02/03/2018 BBC Business Live


02/03/2018

A look at the global business stories.


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This is Business Live from BBC News

with Samantha Simmonds

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and Susannah Streeter.

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Trump's trade tariffs.

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The US President says he'll

impose duties on steel

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and aluminium imports.

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Live from London, that's our top

story on Friday 2nd March.

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The US President says the dumping

of foreign steel is costing jobs

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but China warns his protectionist

policies will harm global trade.

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We'll have the latest

live from China.

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Also in the programme....

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Embracing the "deepest

possible" free trade deal.

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Britian's Prime Minister is set

to argue it is "achievable"

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when the UK leaves the EU.

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And in a week where Toys "R" Us

and Maplin have become the latest

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The markets in Europe are all down

off the back of the trade comments

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from President Trump.

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And in a week where Toys "R" Us

and Maplin have become the latest

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big UK retailers to run

into trouble, we'll get

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the inside track with our

business editor Simon Jack.

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As severe snow fall affects Europe

and the US East coast,

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we want to know how

you are struggling into work.

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We've made it in, but

will we make it home?

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I don't think I will!

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Let us know how you're getting on.

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Just use the hashtag #BBCBizLive.

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Hello and welcome to Business Live.

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A warm welcome on this bitterly cold

day for many of us.

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US President Donald Trump has

seriously upped the ante

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in his trade disputes with the rest

of the world.

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He says the world's biggest economy

will impose heavy tariffs on steel

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and aluminium imports

to protect US producers.

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They have welcomed the move.

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But China is amongst those warning

it will harm global trade.

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And stock markets have fallen

since the announcement.

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Here's the details.

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Mr Trump says from next week

he'll slap duties of 25%

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on foreign steel imports,

and 10% on foreign aluminium.

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Critics say if he goes ahead it

will force up costs for other US

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firms like carmakers -

and provoke damaging retaliation.

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They argue it could destroy more

jobs than it creates.

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But as Joe Miller reports

from Pennsylvania, some workers see

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this as the President trying

to fulfil his election promise

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to save the US steel industry.

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For almost two centuries, this

rolling mill has been a mainstay of

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American industry,

producing up to half

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a million tonnes of steel

a

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year and providing hundreds of well

paying, stable jobs.

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I was able to build my

house and provide a good

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lifestyle for my son and I,

but right now, I am in jeopardy of

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having to start over

at 47 years old.

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Last autumn, Kimberley and 250

of her fellow employees, were told

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that with the price of steel

dropping, their employer would idle

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the mill and axe 100 jobs.

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But just a year before,

many of them voted

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for a man who campaigned

on a promise to end their industry's

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relentless cycle of boom and bust.

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After months of dithering, the Trump

Administration has announced its

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intention to slap tariffs

of 25% on steel imports.

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We will be imposing tariffs

on steel imports and tariffs

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on alumina imports and you are going

to see a lot of good things happen.

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-- on a loom in imports.

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For workers at the local union Hall,

the tariffs have been a long time

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coming.

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For years, they felt at the mercy

of China, which produces as

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much steel in a month

as the US does in a year.

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We know we have to trade,

but it has to be fair trade.

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We're not even in the game.

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Not just a freefall

of steel coming into this

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country.

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But the White House is running

into the same problem that

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has plagued previous

administrations.

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Imposing strict tariffs

on steel imports could cause

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China and other important trade

partners to retaliate in kind and

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that could cost jobs in other parts

of the country instead.

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Other industries said

they fear a backlash

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to the tariffs and markets

in New York fell sharply after the

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announcement.

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But for volunteer firefighter,

Chuck, saving steel is

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worth the cost.

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The steel industry in

particular, that is the

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cornerstone of America.

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If we can't make our own

steel, we are leaving

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ourselves vulnerable

to everyone else in the world.

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The decision from Washington

has come at last, but

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steel workers in Pennsylvania won't

be celebrating just yet, they will

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be watching for how Beijing

and Brussels responds.

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Joe Miller, BBC News.

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Our correspondent Robin

Brant is in Shanghai.

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Hello. So a trade ministry

spokesperson in China says this

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could have a serious impact on the

International Trade order. Just how

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could this escalator?

You are right. It is the Chinese

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government, perhaps surprisingly for

some, which is an exponent today of

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free global trade. It is the US

which is taking on very much the

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role of the protectionist. We are

also hearing from China's Foreign

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Ministry that it wants the US to

exercise restraint in using trade

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protection tools. The language from

government spokespeople is rarely

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excitable Ahmad, it pretty much fits

in with that. China knew this was

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coming. It is no surprise. In terms

of retaliation there has been talk

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of targeting agricultural imports

from the US into China, maybe Boeing

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as well. No action on that but that

is where the rumours are. A bit of

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context, China does not feature in

the top ten steel importers into the

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US. It produces a lot of steel, in a

month what the US producers in a

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year, with the US imports about 2%

of its steel from China. The

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reaction in terms of what this might

have on the domestic Chinese steel

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market will be pretty muted. The

markets today closing, we are seeing

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calls for bar showing iron and

steel, the aluminium core of China

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is down around 2%. That is fairly

muted. I think the big concern for

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China, domestically, maybe is the

portent of what is to come from

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President Trump on other bigger

issues in terms of the trade

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relationship between the countries.

Intellectual property is a huge deal

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for the US and others on the issue

of reciprocity, broader market

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access. It is the one thing you

constantly hear big complaints from

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American businesses and others

trying to get into the Chinese

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market, not reciprocal, they do not

think their treatment is fair.

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It does not seem like these tyrants

have been imposed and there is an

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impact already on the car industry,

carp manufactures among those whose

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share prices have fallen? -- it does

not seem like these tariffs have

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been imposed yet.

Car-maker, on and

off the biggest car producer in the

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world, not Chinese but with a

biggest... Big impact here. We're

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hearing it will distort the global

steel market and will not protect

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jobs.

Many thanks, Robin Brant in

Shanghai.

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Let's take a look at some of

the other stories making the news.

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The London Stock Exchange has

shrugged off a year of slower

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trading and a management shake-up

to report a growth in profits.

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Adjusted operating profit rose

18% to £812 million -

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that's more than $1.1 billion.

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It's also increased its

payout to shareholders.

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The company says its making good

progress on recruiting a new chief

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executive to replace Xavier Rolet

who left after a boardroom battle.

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Robin Russell is talking about this.

-- Robin Brant was just talking

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about Toyota.

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Japanese carmaking giant Toyota says

it plans to form a $2.8 billion

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company with a group

of others to develop

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automated-driving technology.

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The tie-up with suppliers including

Denso and Aisin Seiki will create

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about 1,000 new jobs.

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Toyota will own 90%

of the new company.

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Microsoft founder

Bill Gates has attacked

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cryptocurrencies -

saying they are killing people

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in a "fairly direct way".

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In a question and answer session

on the news website Reddit he said

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digital currencies like Bitcoin

are used to buy drugs

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and that their anonymity meant

they were linked to terrorist

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funding and money laundering.

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Critics have said he was

ill-informed about the technology.

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Japanese car-maker Subaru

is replacing its president

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and overhauling its board

as the effects of last

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year's inspections scandal

continue to be felt.

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In October the firm revealed it

hadn't followed proper procedures

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for inspecting domestic models,

leading to the recall

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of almost 400,000 cars.

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Sarah Toms is in our

Asia Business Hub.

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Welcome to you. Bring as up to date

on the reshuffle at Subaru?

There

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are two key things which have come

out of this. Subaru will bijou

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reshuffling its board. I think three

out of six board members will be

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replaced. Also being replaced is the

man who was the person in charge of

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day-to-day operations, the

president. The reshuffle comes, it

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is a move to rebuild trust but it is

interesting to see how well that

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will go when the old president has

not left the company. He will retain

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his role as chief executive and also

take over as chairman. What does

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this mean? As chairman he will be

continuing to lead efforts to

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prevent any more of these

inspections scandals and will be

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continuing Subaru's campaign to

regain the public trust that the

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company feels it has lost.

Thanks

very much, Sarah.

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Now the markets. Those concerns over

the impact of President Trump's move

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have had a massive impact on steel

tariffs. They have hit US shares and

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the dollar, car-makers like Ford and

GM are hardest hit. The Dow close

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down 1.68%, and Japanese stocks fell

to a two and a half week low on

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Friday, steelmakers and comedy

factor is taking a battering. Nippon

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steel and one South Korean company

were down as much as 4% during

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trading, down to President Trump's

announcement.

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The Europe markets are expected to

react and are all down across the

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board. Concerns that that decision

will spill over to Europe, looking

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at stocks in companies with

facilities in the US.

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The FTSE is likely to be affected by

a speech by British Prime Minister

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Theresa May who is likely to set out

her vision for a Brexit deal in a

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steep -- in a speech which could

affect the pounds and the FTSE.

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The to you my years in New York. --

Yogita Limaye is in New York.

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Investors will be looking at steel.

The consumer Internet Dunn sentiment

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index for February is due to be

raised by the University of

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Michigan. It is due to be higher

than the previous month, showing

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Americans are feeling better about

financial and prospects, among other

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things.

Retailer JC Penney will release its

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results. The company closed several

stores last year and investors will

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be looking to see whether that has

turned things around for the

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Department store chain.

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Joining us is Alpesh Patel, Chief

Executive of Praefinium Partners.

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Thank you for braving the snow.

Let's talk about what has been

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happening with regard to new

imports, the new steel tariff

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imports, turrets that President

Trump wants to bring in. Already

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China is saying urge restraint,

there seems to be panic in the

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market?

What is interesting, you

need to look at about four or five

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stocks and it tells the whole story.

One company is a fourfold in the

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last two years since Trump the

candidate has mentioned this. So to

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some extent the steel manufacturers,

this has been priced in and I would

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not be surprised if their share

prices start dropping. Cisco and

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Intel, you might think what have

they got to do with it, that is

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where the retaliation will hate,

where the Chinese will hate the

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Americans, in the silicon chip

manufacturing, the IT industry of

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which they are great exporters.

America has to decide whether it

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wants to be steel manufacturing or

the IT industry, it will be either/

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or. The final stop is Caterpillar,

who make the construction trucks.

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Their share price was hit. Higher

prices does not mean more

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manufacturing jobs, it means less

construction, people do not buy.

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They do not buy more cars at a

higher price, they stop buying. That

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is another stock which tells the

truth about what will happen when

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and if these tariffs are announced

next week.

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Those will be the stocks to watch.

Italy have elections this weekend,

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there economy has suffered a

triple-dip recession over the past

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decade.

You could say that about any

year that you want. They get more

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recessions than the Democrat any

other European economy.

It will be a

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key thing for the elections, a third

of young people are unemployed?

It

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will not impact EU GDP or Brexit but

it matters for Italy alone. 40% are

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undecided, there is a populist

movement which is meant to have

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caused Brexit at the Trump election,

the five-star movement. They have

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announced their ministers. They will

probably not make a coalition. They

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did well in local elections,

probably got about 30% of the votes

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share.

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It is a problem for Italy but not,

thankfully, the European economy.

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Berlusconi is interesting, he does

not like to be likened to trumpet

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the hairstyle and skin tone, he

looks just like him and he hates

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that. -- does not like to be likened

to Trump.

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Still to come...

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With Theresa May said to tell EU

leaders she wants the deepest and

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broadest possible trade union after

Brexit, we find out what that means

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for business.

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You're with Business

Live from BBC News.

0:15:220:15:28

Snow is the word on everyone's lips

as the UK woke up to its forth day

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of severe disruption caused

by the freezing weather conditions.

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The army was called in overnight

to rescue people from their cars,

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while many schools and workplaces

will be closed today, at

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a significant cost to the economy.

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Fiona Lamdin is in Taunton

to give us an update.

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It has been very snowy, looks very

tough getting through for the lorry

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behind you. Lots of people still

have two struggling to work,

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emergency services, nurses, doctors

across the board?

We are a stone's

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throw away from the M5. It is

normally a main feeder road to the

0:16:110:16:21

M5, but it is hard to get onto. This

would normally be full of hundreds

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of cars, people trying to get to

work. It is completely empty.

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Traffic lights are read for no

traffic. If I can show you some of

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the stranded cars. This lorry you so

moving, got stranded last night. So

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many people were coming down the M5

and they said it was like an ice

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rink. They got to the point where

they thought it was dangers and they

0:16:450:16:48

would come off at Taunton. So many

people ended up abandoning their

0:16:480:16:56

cars and staying here. People are

trying to get moving, the team

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spirit is amazing, people have been

digging each other out of the snow.

0:17:000:17:03

We have just met a farmer, who has a

local business two miles away. He

0:17:030:17:09

rang into the local hospital,

Musgrove Park this morning and

0:17:090:17:12

offered his services. This morning

he been ferrying staff and all sorts

0:17:120:17:18

of people into Musgrove Park this

morning, so the hospital can operate

0:17:180:17:22

as normal. They are asking people to

only come in if it is an emergency.

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So the main thing about the road is,

they are asking people to avoid all

0:17:280:17:32

travel if you can. At the moment we

have been told the M5 is moving and

0:17:320:17:38

we have just literally seen a

snowplough and a gritter down this

0:17:380:17:43

road. People are not fancying

driving on this so the advice is to

0:17:430:17:48

stay in and stay warm.

Fiona, thank

you. A bit of good news, there will

0:17:480:17:55

be no gas deficit warning. It seems

supplies have been freed up.

0:17:550:18:04

You're watching Business Live.

0:18:090:18:10

Our top story:

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US President Donald Trump says he

plans to impose tariffs on steel and

0:18:150:18:19

aluminium imports. Trading partners

including China, Canada have

0:18:190:18:29

criticised it.

0:18:290:18:31

A quick look at how

the markets are faring.

0:18:310:18:38

Markets are down since that

announcement by President Trump.

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The UK's exit plan from the European

Union has dominated headlines after

0:18:510:18:57

trees may outline their plans for

trade after the exit.

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Our business editor Simon Jack

is with us in the studio.

0:19:010:19:07

Let's talk about this speech by

Theresa May, expected later. She is

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got to set out the five tests she

says need to be met. What are those

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likely to be?

We should go back and

say it has been a big week for

0:19:170:19:21

Brexit because we got the first

substantial document of the process

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when Michel Barnier, the chief

negotiator for the EU, set up the

0:19:250:19:30

legal text as to what was agreed in

December, the Phase one thing, it

0:19:300:19:35

dealt with the divorce bill,

Citizen's rights on what will happen

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on the border between Northern

Ireland and Ireland. In it, it says

0:19:390:19:45

as a last resort, to have a hard

border you would have full alignment

0:19:450:19:50

between Northern Ireland and the

Republic of Ireland. What this

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document says is that during that

period, the European Court of

0:19:530:19:57

Justice would be in charge. The big

fallout of that is you cannot have a

0:19:570:20:02

European Court of Justice in charge

of part of the United Kingdom, no

0:20:020:20:07

British Prime Minister would agree

to it. So they are saying, give us a

0:20:070:20:12

better idea. In Theresa May's

speech, she will give more detail

0:20:120:20:16

about what she wants and this is

what the Europeans have been asking

0:20:160:20:19

for for a long time. I expect her to

say, we want to be a good friend and

0:20:190:20:25

neighbour, but a bit more realism

saying we cannot have our cake and

0:20:250:20:29

eat it and say we would like to stay

in some big agencies like for

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example, aviation is,

pharmaceuticals. The Europeans will

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be saying, tell us what you want.

Today will be a key speech, one of

0:20:380:20:43

five from British ministers saying

this is what we want ahead.

20

0:20:430:20:47

months since the referendum and

businesses have had all that time

0:20:470:20:50

with uncertainty and are they hoping

for clarity today so they can move

0:20:500:20:56

forward?

A row pharmaceutical and

aviation, sensitive industries to

0:20:560:21:01

European legislation, Theresa May

may tip her hat and say, we would

0:21:010:21:07

like to stay a member to some

agencies. There is a huge debate

0:21:070:21:15

about whether you want to stay part

of the customs union or how much.

0:21:150:21:19

This has been perked up by the main

opposition party in the UK, saying

0:21:190:21:23

we would like to stay part of a

customs union. The Conservatives are

0:21:230:21:28

saying, you cannot do that because

if you are back closely entwined

0:21:280:21:32

with Europe, you cannot go and do

your own trade deals with the rest

0:21:320:21:36

of the world. Some would say, look

at the biggest single expert market,

0:21:360:21:41

it is the US, there is no trade

deal. Look at Germany's deal with

0:21:410:21:46

China, there is no trade deal. So

people saying, giving up is like

0:21:460:21:56

giving up a three course lunch for a

bag of crisps.

We saw Theresa May

0:21:560:22:01

meeting Donald Tusk yesterday and

those pictures of them going into

0:22:010:22:05

Downing Street. They don't even seem

to be on the same page at the

0:22:050:22:10

moment?

It was always going to be

like this. I think if people thought

0:22:100:22:14

it was going to be an ordered

progression and we would tick things

0:22:140:22:17

off along the way, was naive. I

think this speech will be important,

0:22:170:22:22

there will be a bit more honesty

about having our cake and eating it.

0:22:220:22:26

A bit more detail on how she would

like to stay close. There is a three

0:22:260:22:33

basket philosophy. The areas we want

to stay close like aviation and

0:22:330:22:36

pharmaceuticals. The areas where we

will basically recognise our own

0:22:360:22:40

rules, even though we go about it in

a different way and there are areas

0:22:400:22:44

where we want to do our own thing.

It is called the three Baskett

0:22:440:22:48

philosophy they want to pursue. The

Europeans say it is amounting to

0:22:480:22:53

cherry picking and you cannot have

it. One o'clock, the speech.

Simon,

0:22:530:23:01

just before you go, Toys R Us,

massive job losses across the world

0:23:010:23:09

Europe and Asia?

This is the same

old story, online pressing

0:23:090:23:14

traditional retailers. You get your

money in the Christmas, you look at

0:23:140:23:19

your business and look see if you

can afford your rent for the rest of

0:23:190:23:22

the year. They have said no. It is a

microcosm of larger job losses

0:23:220:23:32

across the sector. Give me a reason

to go to the store, is the big

0:23:320:23:35

thing.

Simon, thank you.

0:23:350:23:44

Stay up-to-date with the business

news as it happens on the BBC News

0:23:440:23:49

business live page. There is expert

analysis from our experts around the

0:23:490:23:52

globe. We want to hear from you. Get

Involved on the BBC's Web cage. On

0:23:520:24:02

Twitter we are at BBC business. We

can find us on Facebook. Business

0:24:020:24:07

live on TV and online, what you need

to know, when you need to know it.

0:24:070:24:16

What other business

stories has the media been

0:24:160:24:18

taking an interest in?

0:24:180:24:19

Alpesh Patel is joining

us again to discuss.

0:24:190:24:25

These coast of America, big

snowstorms arriving there as well.

0:24:260:24:29

It is such a struggle for people to

get into work, particularly now many

0:24:290:24:35

people just don't travel?

Absolutely, it seems a shame to talk

0:24:350:24:40

about business angle when lives are

being lost. In terms of lives, look

0:24:400:24:46

at the emergency services and you

hear about surgeons walking four

0:24:460:24:49

hours to try to do operations and

hospital staff staying overnight in

0:24:490:24:53

hospitals and so on. It has been

extraordinary and uplifting from

0:24:530:24:58

that angle. From a business

perspective it will have to hit

0:24:580:25:04

sales soon. After the battering it

has taken and I feel sorry for those

0:25:040:25:11

non-online retailers.

One lady says

I am in Canada and colleagues have

0:25:110:25:18

had to Cross-Country Skiing to work

in the past. In Leicester, people

0:25:180:25:24

driving with caution and allowing

more driving time. You made it in

0:25:240:25:33

and you have a three-day-old baby

that was born in the snow.

He was

0:25:330:25:40

born in cyber just down the road. I

thank the midwives who stayed

0:25:400:25:43

behind. Midwife Carol in particular

at the Portland. Thank you.

0:25:430:25:49

That's it from Business Live today.

0:25:490:25:52

There will be more business news

throughout the day on the BBC Live

0:25:520:25:55

web page and on World Business

Report.

0:25:550:25:57

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