,28,29,30,31,24,32,33,34,35],"https://www.reuters.com/resizer/v2/F5MB6RFWORLMHISFQ4YD66X6X4.jpg?auth=bbdfa8a118b8029fef0bb950befeb4dda3578d9ab43349bdb0633dd9eb9f8982&width=1920&quality=80","https://image.cnbcfm.com/api/v1/image/108246524-1767071556878-gettyimages-1438281301-economia2e.jpeg?v=1769685399&w=1600&h=900","https://images.wsj.net/im-61744166?width=700&height=466","https://s.france24.com/media/display/d8aa9446-fd7f-11f0-967a-005056bf30b7/w:1024/p:16x9/1287e5ce344e803a06587bd1006c6e97b25aa95d.jpg","https://i-invdn-com.investing.com/trkd-images/LYNXMPEM0T01O_L.jpg","https://images.barrons.com/im-16188957?width=639&height=426","https://substackcdn.com/image/fetch/$s_!zDY1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff9562302-2659-464f-8616-99d4e6767a4a_1287x822.png","https://images.barrons.com/im-44366960/?width=700&height=467","https://images.saymedia-content.com/.image/cs_srgb/MjIwODg0MjI4NjMwMzg5Nzc5/dxy.png","https://storage.googleapis.com/media.mwcradio.com/mimesis/2026-01/29/2026-01-29T014714Z_2_LYNXMPEM0S024_RTROPTP_3_USA-TRUMP-TARIFFS-INDONESIA.JPG","https://www.nasdaq.com/sites/acquia.prod/files/2019-05/0902-Q19%20Total%20Markets%20photos%20and%20gif_CC8.jpg","https://assets2.cbsnewsstatic.com/hub/i/r/2025/03/12/938c7b8f-d13d-4593-a8f9-7f44eb9d3341/thumbnail/1200x630/66786ae1149c527c6a637946df1723f9/gettyimages-2203962543.jpg","https://editorial.fxsstatic.com/images/i/Federal-Reserve-Building_2_XtraLarge.png","https://responsive.fxempire.com/v7/_fxempire_/2026/01/Untitled-design-11.png?func=cover&q=70&width=700","https://images.mktw.net/im-92819259?width=1260&height=875","https://s.yimg.com/uu/api/res/1.2/pyPkXjeICsP.ZFZLmxjwlw--~B/aD03MjA7dz0xMjgwO2FwcGlkPXl0YWNoeW9u/https://cf-images.us-east-1.prod.boltdns.net/v1/jit/6415665815001/3a887ab5-42ee-4b29-8e8a-13ede25c48c7/main/1280x720/43s200ms/match/image.jpg","https://mf.b37mrtl.ru/files/2026.01/thumbnail/697b2263203027430146e8fe.jpg","https://www.fisherinvestments.com/en-us/-/media/project/fisherinvestments/fisherinvestments/marketminder/01282026-commentary-exhibit-1.ashx?la=en-us&h=558&w=770&hash=CD6C109C3FCC140DF96AB73501A296E7","https://static.seekingalpha.com/cdn/s3/uploads/getty_images/910651842/image_910651842.jpg?io=getty-c-w1280","https://editorial.fxsstatic.com/images/i/Federal-Reserve-Building_4_XtraLarge.png","https://ichef.bbci.co.uk/news/480/cpsprodpb/ae4d/live/70dd1110-fd37-11f0-85f9-892da4472ee9.jpg.webp","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHrYIjfwwxEw/v1/1200x800.jpg","https://imagenes.elpais.com/resizer/v2/6RAWWXONZNIXFNGYEJTSNHGP3U.jpg?auth=df23a1014c6991f01be775895615a1ecf17a220f9602bf05965c27e6ce52d089&width=1960&height=1103&smart=true","https://s.tradingview.com/static/images/illustrations/news-story.jpg","https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1467596190/image_1467596190.jpg?io=getty-c-w1536","https://www.hortidaily.com/remote/https/agfstorage.blob.core.windows.net/misc/AGF_nl/2025/06/12/newgreenix.jpg?preset=ContentFullSmall","The US dollar has declined to its lowest point in four years, dropping 3% in roughly a week against a basket of currencies and hitting multi-year lows against the Euro and pound sterling. According to the ICE U.S. Dollar Index, the decline accelerated significantly, dropping more than 3% since mid-January 2026. This currency depreciation creates a critical bifurcation in cross-border e-commerce: **import-dependent sellers face immediate margin compression**, while **US exporters gain competitive advantages**. The currency movement reflects multiple factors including Trump administration tariff policy uncertainty, Federal Reserve interest rate decisions, and Japanese bond market volatility that prompted currency traders to unwind yen-dollar bets.\n\n**For import-dependent sellers, the financial impact is immediate and substantial.** A weaker dollar increases the cost of goods sold (COGS) for sellers relying on overseas manufacturing from China, Vietnam, India, and other Asian suppliers. When the dollar weakens 3-8%, sellers importing products priced in foreign currencies face proportional cost increases. For example, a seller importing $100,000 in inventory from China experiences a $3,000-$8,000 cost increase without corresponding price adjustments. This compresses profit margins by 2-5 percentage points for sellers operating on typical 20-30% margins. The impact is most severe in price-sensitive categories (electronics, apparel, home goods) where consumers resist price increases. Sellers must immediately review supplier contracts, evaluate hedging strategies, and consider dynamic pricing adjustments on Amazon, eBay, and Shopify platforms.\n\n**Conversely, US-based manufacturers and exporters benefit from improved international competitiveness.** A weaker dollar makes US-manufactured products more attractive to overseas buyers, particularly in Europe and emerging markets where the Euro and local currencies have strengthened against the dollar. Sellers exporting US-made goods (specialty foods, industrial equipment, branded merchandise) can capture market share from competitors while maintaining current pricing in foreign currencies. The \"Sell America\" trade, where investors shift from US assets to safe-haven alternatives like gold (recently reaching $5,500 per ounce), signals broader capital reallocation that may support export demand.\n\n**FX hedging and payment optimization become critical financial tools.** ING projects additional 4-5% dollar depreciation in 2025, while FxPro's chief market analyst warns the dollar could fall 7-8% in coming months, returning to 2018-2021 lows. The dollar's share of global foreign reserves declined from 57.5% in Q1 2025 to 56% in Q3 2025, indicating shifting global investment patterns. Sellers should implement forward contracts to lock in supplier costs, utilize multi-currency payment platforms (Wise, OFX, Payoneer) to reduce conversion fees by 1-3%, and consider invoice financing in foreign currencies to accelerate cash conversion cycles. Treasury Secretary Scott Bessent's mixed messaging on dollar strength creates timing uncertainty, requiring sellers to monitor Federal Reserve policy announcements and Trump administration statements weekly.",[38,41,44,47,50,53,56],{"title":39,"answer":40,"author":5,"avatar":5,"time":5},"Which seller categories are most vulnerable to dollar weakness?","Import-dependent categories face the highest vulnerability: electronics (40-60% imported), apparel (70-80% imported), home goods (50-70% imported), and toys (60-80% imported). These categories operate on thin margins (15-25%) where 3-5% cost increases compress profitability significantly. Sellers in these categories should prioritize hedging and dynamic pricing. Conversely, US-manufactured categories benefit: specialty foods, industrial equipment, branded merchandise, and artisanal goods. If you sell in vulnerable categories, diversify suppliers across multiple countries to reduce single-currency exposure. Consider sourcing 30-40% from Mexico or Canada (USMCA partners) where currency movements are less volatile than Asian suppliers.",{"title":42,"answer":43,"author":5,"avatar":5,"time":5},"What forward contracts should I use to lock in supplier costs?","Forward contracts allow you to lock in exchange rates 30-180 days ahead, protecting against further dollar weakness. For example, if you pay suppliers $100,000 monthly in Chinese Yuan, a 90-day forward contract locks in today's USD/CNY rate, eliminating currency risk. Banks and platforms like Wise, OFX, and OANDA offer forward contracts with 0.5-1.5% fees. Calculate your typical monthly supplier payments, then contract 60-90 days forward to balance protection with flexibility. If you import $300,000 quarterly, contract $100,000 monthly for 90 days. This protects 75% of costs while allowing 25% flexibility for price negotiations. Avoid over-hedging—maintain some exposure to benefit if the dollar strengthens unexpectedly.",{"title":45,"answer":46,"author":5,"avatar":5,"time":5},"Should I raise prices on Amazon and eBay immediately due to dollar weakness?","Price increases should be strategic and gradual, not immediate. Raising prices 3-5% overnight risks losing Buy Box position and sales velocity on Amazon, which impacts BSR rankings. Instead, implement dynamic pricing: increase prices 1-2% weekly while monitoring conversion rates and competitor pricing. On eBay, test price increases on slower-moving SKUs first. For Shopify stores, you control pricing directly—increase by 2-4% while emphasizing product quality and value. Monitor competitor pricing daily; if competitors don't raise prices, your increases may be unsustainable. Consider absorbing 1-2% of cost increases initially while implementing hedging strategies to protect long-term margins.",{"title":48,"answer":49,"author":5,"avatar":5,"time":5},"What payment methods reduce FX conversion fees for cross-border suppliers?","Multi-currency payment platforms like Wise, OFX, and Payoneer reduce conversion fees to 0.5-1.5% compared to 2-3% for traditional bank transfers. For a seller paying $100,000 monthly to suppliers, this saves $1,000-$2,000 monthly ($12,000-$24,000 annually). Wise offers mid-market exchange rates with transparent fees, while Payoneer provides local currency accounts in 150+ countries. Amazon sellers can also utilize Amazon Global Selling's integrated payment tools. Evaluate each platform's coverage in your supplier countries—Wise excels for Europe/Asia, while Payoneer offers broader emerging market access.",{"title":51,"answer":52,"author":5,"avatar":5,"time":5},"How can US exporters capitalize on dollar weakness to gain market share?","US exporters benefit from improved price competitiveness in foreign markets. A 5% dollar depreciation makes US products approximately 5% cheaper to overseas buyers without reducing your USD revenue. For example, a seller exporting $50,000 monthly in US-made goods can maintain USD pricing while becoming more competitive against European and Asian competitors. Expand marketing in high-growth markets (EU, UK, Canada, Australia) where currency strength increases purchasing power for US products. Consider establishing Amazon UK, Amazon EU, and eBay international listings to capture this demand. Monitor emerging market currencies—ING reports emerging market currencies gained over 1% this month, signaling strong demand in these regions.",{"title":54,"answer":55,"author":5,"avatar":5,"time":5},"What is invoice financing and how does it help with dollar weakness?","Invoice financing (factoring) allows sellers to receive 80-90% of invoice value immediately instead of waiting 30-60 days for customer payment. This accelerates cash conversion cycles by 3-8 weeks, providing working capital to absorb cost increases from currency depreciation. For a seller with $100,000 in monthly sales, invoice financing unlocks $80,000-$90,000 in immediate cash. Factoring fees range from 1-3% of invoice value, but the working capital benefit often justifies the cost. Platforms like Fundbox, BlueVine, and Shopify Capital offer invoice financing to e-commerce sellers. This is particularly valuable when dollar weakness increases supplier costs—you can pay suppliers faster with better terms while maintaining customer payment schedules.",{"title":57,"answer":58,"author":5,"avatar":5,"time":5},"How much will my import costs increase if the dollar weakens 5% against supplier currencies?","A 5% dollar depreciation increases COGS by approximately 5% for sellers importing from Asia, Europe, or other foreign suppliers. For example, a seller importing $50,000 monthly in inventory faces a $2,500 cost increase without price adjustments. This compresses profit margins by 2-3 percentage points on typical 20-30% margins. The impact is immediate—suppliers typically invoice in their local currency, so the exchange rate at payment time determines your actual cost. Sellers should implement forward contracts to lock in rates 30-90 days ahead, reducing uncertainty and protecting margins.",[60,65,70,74,78,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155,159,162,166,170,174,177,181,185,188,191],{"id":61,"title":62,"source":63,"logo":31,"time":64},328988,"Dollar Slide a Sign of Global Investor Hedging, Federated Says","https://www.bloomberg.com/news/articles/2026-01-29/dollar-slide-a-sign-of-global-investor-hedging-federated-says","2天前",{"id":66,"title":67,"source":68,"logo":33,"time":69},328989,"Dollar whipped as markets wary of mounting risks","https://www.tradingview.com/news/reuters.com,2026:newsml_L1N3YU01T:0-dollar-whipped-as-markets-wary-of-mounting-risks/","3天前",{"id":71,"title":72,"source":73,"logo":35,"time":64},328990,"\"We already observed the greatest impact of the dollar exchange rate last year\"","https://www.hortidaily.com/article/9805906/we-already-observed-the-greatest-impact-of-the-dollar-exchange-rate-last-year/",{"id":75,"title":76,"source":77,"logo":15,"time":69},328993,"The Dollar Seems Doomed. Why Some Economists Are Betting on a Comeback.","https://www.barrons.com/articles/us-dollar-decline-euro-fed-economy-1201f8f8?gaa_at=eafs&gaa_n=AWEtsqdqiskNCNSD129uZz89QbMMcFXlJdl1lzVP2X30IA0sNrDIJSgb3iSb&gaa_ts=697c32c9&gaa_sig=Sg4VXmVh1bmbs8DgSEiY04tBD4k9oeSCmrM2pK8XomI73O3Ko3BuK4--8f-8T5Qh2gwrMNJgSL4BuiebaD56mg%3D%3D",{"id":79,"title":80,"source":81,"logo":10,"time":82},328994,"Dollar sinks to four-year low, Trump brushes off the decline","https://www.reuters.com/business/dollar-sinks-four-year-low-trump-brushes-off-decline-2026-01-27/","4天前",{"id":84,"title":85,"source":86,"logo":17,"time":69},328991,"Trump Is Happy With a Diving Dollar. Why Stock Markets Should Be on Alert and 5 Other Things to Know Today.","https://www.barrons.com/articles/trump-dollar-stock-market-things-to-know-today-fbdf0649?gaa_at=eafs&gaa_n=AWEtsqcHkN9RZQ7L3hSdcSafzr4K6AIdH5RxLqR87Ua0AzYEELaiKl4dZR9r&gaa_ts=697c32c9&gaa_sig=ZKCXWwqtkxzxwtdj0__1Sc4ZROYLqUkdbmb9jbVHePOtdbpNmET90aymz9_stUC4RK7bkDAHIOZGAZ_Fmk8wOQ%3D%3D",{"id":88,"title":89,"source":90,"logo":27,"time":69},328992,"How to Better View the Dollar’s Droop? Zoom Out","https://www.fisherinvestments.com/en-us/insights/market-commentary/how-to-better-view-the-dollars-droop-zoom-out",{"id":92,"title":93,"source":94,"logo":13,"time":64},328976,"What's behind Trump's risky cheap dollar dalliance?","https://www.france24.com/en/live-news/20260130-what-s-behind-trump-s-risky-cheap-dollar-dalliance",{"id":96,"title":97,"source":98,"logo":12,"time":64},329966,"A Weaker Dollar Has Always Been Part of Trump’s Plan - WSJ","https://www.wsj.com/finance/currencies/a-weaker-dollar-has-always-been-part-of-trumps-plan-733c9adc?gaa_at=eafs&gaa_n=AWEtsqeDAHmQz5Q_fgdacLmP7afaqaiAiIbyRM3WUytN5XddJlCNlsSoyhld&gaa_ts=697c69cb&gaa_sig=W5fsLBLMgjGy4rTUrTCb-37YMOOzTmshZe2uqL50FpAj3_5DYzrZKDvkaUTvjpP7jJ82hPSm1Bza9XSZIdRokg%3D%3D",{"id":100,"title":101,"source":102,"logo":20,"time":69},328995,"Dollar at a 4-Year Low? ETFs That You Could Play","https://www.nasdaq.com/articles/dollar-4-year-low-etfs-you-could-play",{"id":104,"title":105,"source":106,"logo":18,"time":69},328996,"How to Play a Falling U.S. Dollar? Head to Brazil and Mexico as U.S. Freezes","https://pro.thestreet.com/trade-ideas/how-to-play-a-falling-u-s-dollar-head-to-brazil-and-mexico-as-u-s-freezes",{"id":108,"title":109,"source":110,"logo":11,"time":64},328979,"Dollar under pressure as investors remain jittery over U.S. policy","https://www.cnbc.com/2026/01/29/dollar-close-to-multiyear-lows-as-investors-see-mounting-risks.html",{"id":112,"title":113,"source":114,"logo":26,"time":64},329969,"Is a strong greenback a destabilizing force?","https://www.azerbaycan24.com/en/is-a-strong-greenback-a-destabilizing-force/",{"id":116,"title":117,"source":118,"logo":14,"time":64},328977,"Dollar poised for weekly slide as global tensions rise By Reuters","https://www.investing.com/news/economy-news/dollar-poised-for-weekly-slide-as-global-tensions-rise-4475024",{"id":120,"title":121,"source":122,"logo":29,"time":64},329967,"Fed aftermath and Dollar momentum","https://www.fxstreet.com/analysis/fed-aftermath-and-dollar-momentum-202601290928",{"id":124,"title":125,"source":126,"logo":22,"time":64},328978,"USD: FOMC holds but Dollar fails to strengthen – MUFG","https://www.fxstreet.com/news/usd-fomc-holds-but-dollar-fails-to-strengthen-mufg-202601291237",{"id":128,"title":129,"source":130,"logo":28,"time":64},329968,"Dollar Index Hits 4-Year Low And Traditional Wisdom Can Mislead This Time (DXY)","https://seekingalpha.com/article/4864081-dollar-index-hits-4-year-low-and-traditional-wisdom-can-mislead-this-time",{"id":132,"title":133,"source":134,"logo":16,"time":64},328982,"The Dollar feels heavy","https://robinjbrooks.substack.com/p/the-dollar-feels-heavy",{"id":136,"title":137,"source":138,"logo":32,"time":64},329972,"Why Trump isn’t worried about a weaker dollar as markets (and the ECB) grow uneasy","https://english.elpais.com/economy-and-business/2026-01-29/why-trump-isnt-worried-about-a-weaker-dollar-as-markets-and-the-ecb-grow-uneasy.html",{"id":140,"title":141,"source":142,"logo":5,"time":64},328983,"What's going on with the greenback? Why all eyes are on the sinking U.S. dollar as Trump starts second year","https://financialpost.com/news/economy/what-sinking-u-s-dollar-means-canada-world",{"id":144,"title":145,"source":146,"logo":30,"time":64},329115,"Why the US dollar hit a four-year low and could fall further","https://www.bbc.com/news/articles/czjg2rlyvyzo",{"id":148,"title":149,"source":150,"logo":24,"time":64},329973,"Dollar turbulence starts to seep into the Treasury market","https://www.marketwatch.com/story/dollar-turbulence-starts-to-seep-into-the-treasury-market-644effc1?gaa_at=eafs&gaa_n=AWEtsqd7ppUTY-yNh86peMBlUQnTkwHQJtLepUL4v_OegoaaLF_g5rGWV2KS&gaa_ts=697c69cb&gaa_sig=E9t2Nep2_TRFl4aEDgGr8BNJNZpj0rpbgv0UrPsjYyHQbCsiND0o80x_1Ijoo2QIgHY5xNawFvSlMQ9zDPH9Ww%3D%3D",{"id":152,"title":153,"source":154,"logo":5,"time":64},328980,"US Dollar Gyrations but Little Changed ahead of the North American Session","https://www.forexfactory.com/news/1381402-us-dollar-gyrations-but-little-changed-ahead-of",{"id":156,"title":157,"source":158,"logo":23,"time":64},329970,"US Dollar Price Forecast: DXY Slips Toward 96 as Markets Question the Fed – GBP/USD and EUR/USD in Focus","https://www.fxempire.com/forecasts/article/us-dollar-price-forecast-dxy-slips-toward-96-as-markets-question-the-fed-gbp-usd-and-eur-usd-in-focus-1575861",{"id":160,"title":97,"source":161,"logo":12,"time":64},328981,"https://www.wsj.com/finance/currencies/a-weaker-dollar-has-always-been-part-of-trumps-plan-733c9adc?gaa_at=eafs&gaa_n=AWEtsqceWpmRel3aC0bRkqgakuxgQkS5qqR-KKaDt4dBdvwLkxERaje4d_sQ&gaa_ts=697c32c9&gaa_sig=G3998g0A3OYeFOrmgFAdQPjLRDYJIIJZAecsCOyW3R5R3HubEjgv_d_32WPN0LFH4xAJ-Jaebp-kPNDJ3BcMUQ%3D%3D",{"id":163,"title":164,"source":165,"logo":5,"time":64},329971,"Gold Analysis:Gold Price Continues to Climbs Ahead of Fed","https://www.dailyforex.com/forex-technical-analysis/2026/01/gold-analysis-29-january-2026/240422",{"id":167,"title":168,"source":169,"logo":5,"time":64},328986,"Dollar Hits 4-Year Low—How It Could Impact Your Wallet and Financial Plans","https://www.investopedia.com/dollar-hits-4-year-low-how-it-could-impact-your-wallet-and-financial-plans-11894221",{"id":171,"title":172,"source":173,"logo":25,"time":69},329976,"Trump says the dollar's value is 'great', sparking new market skid","https://finance.yahoo.com/video/trump-says-dollars-value-great-064939662.html",{"id":175,"title":67,"source":176,"logo":19,"time":69},328987,"https://wkzo.com/2026/01/28/dollar-whipped-as-markets-wary-of-mounting-risks/",{"id":178,"title":179,"source":180,"logo":34,"time":64},328984,"U.S. Dollar Stakes Get Raised - What To Do Now In The Rates Space?","https://seekingalpha.com/article/4863691-us-dollar-stakes-get-raised-what-to-do-now-in-the-rates-space",{"id":182,"title":183,"source":184,"logo":21,"time":64},329116,"The U.S. dollar just fell to its lowest level in 4 years. Here's why.","https://www.cbsnews.com/news/us-dollar-decline-impact-consumers-business-money/",{"id":186,"title":85,"source":187,"logo":17,"time":69},329974,"https://www.barrons.com/articles/trump-dollar-stock-market-things-to-know-today-fbdf0649?gaa_at=eafs&gaa_n=AWEtsqd8YmjBy35P3s5nxR5LLODGNsBjc5DMhk0pAcobTkh6z5VDHYBzjAiU&gaa_ts=697c69cb&gaa_sig=IXB54SjxstK0FFXlei6cG4S361NQjgnK4NZw5gZigyYKFHRSnalxIEBK38cpKcQiDxeg6kIzhid7dhQ-mq1gkw%3D%3D",{"id":189,"title":149,"source":190,"logo":24,"time":64},328985,"https://www.marketwatch.com/story/dollar-turbulence-starts-to-seep-into-the-treasury-market-644effc1?gaa_at=eafs&gaa_n=AWEtsqfeggNFWqZvAe8WlcezcMlyqlNhpYEprbprWCKMFOyj7xYn1GpeWIiR&gaa_ts=697c32c9&gaa_sig=udGBQEION6NRJOZpiZcFk4_7J-RRY4yTJ_Ks4QGXddLJI331LWs7weoSNNHtnOg17GR40ztBIQuw_nN0NC1lEQ%3D%3D",{"id":192,"title":76,"source":193,"logo":15,"time":69},329975,"https://www.barrons.com/articles/us-dollar-decline-euro-fed-economy-1201f8f8?gaa_at=eafs&gaa_n=AWEtsqes3bWtWTp5hs9KD1PDC5mEoOBbrgalewm-UHaxRPD5qbtMcND-InyJ&gaa_ts=697c69cb&gaa_sig=IHUwWsTU3aQh8_TPUu1fDjevgjbECGOwW7ftH9oPtv4TsXzp8_uIvasjrbcobG86hCmCUdURrrU2Dk3SruUvfg%3D%3D","#48f68eff","#48f68e4d",1769945460147]