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This is Business Live from BBC News
with Samantha Simmonds
and Susannah Streeter.
Trump's trade tariffs.
The US President says he'll
impose duties on steel
and aluminium imports.
Live from London, that's our top
story on Friday 2nd March.
The US President says the dumping
of foreign steel is costing jobs
but China warns his protectionist
policies will harm global trade.
We'll have the latest
live from China.
Also in the programme....
Embracing the "deepest
possible" free trade deal.
Britian's Prime Minister is set
to argue it is "achievable"
when the UK leaves the EU.
And in a week where Toys "R" Us
and Maplin have become the latest
The markets in Europe are all down
off the back of the trade comments
from President Trump.
And in a week where Toys "R" Us
and Maplin have become the latest
big UK retailers to run
into trouble, we'll get
the inside track with our
business editor Simon Jack.
As severe snow fall affects Europe
and the US East coast,
we want to know how
you are struggling into work.
We've made it in, but
will we make it home?
I don't think I will!
Let us know how you're getting on.
Just use the hashtag #BBCBizLive.
Hello and welcome to Business Live.
A warm welcome on this bitterly cold
day for many of us.
US President Donald Trump has
seriously upped the ante
in his trade disputes with the rest
of the world.
He says the world's biggest economy
will impose heavy tariffs on steel
and aluminium imports
to protect US producers.
They have welcomed the move.
But China is amongst those warning
it will harm global trade.
And stock markets have fallen
since the announcement.
Here's the details.
Mr Trump says from next week
he'll slap duties of 25%
on foreign steel imports,
and 10% on foreign aluminium.
Critics say if he goes ahead it
will force up costs for other US
firms like carmakers -
and provoke damaging retaliation.
They argue it could destroy more
jobs than it creates.
But as Joe Miller reports
from Pennsylvania, some workers see
this as the President trying
to fulfil his election promise
to save the US steel industry.
For almost two centuries, this
rolling mill has been a mainstay of
producing up to half
a million tonnes of steel
year and providing hundreds of well
paying, stable jobs.
I was able to build my
house and provide a good
lifestyle for my son and I,
but right now, I am in jeopardy of
having to start over
at 47 years old.
Last autumn, Kimberley and 250
of her fellow employees, were told
that with the price of steel
dropping, their employer would idle
the mill and axe 100 jobs.
But just a year before,
many of them voted
for a man who campaigned
on a promise to end their industry's
relentless cycle of boom and bust.
After months of dithering, the Trump
Administration has announced its
intention to slap tariffs
of 25% on steel imports.
We will be imposing tariffs
on steel imports and tariffs
on alumina imports and you are going
to see a lot of good things happen.
-- on a loom in imports.
For workers at the local union Hall,
the tariffs have been a long time
For years, they felt at the mercy
of China, which produces as
much steel in a month
as the US does in a year.
We know we have to trade,
but it has to be fair trade.
We're not even in the game.
Not just a freefall
of steel coming into this
But the White House is running
into the same problem that
has plagued previous
Imposing strict tariffs
on steel imports could cause
China and other important trade
partners to retaliate in kind and
that could cost jobs in other parts
of the country instead.
Other industries said
they fear a backlash
to the tariffs and markets
in New York fell sharply after the
But for volunteer firefighter,
Chuck, saving steel is
worth the cost.
The steel industry in
particular, that is the
cornerstone of America.
If we can't make our own
steel, we are leaving
to everyone else in the world.
The decision from Washington
has come at last, but
steel workers in Pennsylvania won't
be celebrating just yet, they will
be watching for how Beijing
and Brussels responds.
Joe Miller, BBC News.
Our correspondent Robin
Brant is in Shanghai.
Hello. So a trade ministry
spokesperson in China says this
could have a serious impact on the
International Trade order. Just how
could this escalator?
You are right. It is the Chinese
government, perhaps surprisingly for
some, which is an exponent today of
free global trade. It is the US
which is taking on very much the
role of the protectionist. We are
also hearing from China's Foreign
Ministry that it wants the US to
exercise restraint in using trade
protection tools. The language from
government spokespeople is rarely
excitable Ahmad, it pretty much fits
in with that. China knew this was
coming. It is no surprise. In terms
of retaliation there has been talk
of targeting agricultural imports
from the US into China, maybe Boeing
as well. No action on that but that
is where the rumours are. A bit of
context, China does not feature in
the top ten steel importers into the
US. It produces a lot of steel, in a
month what the US producers in a
year, with the US imports about 2%
of its steel from China. The
reaction in terms of what this might
have on the domestic Chinese steel
market will be pretty muted. The
markets today closing, we are seeing
calls for bar showing iron and
steel, the aluminium core of China
is down around 2%. That is fairly
muted. I think the big concern for
China, domestically, maybe is the
portent of what is to come from
President Trump on other bigger
issues in terms of the trade
relationship between the countries.
Intellectual property is a huge deal
for the US and others on the issue
of reciprocity, broader market
access. It is the one thing you
constantly hear big complaints from
American businesses and others
trying to get into the Chinese
market, not reciprocal, they do not
think their treatment is fair.
It does not seem like these tyrants
have been imposed and there is an
impact already on the car industry,
carp manufactures among those whose
share prices have fallen? -- it does
not seem like these tariffs have
been imposed yet.
Car-maker, on and
off the biggest car producer in the
world, not Chinese but with a
biggest... Big impact here. We're
hearing it will distort the global
steel market and will not protect
Many thanks, Robin Brant in
Let's take a look at some of
the other stories making the news.
The London Stock Exchange has
shrugged off a year of slower
trading and a management shake-up
to report a growth in profits.
Adjusted operating profit rose
18% to £812 million -
that's more than $1.1 billion.
It's also increased its
payout to shareholders.
The company says its making good
progress on recruiting a new chief
executive to replace Xavier Rolet
who left after a boardroom battle.
Robin Russell is talking about this.
-- Robin Brant was just talking
Japanese carmaking giant Toyota says
it plans to form a $2.8 billion
company with a group
of others to develop
The tie-up with suppliers including
Denso and Aisin Seiki will create
about 1,000 new jobs.
Toyota will own 90%
of the new company.
Bill Gates has attacked
saying they are killing people
in a "fairly direct way".
In a question and answer session
on the news website Reddit he said
digital currencies like Bitcoin
are used to buy drugs
and that their anonymity meant
they were linked to terrorist
funding and money laundering.
Critics have said he was
ill-informed about the technology.
Japanese car-maker Subaru
is replacing its president
and overhauling its board
as the effects of last
year's inspections scandal
continue to be felt.
In October the firm revealed it
hadn't followed proper procedures
for inspecting domestic models,
leading to the recall
of almost 400,000 cars.
Sarah Toms is in our
Asia Business Hub.
Welcome to you. Bring as up to date
on the reshuffle at Subaru?
are two key things which have come
out of this. Subaru will bijou
reshuffling its board. I think three
out of six board members will be
replaced. Also being replaced is the
man who was the person in charge of
day-to-day operations, the
president. The reshuffle comes, it
is a move to rebuild trust but it is
interesting to see how well that
will go when the old president has
not left the company. He will retain
his role as chief executive and also
take over as chairman. What does
this mean? As chairman he will be
continuing to lead efforts to
prevent any more of these
inspections scandals and will be
continuing Subaru's campaign to
regain the public trust that the
company feels it has lost.
very much, Sarah.
Now the markets. Those concerns over
the impact of President Trump's move
have had a massive impact on steel
tariffs. They have hit US shares and
the dollar, car-makers like Ford and
GM are hardest hit. The Dow close
down 1.68%, and Japanese stocks fell
to a two and a half week low on
Friday, steelmakers and comedy
factor is taking a battering. Nippon
steel and one South Korean company
were down as much as 4% during
trading, down to President Trump's
The Europe markets are expected to
react and are all down across the
board. Concerns that that decision
will spill over to Europe, looking
at stocks in companies with
facilities in the US.
The FTSE is likely to be affected by
a speech by British Prime Minister
Theresa May who is likely to set out
her vision for a Brexit deal in a
steep -- in a speech which could
affect the pounds and the FTSE.
The to you my years in New York. --
Yogita Limaye is in New York.
Investors will be looking at steel.
The consumer Internet Dunn sentiment
index for February is due to be
raised by the University of
Michigan. It is due to be higher
than the previous month, showing
Americans are feeling better about
financial and prospects, among other
Retailer JC Penney will release its
results. The company closed several
stores last year and investors will
be looking to see whether that has
turned things around for the
Department store chain.
Joining us is Alpesh Patel, Chief
Executive of Praefinium Partners.
Thank you for braving the snow.
Let's talk about what has been
happening with regard to new
imports, the new steel tariff
imports, turrets that President
Trump wants to bring in. Already
China is saying urge restraint,
there seems to be panic in the
What is interesting, you
need to look at about four or five
stocks and it tells the whole story.
One company is a fourfold in the
last two years since Trump the
candidate has mentioned this. So to
some extent the steel manufacturers,
this has been priced in and I would
not be surprised if their share
prices start dropping. Cisco and
Intel, you might think what have
they got to do with it, that is
where the retaliation will hate,
where the Chinese will hate the
Americans, in the silicon chip
manufacturing, the IT industry of
which they are great exporters.
America has to decide whether it
wants to be steel manufacturing or
the IT industry, it will be either/
or. The final stop is Caterpillar,
who make the construction trucks.
Their share price was hit. Higher
prices does not mean more
manufacturing jobs, it means less
construction, people do not buy.
They do not buy more cars at a
higher price, they stop buying. That
is another stock which tells the
truth about what will happen when
and if these tariffs are announced
Those will be the stocks to watch.
Italy have elections this weekend,
there economy has suffered a
triple-dip recession over the past
You could say that about any
year that you want. They get more
recessions than the Democrat any
other European economy.
It will be a
key thing for the elections, a third
of young people are unemployed?
will not impact EU GDP or Brexit but
it matters for Italy alone. 40% are
undecided, there is a populist
movement which is meant to have
caused Brexit at the Trump election,
the five-star movement. They have
announced their ministers. They will
probably not make a coalition. They
did well in local elections,
probably got about 30% of the votes
It is a problem for Italy but not,
thankfully, the European economy.
Berlusconi is interesting, he does
not like to be likened to trumpet
the hairstyle and skin tone, he
looks just like him and he hates
that. -- does not like to be likened
Still to come...
With Theresa May said to tell EU
leaders she wants the deepest and
broadest possible trade union after
Brexit, we find out what that means
You're with Business
Live from BBC News.
Snow is the word on everyone's lips
as the UK woke up to its forth day
of severe disruption caused
by the freezing weather conditions.
The army was called in overnight
to rescue people from their cars,
while many schools and workplaces
will be closed today, at
a significant cost to the economy.
Fiona Lamdin is in Taunton
to give us an update.
It has been very snowy, looks very
tough getting through for the lorry
behind you. Lots of people still
have two struggling to work,
emergency services, nurses, doctors
across the board?
We are a stone's
throw away from the M5. It is
normally a main feeder road to the
M5, but it is hard to get onto. This
would normally be full of hundreds
of cars, people trying to get to
work. It is completely empty.
Traffic lights are read for no
traffic. If I can show you some of
the stranded cars. This lorry you so
moving, got stranded last night. So
many people were coming down the M5
and they said it was like an ice
rink. They got to the point where
they thought it was dangers and they
would come off at Taunton. So many
people ended up abandoning their
cars and staying here. People are
trying to get moving, the team
spirit is amazing, people have been
digging each other out of the snow.
We have just met a farmer, who has a
local business two miles away. He
rang into the local hospital,
Musgrove Park this morning and
offered his services. This morning
he been ferrying staff and all sorts
of people into Musgrove Park this
morning, so the hospital can operate
as normal. They are asking people to
only come in if it is an emergency.
So the main thing about the road is,
they are asking people to avoid all
travel if you can. At the moment we
have been told the M5 is moving and
we have just literally seen a
snowplough and a gritter down this
road. People are not fancying
driving on this so the advice is to
stay in and stay warm.
you. A bit of good news, there will
be no gas deficit warning. It seems
supplies have been freed up.
You're watching Business Live.
Our top story:
US President Donald Trump says he
plans to impose tariffs on steel and
aluminium imports. Trading partners
including China, Canada have
A quick look at how
the markets are faring.
Markets are down since that
announcement by President Trump.
The UK's exit plan from the European
Union has dominated headlines after
trees may outline their plans for
trade after the exit.
Our business editor Simon Jack
is with us in the studio.
Let's talk about this speech by
Theresa May, expected later. She is
got to set out the five tests she
says need to be met. What are those
likely to be?
We should go back and
say it has been a big week for
Brexit because we got the first
substantial document of the process
when Michel Barnier, the chief
negotiator for the EU, set up the
legal text as to what was agreed in
December, the Phase one thing, it
dealt with the divorce bill,
Citizen's rights on what will happen
on the border between Northern
Ireland and Ireland. In it, it says
as a last resort, to have a hard
border you would have full alignment
between Northern Ireland and the
Republic of Ireland. What this
document says is that during that
period, the European Court of
Justice would be in charge. The big
fallout of that is you cannot have a
European Court of Justice in charge
of part of the United Kingdom, no
British Prime Minister would agree
to it. So they are saying, give us a
better idea. In Theresa May's
speech, she will give more detail
about what she wants and this is
what the Europeans have been asking
for for a long time. I expect her to
say, we want to be a good friend and
neighbour, but a bit more realism
saying we cannot have our cake and
eat it and say we would like to stay
in some big agencies like for
example, aviation is,
pharmaceuticals. The Europeans will
be saying, tell us what you want.
Today will be a key speech, one of
five from British ministers saying
this is what we want ahead.
months since the referendum and
businesses have had all that time
with uncertainty and are they hoping
for clarity today so they can move
A row pharmaceutical and
aviation, sensitive industries to
European legislation, Theresa May
may tip her hat and say, we would
like to stay a member to some
agencies. There is a huge debate
about whether you want to stay part
of the customs union or how much.
This has been perked up by the main
opposition party in the UK, saying
we would like to stay part of a
customs union. The Conservatives are
saying, you cannot do that because
if you are back closely entwined
with Europe, you cannot go and do
your own trade deals with the rest
of the world. Some would say, look
at the biggest single expert market,
it is the US, there is no trade
deal. Look at Germany's deal with
China, there is no trade deal. So
people saying, giving up is like
giving up a three course lunch for a
bag of crisps.
We saw Theresa May
meeting Donald Tusk yesterday and
those pictures of them going into
Downing Street. They don't even seem
to be on the same page at the
It was always going to be
like this. I think if people thought
it was going to be an ordered
progression and we would tick things
off along the way, was naive. I
think this speech will be important,
there will be a bit more honesty
about having our cake and eating it.
A bit more detail on how she would
like to stay close. There is a three
basket philosophy. The areas we want
to stay close like aviation and
pharmaceuticals. The areas where we
will basically recognise our own
rules, even though we go about it in
a different way and there are areas
where we want to do our own thing.
It is called the three Baskett
philosophy they want to pursue. The
Europeans say it is amounting to
cherry picking and you cannot have
it. One o'clock, the speech.
just before you go, Toys R Us,
massive job losses across the world
Europe and Asia?
This is the same
old story, online pressing
traditional retailers. You get your
money in the Christmas, you look at
your business and look see if you
can afford your rent for the rest of
the year. They have said no. It is a
microcosm of larger job losses
across the sector. Give me a reason
to go to the store, is the big
Simon, thank you.
Stay up-to-date with the business
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to know, when you need to know it.
What other business
stories has the media been
taking an interest in?
Alpesh Patel is joining
us again to discuss.
These coast of America, big
snowstorms arriving there as well.
It is such a struggle for people to
get into work, particularly now many
people just don't travel?
Absolutely, it seems a shame to talk
about business angle when lives are
being lost. In terms of lives, look
at the emergency services and you
hear about surgeons walking four
hours to try to do operations and
hospital staff staying overnight in
hospitals and so on. It has been
extraordinary and uplifting from
that angle. From a business
perspective it will have to hit
sales soon. After the battering it
has taken and I feel sorry for those
One lady says
I am in Canada and colleagues have
had to Cross-Country Skiing to work
in the past. In Leicester, people
driving with caution and allowing
more driving time. You made it in
and you have a three-day-old baby
that was born in the snow.
born in cyber just down the road. I
thank the midwives who stayed
behind. Midwife Carol in particular
at the Portland. Thank you.
That's it from Business Live today.
There will be more business news
throughout the day on the BBC Live
web page and on World Business