0:00:00 > 0:00:06Now on BBC News, all the latest business news live from Singapore.
0:00:17 > 0:00:21President Trump announces tariffs on steel and aluminium, and Wall Street
0:00:21 > 0:00:26hates it -- takes a dive in response. China's demonstrates an
0:00:26 > 0:00:37official intelligence to help you still clear of man's best friend.
0:00:37 > 0:00:41Good morning, welcome to Asia Business Report, live from
0:00:41 > 0:00:45Singapore. The US president Donald Trump has announced he will impose a
0:00:45 > 0:00:51tariff of 25% on imports of steel, and 10% on aluminium. Arguing it
0:00:51 > 0:00:56will protect jobs in America's former industrial heartlands. US
0:00:56 > 0:00:59steel makers applauded the President's decision, while
0:00:59 > 0:01:03executives in other industries warned that the tariffs could hurt
0:01:03 > 0:01:08American manufacturers, and risk provoking a global trade war. But
0:01:08 > 0:01:11for workers in suburban Pennsylvania, many of whom voted for
0:01:11 > 0:01:17Mr Trump, the tariffs cannot come soon enough. Jo Miller has more. For
0:01:17 > 0:01:24almost two centuries, the -- this has been a mainstay of America
0:01:24 > 0:01:29industry, producing up to half the time it -- half 1 million tonnes of
0:01:29 > 0:01:36steel per year.I was able to build my house and provide a good
0:01:36 > 0:01:40lifestyle for my son and I, but right now, I am in jeopardy of
0:01:40 > 0:01:45having to start over at 47 years old.Last autumn, Kimberly and do
0:01:45 > 0:01:49hundred 50 of her fellow employees were told that with the price of
0:01:49 > 0:01:56steel dropping, their employer would idle the mill, and ask 100 jobs. But
0:01:56 > 0:02:00just a year before, many of them voted for a man who campaigned on a
0:02:00 > 0:02:03prop but does promise to end their industry's relentless cycle of boom
0:02:03 > 0:02:08and bust. After months of dithering, the trumpet administration has
0:02:08 > 0:02:16announced its intention to slap tariffs of 25% on steel imports.We
0:02:16 > 0:02:20will be imposing tariffs on steel imports and tariffs on aluminium
0:02:20 > 0:02:25imports, and you will see lots of good things happen.For workers at
0:02:25 > 0:02:29the local union hall, the tariffs have been a long time coming. For
0:02:29 > 0:02:33years, they felt at the mercy of China, which produces as much steel
0:02:33 > 0:02:38in a month as the US does in a year. We are not saying don't treat, we
0:02:38 > 0:02:43have to treat, but we need to be treated fairly. We are not even in
0:02:43 > 0:02:49the game.But the White House is running into the same problem that
0:02:49 > 0:02:51has plagued previous administrations. Imposing strict
0:02:51 > 0:02:57tariffs on steel imports could cause China and other important trade
0:02:57 > 0:03:02partners to retaliate in kind, and that could cost jobs in other parts
0:03:02 > 0:03:06of the country instead. Other industries say they fear a backlash
0:03:06 > 0:03:10to the tariffs, and markets in New York fell sharply after the
0:03:10 > 0:03:14announcement. But for volunteer firefighter Chuck, saving steel is
0:03:14 > 0:03:21worth the cost.This industry in particular is a cornerstone of
0:03:21 > 0:03:25America. If we cannot make our own steel, we are leading ourselves one
0:03:25 > 0:03:34herbal. -- vulnerable to everyone else in the world.A decision from
0:03:34 > 0:03:36Washington has, alas, but still workers in Pennsylvania will not be
0:03:36 > 0:03:40celebrating just yet, and will be watching for help reaching and
0:03:40 > 0:03:48Brussels respond. -- Beijing and Brussels. As Joe mentioned, we saw a
0:03:48 > 0:03:56fall in Wall Street, and Asia shares are tracking. Our business reporter
0:03:56 > 0:04:03has more. Steel makers are happy, but particularly other makers are
0:04:03 > 0:04:13not happy at all.-- car-makers as well as Asia biggest steel knickers
0:04:13 > 0:04:15are seeing their shares go into the bread because of these tariffs that
0:04:15 > 0:04:20President Trump are seeing. They are concerned about higher costs, as
0:04:20 > 0:04:26well as a possible trade war. The fall of these car-makers and steel
0:04:26 > 0:04:31makers are working on the overall index is in Japan, indicating 25 is
0:04:31 > 0:04:37down by 2.5%. The Hang Seng in Hong Kong has just opened up, while
0:04:37 > 0:04:42Australia shares are weaker as well. This all has to do with how much
0:04:42 > 0:04:47they export to America, in terms of steel and aluminium. South Korea is
0:04:47 > 0:04:53the third-largest source of steel to America, accounting for 10%. The two
0:04:53 > 0:04:57biggest are Canada and Brazil, as we mentioned earlier. Japan is also a
0:04:57 > 0:05:00major supplier, they account for 5% of all steel imports into America --
0:05:00 > 0:05:07America. We mentioned already that sectors like Honda playmakers will
0:05:07 > 0:05:13be affected, because they use lots of steel in their products, but also
0:05:13 > 0:05:21technology products and food. Finally, this causes a question on
0:05:21 > 0:05:27how China will react. China supplies only 2% of US steel imports, but
0:05:27 > 0:05:32they are MHO -- major global Claire, and are the biggest producer of
0:05:32 > 0:05:37steel in the world. They have become so big a hit driven down prices, and
0:05:37 > 0:05:44they can expect retaliatory measures from China and Japan against the US.
0:05:44 > 0:05:48Figure for the update. Let us move on to India, because the there has
0:05:48 > 0:05:55just introduced a new law that will confiscate assets of absconding low
0:05:55 > 0:05:59defaulters. It comes in the backdrop of the recent one point a
0:05:59 > 0:06:06billion-dollar bank scam involving Indian, billionaire. Let's go over
0:06:06 > 0:06:14tarp Indian business correspondence. The Bill was approved last evening,
0:06:14 > 0:06:24now the Bill, which is called the economic absconders bill, it means
0:06:24 > 0:06:26that authorities will have power to take over all the assets of those
0:06:26 > 0:06:32low defaulters who have not paid back the banks, and have fled the
0:06:32 > 0:06:39country. This has been done because of the Indian billionaire who
0:06:39 > 0:06:43swindled allegedly close to $128 billion from an Indian national
0:06:43 > 0:06:51Bank, and also a famous bank of a liquor baron who owed the banks of
0:06:51 > 0:06:54billion dollars. He has fled and is living in the UK, the Indian
0:06:54 > 0:06:58government is trying to extradite him. What this bill allows is that
0:06:58 > 0:07:03whenever a court issues an arrest warrant against any individual for
0:07:03 > 0:07:08defaulting or not paying back the banks, the individual flees the
0:07:08 > 0:07:11country, then without conviction, the authorities will have the power
0:07:11 > 0:07:16to seize all their assets, sell them, recover the money, and pay
0:07:16 > 0:07:20back the banks. This is important because if you look over the last
0:07:20 > 0:07:23few years, there have been many instances where a lot of low
0:07:23 > 0:07:27defaulters have fled the country, and the cases against them have been
0:07:27 > 0:07:31stuck in the courts he does until now, in law said that unless the
0:07:31 > 0:07:36individual is convicted, the bank cannot sell those assets. And now
0:07:36 > 0:07:40the authorities have the power, they can sell the assets before
0:07:40 > 0:07:42convictions, and that is very significant, as far as Indian banks
0:07:42 > 0:07:50go.Thank you for the update. China's hallway has turned one of
0:07:50 > 0:07:55its phones into a dull collision avoidance system for cars, as part
0:07:55 > 0:08:05of an unusual... We try out the artificial intelligence feature for
0:08:05 > 0:08:09ourselves in Barcelona.
0:08:38 > 0:08:42This is a perfectly standard car, nice self driving car, but it has a
0:08:42 > 0:08:45camera, a sophisticated camera on the tube -- the roof, which is
0:08:45 > 0:08:48talking to this mobile phone with artificial intelligence built into
0:08:48 > 0:08:55it. Is that AI which will effectively steer the car around the
0:08:55 > 0:08:58objects in our path.
0:09:04 > 0:09:07We have a training run where the phone has detected the various
0:09:07 > 0:09:20objects in our way, and that we have to do one for real at speed.
0:09:29 > 0:09:37What are you trying to show?This is not suggesting that it will enter
0:09:37 > 0:09:42the autonomous car industry, just a show and demonstrate the power of
0:09:42 > 0:09:45artificial intelligence, which is built into the inside of the device.
0:09:45 > 0:09:51It is AI happening on the device in real-time.I truly believe Rowley
0:09:51 > 0:09:56has one of the best jobs at the BBC, having all the fun. Let's recap our
0:09:56 > 0:09:59top story, President Trump announcing tariffs on imported
0:09:59 > 0:10:03steel. The one market that will not be affected is India, because
0:10:03 > 0:10:08markets they're close, as the traditional Hindu festival of holy
0:10:08 > 0:10:12takes place, is also known as the Festival of colours, as you can see
0:10:12 > 0:10:17there. It celebrates the triumph of good over evil, and welcomes the
0:10:17 > 0:10:21arrival of spring. Let's show you the markets before we go, as Lisa
0:10:21 > 0:10:29mentioned, all Asian markets are down, Thompson down 115%. That's
0:10:29 > 0:10:38this edition of Asian business report, thanks for joining us.