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tv   Business - News  Deutsche Welle  March 9, 2018 6:15pm-6:30pm CET

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now things are finally set to move quickly the new cabinet will be sworn in on wednesday. all right there we're going to be right back take a quick break and a garret we'll have more on trump's terrace with shar ruffling a lot of feathers here in the e.u. stay tuned for that. to. learn german with w. . any time any place. with or with jo jo and her friends. colleagues that are going to be looking at those numbers it seems to be sort of sick joke is
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a war with all over the world. online and interactive. german to go. learn german for free w. . stay true to is was u.s. president donald trump signs off tariffs on steel alum in the sparking fears of a tit for tat spot leading to a global trade bull the news says it should be exams and is ready to retaliate. also coming up the u.s. may have pulled out of the transpacific partnership but other countries have gone ahead and signed it anyway praising a massive new free trade zone. this is. business live from.
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us welcome u.s. president donald trump a signed off on tariffs between ten and twenty five percent on steel and imports he says they are necessary to address unfair trade conditions boost the u.s. economy and create jobs still only accounts for two percent of world trade and yet but tit for tat of tariffs and penalties is the interest the ripple effects can escalate into a full on trade or u.s. business leaders and prominent members of his own republican party have warned his administration that is causing economic disaster with the stroke of a pen donald trump shook up international trade the president signed the healthy new tariffs into law flanked by metal workers he said he was stopping what he called an assault on the us. today i'm defending america's national security by placing tariffs on foreign imports of steel and
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aluminum. the levees will take effect in two weeks but steel industry executives in south korea set up a crisis meeting right after trump signed them now korea is threatening to bring its case to the deputy oh. we're actively considering filing a complaint with the world trade organization. we've already discussed the issue with the european trade commission. me all the. other countries including japan and australia it trumps executive order makes it possible for other countries to deal directly with the us to remove tariffs. we will closely investigate the details of these measures and potential impact on japanese industries we would like japan to be exempted from this.
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china has sharply criticized the tariffs the trade ministry in beijing has called on washington to drop them but it's announced retaliatory measures tariffs on american liquor tobacco and other products. the international monetary fund warns that this constant breezing of the stakes could lead to a trade war. one can assume that the europeans steel industry isn't thrilled about all this either let's find out and let's talk to god he's the director general of the european still association you're a fan joins us now from our brussels studio thank you very much for joining us how much will the european steel industry actually suffer from these tariffs. they don't when union is one of the most open markets in the world so what we can expect from the measures taken by mr trump is sure deflection of steel
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trade flows originally foreseen for the u.s. towards open markets and of course the european union would suffer the most we can expect thirteen million tons of steel or more looking for new destinations into the e.u. the european union and that of coal could throw us back in the situation we have been two years ago when prices suddenly fell by up to forty percent last thousands of steel workers and installations had to close which countries are said to suffer the most from this. yes i said they're open a union as a whole we have twenty one member states that produce and all of those countries will suffer but even more we expect that up to one hundred forty thousand people in the rectally profiting from the open statement of extreme
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and maybe at risk so it is not only the steel industry it's also the steel using industry in europe that will suffer from this all across the european union and from that perspective it's of cause. important that europe and member states stick together in order to deescalate the situation and find a solution together with the u.s. do you think there is a united front inside the e.u. because different interests are there is there a united front briefly if you can. yes absolutely because the fears of calls that not only the european steel industry is a target but in the future there may may be other sectors targeted we have other medium industry included in the tariffs. imposed by president trump and in the future as a sectors could simply follow so the european union member states are well advised
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to stick together and all what we hear here in brussels. basically tells us yes the european union because one from the european commission has been very clear about its form the fast council last week has been clear about this large majority if not all the member states sticking together here. like a director general of the european steel association thank you very much for joining us today. well the markets of course have reacted to all this let's go straight over to any bats at the frankfurt stock exchange for. a quick look at how financial markets have reacted only what can we work can you say. well i think that a trade war is probably in the cards when you ask most of the people here they see the kind of rhetoric that is coming from brussels and batalla three measures not being decided on yet but certainly the e.u.
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waving with them trump doesn't give in and he won't given one of his top advisers just left because he gave up on. leaving off tariffs so i think people here are quite in a negative mood it reflects in the share price is not necessarily in the cars yet there are no tariffs there yet but steel some steel companies at least tanked today in the european trading. despite all that looking at the graph behind you that there's quite a big spike there. what's behind that. that's also coming from the united states and not only bad news from the terms of the markets and the companies are coming from there but at first sight some good economic news a booming labor market but not one which is overheating yet and hourly wages coming in higher but not quite as high as expected not forcing perhaps super fast and super high rate hikes this year that was the initial take but then things calmed
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down and people saw you know maybe there's a trade war maybe super good labor market will instigate rate hikes after all so that petered out in the end but it does show that the market is so nervous at the moment receptive to good news but also seeing what's underlying volatility being the key. in frankfurt thank you very much for your analysis. now serious warnings against terrorism pouring in left right and center drums critics you know honestly say that the konami fall out of the tariffs could be large and that it's not going down well at all with the country's allies and somewhat surprisingly with american industry because american steel makers employ only about one hundred forty thousand people but still consuming. factors like the big u.s. carmakers for example are much bigger they employ six point five million people the new tariffs mean they will suffer from higher prices on steel imports for the benefit of the relatively small domestic steel industry the protective tariffs have
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been billed as a shot at china's overcapacity as well but its america's biggest allies that could see most of the damage canada for example is the biggest exporter of steel to the u.s. followed by the e.u. and brazil and china finds itself way down on this list only a position eleven and the impact on allies will be big europe still association euro first says that it could slash american imports of european steel which was valued at five billion dollars last year and by the way when george w. bush posed tariffs on steel in march two thousand and two they backfired spectacularly according to a report by the us manufacturing industry new jobs in u.s. steel factories created by the tariffs back then were heavily outweighed by job losses in other industries overall two hundred thousand jobs were lost in the u.s. manufacturing industry pushed back down and pulled the tariffs a year and
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a half after introducing them. now the european trade commission is the syria monstre most also reacted to the u.s. tariffs taking to twitter she said on tonight's announcement the e.u. is a close ally of the us and we continue to be of the view that the e.u. should be excluded from these measures it will see more clarity on this issue in the days to come looking forward to meeting the u.s. trade rep a representative like thais are in brussels on saturday to discuss. while donald trump says unilateral import tariffs his neighbors kind of mexico and nine other pacific rim nations lowering trade barriers that opening them markets with a multilateral free trade agreement which trump rejected off the taking office representatives of the eleven countries met in the capital santiago to sign the comprehensive and progressive transpacific partnership deal c.p.u.
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t p p the deal sees tariffs slow it all eliminated on a wide range of goods the eleven signatories have combined have a combined population of off a billion people and fourteen percent of global economic output and that's it from me and the business team here. we'll have an update for you in the next hour before you go is a check on real time real time check on the markets at this hour thanks for watching.
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we'll spain soon harbor europe's largest uranium mine thanks. for stopping. the mayor from the salamanca region is concerned about the environment and for farmers. reputations. those in favor say the mind will create badly needed jobs. deep rift divides the community. next on. blank will be our fighters want to start families to become farmers or engineers every one of them has a plan that the initial for your children's clothing is just that the children who
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starting march thirteenth t w. a very warm welcome to focus on europe by michelle henery glad you could join us it feels as though none a month goes by without an election taking place here in europe and each more exciting than the last except the one in russia feels a bit different that's because president vladimir putin is all but certain to secure i'm not there six years.


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