tv Business Briefing BBC News August 23, 2018 5:30am-5:46am BST
this is the business briefing. i'm sally bundock. trading fresh blows — the us slaps new taxes on $16 billion worth of chinese goods — and beijing responds in kind. plus tyred of unfair competition — why some us firms are backing president trump on trade. and the markets, in asia, stocks to slide, amid the turmoil in the us, but also with the new tariffs slapped on goods exported between china and the united states. but the s&p 500 has now racked up its longest bull run in wall street history. it's up more than 300% since 2009. we start with the escalating trade war between the world's two
biggest economies — because billions of dollars of new import taxes come into force today between the united states and china. the us is is slapping new tariffs on $16 billion worth of chinese imports. china is responding in a tit—for—tat move, taxing us imports worth the same amount. hundreds of us products will face a 25% import tax in china — ranging from coal to cars. the us will tax hundreds of chinese goods at the same level — from trains to steam turbines. this takes the value of us and chinese goods caught up in the trade war to total of $100 billion — piling pressure on exporting companies on both sides and threatening to force up prices for consumers. the white house maintains it's the only way to tackle china's ‘unfair practices' in trade —
and specifically its theft of us technology. beijing says it's being forced to react to washington's "unreasonable" actions. on wednesday delegates from the two sides resumed talks for the first time in two months — but president trump has already warned he doesn't expect much from the meetings. let's get the view from asia now — our asia business correspondent karishma vaswani is at the port of singapore. the carys have arrived. what next? these tariffs have long been signalled. —— the tariffs. $16 billion of carys go into effect today. this follows 3a that came into effect injuly. —— tariffs. but
it is the big figure, whether the trump administration goes through with its threat to put on a 25% tariff on $200 billion of chinese goods. and this is all on the backdrop of talks between beijing and washington to some respects trying to solve what is a bit of an impasse. but i spoken to some people in china and they said the delegation that has been said to have these negations and is —— that has been sent out these negotiations is fairly low—level. and that is because they are not expecting to get much out of the talks. so they are sending a low—level delegation to sit down across the table from the american counterparts, so when they walk away without the much, it won't be a matter of losing face with the chinese. the chinese are
positioning themselves as victims in all of this, only retaliating, and all of this, only retaliating, and all they can do is respond to donald trump. with these global trade wars as it were, it is a blues— lose, in so as it were, it is a blues— lose, in so far as most people are concerned. but from the point of view of china and the us, who does lose the most? —— lose—lose. and the us, who does lose the most? -- lose-lose. on both sides, there is going to be economic pain. without a doubt you will see prices rise for american consumers. on the chinese side, chinese companies are going to have to quickly figure out how to avoid having their products seen tariffs placed on them when they are sold in the united states. we are seeing some signore evidence that a lot of these companies are looking to shift production to countries like vietnam. —— we are
seeing some evidence. singapore is a country that has benefited much from trade in the past few decades. the redflow of trade has lifted millions out of poverty. these areas the longer the trade war goes on, everybody else is kind of stuck in the middle, and caught in the crossfire. forecasts are from a percentage point to even worse in 2019 if this continues. we're keeping across a story with special coverage throughout this week. let's get the view from the us now. many us companies are now sounding the alarm about what increased tariffs will do to their business. but some firms are backing the president's trade policy — especially those in industries that
have struggled with chinese competition since long before mr trump took office. paul blake reports from cincinnati. trade wars are fought on factory floors and this assembly line in cincinnati has become a frontline in the trade war of 2018. they manufacture some 70,000 tyres each year, sending down the edges and adding new treads. i have been doing it for sa years and this is probably the last five that have been the toughest. he says the business is being run over by cheap, nonreusable tyres from east asia. the problem, he says, is china is subsidising the low—cost imports, allowing them to be sold at the same price as his rebuilt tyres. given the choice between a new or a refurbished tyre consumers will go for the cheap import.
he says the solution is tariffs. we want to see something happen so that we are on a fair playing field. he is so worried that he took his concerns straight to the top. so what's this? president trump, i will not tolerate unfair practices that harm american workers, farmers, ranchers and businesses. to many, donald trump's policies can sound like a trade based temper tantrum but for blue—collar workers it is the us president standing up for their livelihoods. the obama administration grappled with the tyre issue before donald trump came to power but the message seems to play well with trump's political base, but what about the broader public? they're being used for political gain and not for appropriate economic purposes. what we need to do is help out with foreign relations more than trying to basically tax the country and prosperity. indeed, a recent study found nearly half of americans
believe tariffs will be bad for the country in the long—term, but with mid—term elections around the corner president trump looks to be shoring up support among the working class base and that means more tariffs are coming down the line. now let's brief you on some other business stories. saudi arabia has denied reports it has called off plans to sell shares in state oil giant aramco. unnamed sources told reuters that the group of financial advisors working on the deal has been disbanded. but saudi energy minister khalid al—falih said in a statement: "the government remains committed to the ipo of saudi aramco at a time of its own choosing when conditions are optimum". a stock listing could value aramco at around $2 trillion, making it the biggest flotation in history. britain would take "unilateral action" in the event of a no—deal brexit to keep trade and transport flowing freely, brexit secretary dominic raab will pledge in a speech later.
the uk government is due to publish the first in a series of notices advising businesses and the public what to do if britain leaves the european union without a deal. policy makers at the federal reserve are considering raising interest rates again soon, despite concerns over global trade disputes — according to the minutes of the us central bank's last meeting. they left rates unchanged in august after raising them twice this year. the latest minutes will add to expectations of another increase next month. and now — what's trending in the business news this morning. on the wall street journal, analysis on a stock market milestone reached on wednesday. wall street is now in the longest bull market in history. how did it get there?
on quartz chinese students increasingly return home after studying abroad. at the beginning of the century, only one in 10 chinese students returned to china after studying abroad. in 2017, it was eight in 10. and on business insider, facebook is warning four million users that another app may have mishandled their data. the mypersonality app has been under investigation since april and is now banned from the platform. and don't forget, let is know what you are spotting online — use the hashtag #bbcthebriefing. but before we go, here are the markets. mix they are merging in asia as the ta riffs mix they are merging in asia as the tariffs come into force. i will see you soon. “— tariffs come into force. i will see you soon. —— a mixed day. jonathan
will we join you soon. —— a mixed day. jonathan will wejoin me in a moment, but first, let us talk about a story that the nhs. some patients who have dialled 999 have had to wait more than 2a hours for an ambulance, according to a bbc investigation. services across the uk have been forced to leave patients with non life critical complaints waiting as they deal with an increase in emergency calls. the patients association says the figures are extremely concerning. matt graveling has this report. category 1: the highest priority 999 call. the ambulance response in less than seven minutes can mean the
difference in life and death. but it means that other patients may have to wait. my wife fell off a step and broker wrist or something, she can't move. this was not classed as category one. sylvia had broken a hit but had to wait on the floor while evidence is why diverted to more urgent calls. her daughter calls again. we don't have any vehicles currently assigned at the moment. unfortunately we have been exceptionally busy in the area. but two hours? the ambulance has apologised. it took three and half hours for sylvia's evidence to arrive, but our figures show that some have had to wait much longer. between june 2017 some have had to wait much longer. betweenjune 2017 and some have had to wait much longer. between june 2017 and june some have had to wait much longer. betweenjune 2017 and june 2018, ambulances from four different services took more than 2a hours to reach patients. these included people with breathing difficulties and mental health problems. the longest delays in the united kingdom
we re longest delays in the united kingdom were recorded by the welsh added to this, which kept some patients waiting for more than 50 hours each. the trust said that the weights cymbal work for less serious calls, and they had two broke ties life—threatening emergencies. the government say they have announced £36 million of additional funding. this is the briefing from bbc news. the latest headlines: the british government's set to unveil plans for a no—deal brexit amid growing concerns over crashing out of the eu. australia's prime minister is facing renewed pressure to step down — despite surviving a vote on his leadership just days ago. after the darkest day of his presidency, donald trump has insisted he's done nothing wrong and there's been no breach of campaign finance rules. now it's time to look at the stories making the headlines around the world. we begin with the independent
and brexit secretary dominic raab's setting out of what people and businesses can do, if the uk leaves the eu without a deal. in the sydney morning herald, there's been a second leadership challenge for the top job in australia. prime minister malcolm turnbull has said that he'll quit politics, if a second leadership contest is called — which could happen as soon as tomorrow. on bloomberg, this story says saudi arabian oil co has put off a potential initial public offering of aramco — a claim the saudi arabian energy minister has rejected. the minister says the government has stepped up preparations for the stock market debut of the state energy giant. the ipo is at the centre of crown prince mohanned bin and salman‘s ambitious plan to overhaul the saudi economy. on the bbc news website a danish vessel is breaking the ice
on the arctic sea route, aiming to become the first container ship to tackle the usually inpenetrable route. melting of arctic sea ice has made the journey possible, and finally in the ft pennies used to be considered lucky but debate is waging on theirfuture. a report says most copper coins are only used in a single transaction before leaving the cash cycle presumably for a coinjar or down the back of the couch. should we quit copper? with me isjonathan charles, director of communications at the european bank for reconstruction and development. let get stuck into the. we have spoken it
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