0:00:00 > 0:00:04and aluminium tariffs.
0:00:04 > 0:00:09Live from London, that's our top story on Monday 5th March.
0:00:19 > 0:00:23Steely resolve from President Trump on trade -
0:00:23 > 0:00:26and a new threat to tax imports of EU cars - we go live
0:00:26 > 0:00:29to Brussels to hear the view of the European Commissioner
0:00:29 > 0:00:30for Trade - Cecilia Malmstrom.
0:00:30 > 0:00:32Plus...
0:00:32 > 0:00:34What's next for Europe's fourth largest economy after elections
0:00:34 > 0:00:40in Italy lead to a hung parliament?
0:00:40 > 0:00:43And what effect of all these developments had on the financial
0:00:43 > 0:00:48markets? We will take a look at the open in Europe.
0:00:48 > 0:00:54And whisky galore - we get the inside track on how
0:00:54 > 0:00:57Scotch whisky has become record breaking export for the UK.
0:00:57 > 0:00:59But if whisky has become a successful export -
0:00:59 > 0:01:01then how much of that is down to its name?
0:01:01 > 0:01:04Lobbyists in the US want American firms to be able
0:01:04 > 0:01:06to sell their own versions of Cornish pasties
0:01:06 > 0:01:07and Scotch Whiskey.
0:01:07 > 0:01:09Should regional foods keep their protected status?
0:01:09 > 0:01:11Let us know...
0:01:11 > 0:01:15Just use the hashtag BBCBizLive.
0:01:24 > 0:01:26Hello and welcome to Business Live.
0:01:26 > 0:01:28The war of words over trade has continued over the weekend,
0:01:28 > 0:01:30with US President Donald Trump threatening to "apply
0:01:30 > 0:01:33a tax" on imports of cars from the European Union.
0:01:33 > 0:01:35He tweeted...
0:01:47 > 0:01:51EU trade chiefs have reportedly been considering slapping 25% tariffs
0:01:51 > 0:01:56on imports from the US - including Levi jeans,
0:01:56 > 0:02:00Harley Davidson motorbikes and Bourbon whisky.
0:02:00 > 0:02:04This all follows Mr Trump's decision last week to slap duties of 25%
0:02:04 > 0:02:08on foreign steel imports and 10% on foreign aluminium.
0:02:08 > 0:02:11Critics say if he goes ahead it will force up costs for other US
0:02:11 > 0:02:14firms like carmakers.
0:02:14 > 0:02:16Meanwhile, China has warned that it will not sit idly
0:02:16 > 0:02:22by if its economy is hurt.
0:02:22 > 0:02:27Cecilia Malmstrom is the EU Trade Commissioner.
0:02:27 > 0:02:32Joining us live from Brussels. You were listening to that. Can you tell
0:02:32 > 0:02:39us what your plans are for tariffs on US imports?Good morning. First
0:02:39 > 0:02:45of all, we need to say the final decision is due to come at the end
0:02:45 > 0:02:49of this week. But we are preparing because this has been in the air for
0:02:49 > 0:02:54quite some time. We think this will be taxes on aluminium and steel, we
0:02:54 > 0:02:59think they would be erroneous. It is motivated by internal security. We
0:02:59 > 0:03:04cannot see how the European Union can be a threat to internal security
0:03:04 > 0:03:09in the US. So we will of course, possibly with others, take this
0:03:09 > 0:03:15decision to the WTO. We are also looking at different safeguard
0:03:15 > 0:03:19measures on our own steel and aluminium. And we're looking at ways
0:03:19 > 0:03:24of retaliating, meaning we will taxes or tariffs on US imports to
0:03:24 > 0:03:29the European Union. But we wait for the final decision.Can you be more
0:03:29 > 0:03:33specific about the process? You are saying you will go through the World
0:03:33 > 0:03:37Trade Organisation and that could take something like 18 months. Will
0:03:37 > 0:03:42you put tariffs on goods prior to that anyway? Will you react more
0:03:42 > 0:03:49immediately than that?I think we will do three things at the same
0:03:49 > 0:03:54time. It is true that decisions at the WTO take a long time, but we are
0:03:54 > 0:03:59convinced this is an erroneous decision, it is against the WTO, and
0:03:59 > 0:04:01that is why we are talking to different partners across the world
0:04:01 > 0:04:09who are also upset about this and we will take the WTO. But the
0:04:09 > 0:04:13retaliation measures, we will not wait for the WTO to make a decision.
0:04:13 > 0:04:17Can you be more specific about the retaliation and safeguard measures?
0:04:17 > 0:04:22It has been reported we are looking at 25% tariffs on US goods, things
0:04:22 > 0:04:25like Levi jeans, bourbon whiskey will stop is that what you are
0:04:25 > 0:04:33talking about?Those are things that are figuring on the draft list. We
0:04:33 > 0:04:35will discuss it inside the College of Commissioners on Wednesday
0:04:35 > 0:04:41morning. But they have to to be completely legal, in compliance with
0:04:41 > 0:04:46the WTO. We are looking at the correspondent of the economic loss
0:04:46 > 0:04:49that the steel and aluminium tariffs from the US will do to the EU
0:04:49 > 0:04:54economy. That's why we need to calibrate that safely in order to
0:04:54 > 0:04:58respond, to retaliate, but not escalate this unnecessarily.How far
0:04:58 > 0:05:02will this go, do you think, from the point of view of the United States,
0:05:02 > 0:05:07the talk is very tough from the likes of President Trump and Wilbur
0:05:07 > 0:05:10Ross, the commerce secretary. The trade Secretary as well, they sound
0:05:10 > 0:05:16like they will not back down. How far will the EU go?We still hope
0:05:16 > 0:05:23they will back down and exclude the EU. Lots of contacts are being taken
0:05:23 > 0:05:27at the highest level in the US. We have spoken to them for many months.
0:05:27 > 0:05:34I have personally spoken to the US trade relations and US commerce, and
0:05:34 > 0:05:37we have shown them statistics and facts to show it's not in the
0:05:37 > 0:05:41interests of the US either. But it looks like if they are determined
0:05:41 > 0:05:45not to exclude anyone, it's very unfortunate. It will severely
0:05:45 > 0:05:48disturbed global markets and create an atmosphere that is not
0:05:48 > 0:05:53constructive at all.Thank you for your time, European Union trade
0:05:53 > 0:06:00Commissioner. That's with the EU's response. We will keep a close eye
0:06:00 > 0:06:03on this story as it develops this week.
0:06:03 > 0:06:06Let's take a look at some of the other stories making the news.
0:06:06 > 0:06:09The French insurance giant AXA is set to buy XL
0:06:09 > 0:06:10Group for $15.3 billion.
0:06:10 > 0:06:11The Bermuda-based company specialises in property
0:06:11 > 0:06:12and casualty insurance.
0:06:12 > 0:06:17The deal is expected to be completed in the second half of this year.
0:06:17 > 0:06:22The accountancy firm PWC says that reducing the gender pay gap
0:06:22 > 0:06:25could boost OECD nations by $6 trillion.
0:06:25 > 0:06:28The report suggests that women could play a greater role
0:06:28 > 0:06:30in the labour market through increased skills
0:06:30 > 0:06:33and a reduction in joblessness.
0:06:37 > 0:06:39Italy appears to be heading for a hung parliament,
0:06:39 > 0:06:42with exit polls suggesting that no group has won a majority
0:06:42 > 0:06:45in the country's general election.
0:06:45 > 0:06:48But as ever, one of the most pressing issues is the financial
0:06:48 > 0:06:51state of Europe's fourth largest economy.
0:06:51 > 0:06:54That was on the minds of many who went to the polls.
0:06:54 > 0:06:57Since the global financial crisis hit a decade ago,
0:06:57 > 0:06:57Since the global financial crisis hit a decade ago,
0:06:57 > 0:07:00the economy has struggled to keep up with the rest of the Eurozone
0:07:00 > 0:07:02and suffered two big recessions.
0:07:02 > 0:07:07But things picked up last year with growth of 1.6%.
0:07:07 > 0:07:09One of the biggest election concerns for young voters
0:07:09 > 0:07:09has been unemployment.
0:07:09 > 0:07:11has been unemployment.
0:07:11 > 0:07:13It unexpectedly rose last week to 11.1% as more people
0:07:13 > 0:07:16started looking for work.
0:07:16 > 0:07:18That's well above the Eurozone average and amounts to nearly
0:07:18 > 0:07:233 million people.
0:07:23 > 0:07:29Federico Santi, Europe Analyst at Eurasia Group.
0:07:29 > 0:07:33Welcome to the programme. What's your take on the results we have
0:07:33 > 0:07:42got, the Five Star Movement and the League coming in stronger than
0:07:42 > 0:07:45people anticipated but this is a real antiestablishment vote we have
0:07:45 > 0:07:49seen.Definitely, the results were unexpected but not entirely
0:07:49 > 0:07:54surprising. We have been flagging it for some time, the risk of a
0:07:54 > 0:07:56populist government taking hold in Italy has been fully borne out by
0:07:56 > 0:08:00the results. We are still waiting for the definitive result. The one
0:08:00 > 0:08:04thing that is clear, there is no clear majority. I think we are
0:08:04 > 0:08:08looking at lengthy and unpredictable complex coalition talks, which is
0:08:08 > 0:08:17something we have grown used to in Europe. But at this point the
0:08:17 > 0:08:20chances of a government being led by a populist party are actually quite
0:08:20 > 0:08:22high.The Five Star Movement is relatively new, and it has taken
0:08:22 > 0:08:26many people by surprise. It's not just young people voting, it's right
0:08:26 > 0:08:31across the board, from both sides of the political spectrum.It started
0:08:31 > 0:08:36as a protest movement, but by this time it has fully transitioned into
0:08:36 > 0:08:38almost a mainstream party. They have broadened their base of support
0:08:38 > 0:08:44beyond this disaffected, younger and unemployed voters and they have done
0:08:44 > 0:08:48a good job of harnessing this pervasive antiestablishment
0:08:48 > 0:08:54sentiment in the country.The question is, will they see change in
0:08:54 > 0:08:57the near future, or even in the years ahead? It's difficult to say
0:08:57 > 0:09:03at this point with so many political players in there, including the
0:09:03 > 0:09:12likes of Silvio Berlusconi, who came back onto the scene.The results
0:09:12 > 0:09:17were somewhat disappointing for Berlusconi but his base was strong
0:09:17 > 0:09:20and I think he will be in the next for the next government, which is
0:09:20 > 0:09:23quite surprising. Even before the vote, we did not see anything good
0:09:23 > 0:09:27coming out of the election in the economy and this is all the more so
0:09:27 > 0:09:31given the results we are seeing.Do you think the Five Star Movement
0:09:31 > 0:09:33gathered such support from different age groups because so many young
0:09:33 > 0:09:37people have left Italy to find work elsewhere. Perhaps their parents and
0:09:37 > 0:09:44grandparents are fed up and want them to return.Biker said, this is
0:09:44 > 0:09:47pervasive, the disaffection with mainstream parties, who have had
0:09:47 > 0:09:52their worst performance in decades. This is no coincidence. Italy is one
0:09:52 > 0:09:56of the countries hit hardest by the financial crisis, the Eurozone
0:09:56 > 0:10:00crisis, and the immigration crisis more recently. The country hasn't
0:10:00 > 0:10:05really grown in 15 years so this is the unsurprising effect.Thank you
0:10:05 > 0:10:09for your time and your analysis of what happened in Italy over the
0:10:09 > 0:10:12weekend.
0:10:12 > 0:10:14China has set its 2018 growth target at "around 6.5%",
0:10:14 > 0:10:19a faster expansion than any western economy could dream of.
0:10:19 > 0:10:23But behind the strong growth figures there are concerns China's economy
0:10:23 > 0:10:27is too reliant on borrowing, while the country has also
0:10:27 > 0:10:34pledged to crack down on financial risk taking.
0:10:34 > 0:10:39Stephen McDonell joins us now from Beijing.
0:10:39 > 0:10:44On the face of it, there is a great target, but underneath there are
0:10:44 > 0:10:50real concerns about spiralling debt and how the economy can cope.The
0:10:50 > 0:10:56first day of the NPC is always marked by a lot of attention for the
0:10:56 > 0:10:59target GDP growth. That's because it gives you an idea of how the
0:10:59 > 0:11:03government will try to pull various levers to try to manage this
0:11:03 > 0:11:10enormous economy. The 6.5% target this year is the same as last year.
0:11:10 > 0:11:17Last year the Chinese economy achieved a 6.9% GDP growth. It shows
0:11:17 > 0:11:21they will continue to try to step down the economy to achieve a longer
0:11:21 > 0:11:25lasting and more sustainable growth, given the problems with things like
0:11:25 > 0:11:29that, as you say. It will also pay for an 8% increase in defence
0:11:29 > 0:11:36spending. And a 3% reduction in the amount of energy expended for every
0:11:36 > 0:11:41unit of GDP. That's so China can achieve its commitments to global
0:11:41 > 0:11:46warming targets. It means for every bit of GDP that is achieved, more
0:11:46 > 0:11:50renewable energies and less fossil fuel.Thank you for that update.
0:11:50 > 0:11:59Let's take a look at the wider financial markets.
0:11:59 > 0:12:02The Nikkei has fallen for the fourth session in a row.
0:12:02 > 0:12:03Similar picture for Hong Kong's hang seng
0:12:03 > 0:12:08and Australia's all ordinaries -
0:12:08 > 0:12:15comes after the Dow closed down on Friday.
0:12:15 > 0:12:19Steelmakers, car manufacturers and shipping companies seem to be
0:12:19 > 0:12:22worst hit amid fears that a global trade row could break
0:12:22 > 0:12:24out.
0:12:24 > 0:12:28How is it looking so far in Europe,
0:12:28 > 0:12:32given the results of the Italian election.
0:12:32 > 0:12:36The FTSE 100 is pretty flat at the moment. It's struggling to stay in
0:12:36 > 0:12:46the black. But the Dax and the French markets have both been
0:12:46 > 0:12:55negative today. We have the European figures behind me.
0:12:55 > 0:12:56Joining us is Jessica Ground, Global Head of Stewardship
0:12:56 > 0:12:58at Schroders.
0:12:58 > 0:13:04I was noting that in Germany, in Frankfurt, the big losers were BMW
0:13:04 > 0:13:08shares down, and Volkswagen shares also down, over concerns of a
0:13:08 > 0:13:11possible trade war that they could be caught up in.A bit more
0:13:11 > 0:13:15clarification of the weekend that this could be extended to importing
0:13:15 > 0:13:19cars. People are just trying to think about the unintended
0:13:19 > 0:13:23consequences, whether it's through retaliation, as we have just been
0:13:23 > 0:13:27hearing about, and also how it affects the whole supply chain. For
0:13:27 > 0:13:32example, the domestic oil industry in the US is a huge consumer of
0:13:32 > 0:13:35steel and aluminium. Higher costs there, will it hit people at the
0:13:35 > 0:13:42pumps?How worried are you about this? Listing to Cecilia earlier
0:13:42 > 0:13:45when she said, we are ready and poised. We have thought through our
0:13:45 > 0:13:51retaliation. -- listening to Cecilia.It's interesting because
0:13:51 > 0:13:56George W Bush was the last person to put tariffs on steel. But backed
0:13:56 > 0:14:00down when the WTO got involved. The problem is, Donald Trump feels like
0:14:00 > 0:14:05a different personality and whether or not he will be cowed isn't great.
0:14:05 > 0:14:09Retaliation is one thing, but in the long-term, markets will be more in
0:14:09 > 0:14:13favour of more free trade and economic activity.Global trade
0:14:13 > 0:14:16seems to be the theme running through financial markets at the
0:14:16 > 0:14:21moment. Also politics, we had the result from Italy with another hung
0:14:21 > 0:14:27parliament. Interestingly, we have the Dax on the board in negative,
0:14:27 > 0:14:30even though there was quite good news as far as its government was
0:14:30 > 0:14:35concerned.It's swings and roundabouts. The currency as far as
0:14:35 > 0:14:39I understand it, the euro is feeling better about Angela Merkel going
0:14:39 > 0:14:42into coalition and it feels more significant than Italy, which we
0:14:42 > 0:14:47always knew was a more difficult electoral result, certainly more
0:14:47 > 0:14:51colourful. The Dax is really responding, that's where the auto
0:14:51 > 0:14:54manufacturers are and that's where a lot of trade exposure is, so
0:14:54 > 0:14:57individual names are being hit.
0:15:03 > 0:15:08For now, thank you. She will return later to talk Cornish pasties. And
0:15:08 > 0:15:10pies!
0:15:10 > 0:15:13Still to come - we get the inside track on how Scotch
0:15:13 > 0:15:16whisky has become record breaking export for the UK.
0:15:16 > 0:15:20You're with Business Live from BBC News.
0:15:24 > 0:15:26Global demand, especially from Europe, is helping UK
0:15:26 > 0:15:33manufacturers shrug off political uncertainty at home.
0:15:33 > 0:15:39That's according to manufacturers' organisation EEF, which has
0:15:39 > 0:15:45upgraded its 2018 growth expectations from 1.4% to 2%.
0:15:45 > 0:15:55This means manufacturing could grow faster than the rest of the economy.
0:15:55 > 0:15:57Lee Hopley, EEF's Chief Economist, is here to tell us more.
0:15:58 > 0:16:04This comes after the effect of the bad weather on the UK economy, do
0:16:04 > 0:16:10you think manufacturers will be hit by that and supply chain issues?
0:16:10 > 0:16:13There will clearly be issues around logistics challenges but I don't
0:16:13 > 0:16:18think we expect that to have a material impact on the trajectory of
0:16:18 > 0:16:22the sector over the course of the next couple of quarters. We have
0:16:22 > 0:16:26seen a really strong 2017 and a lot of momentum is carried into this
0:16:26 > 0:16:31year on the back of strengthening global demand, and particularly
0:16:31 > 0:16:35prospects coming from European customers.So you have upgraded your
0:16:35 > 0:16:40outlook for this year which is good news but beyond that, what is your
0:16:40 > 0:16:44thinking? Because that is the difficulty for manufacturers.
0:16:44 > 0:16:51Without clarity on Brexit, it is difficult to plan.There's a lot of
0:16:51 > 0:16:55uncertainty around our forecasts, not least issues around global trade
0:16:55 > 0:16:59and increased signs of protectionism from the US for example, which could
0:16:59 > 0:17:04play out in a negative way for UK manufacturers. As we look beyond
0:17:04 > 0:17:09this year, we have to assume we do have some clarity around the Brexit
0:17:09 > 0:17:13outcomes towards the autumn of this year as has been indicated by the
0:17:13 > 0:17:21Government and that starts to lead to more certainty, especially as we
0:17:21 > 0:17:26work towards a transition period that extends to 2020 and that is
0:17:26 > 0:17:36critical for the sector at the moment.Thank you for your time.
0:17:36 > 0:17:44Lots more stories on the BBC News website. Trinity Mirror will be
0:17:44 > 0:17:52changing its name to Reach. It reaches millions of people everyday,
0:17:52 > 0:17:58is why Reach is a great name for them, it says. What's more on the
0:17:58 > 0:18:04BBC News business live page.
0:18:04 > 0:18:07You're watching Business live - our top story: China and Europe
0:18:07 > 0:18:10have reacted to the White House after it says no countries
0:18:10 > 0:18:19will be exempt from steel and aluminium tariffs.
0:18:39 > 0:18:41A quick look at how markets are faring...
0:18:41 > 0:18:45Let's talk about liquid gold.
0:18:45 > 0:18:50Scotch whisky broke a new export record 2017, with overseas sales
0:18:50 > 0:18:53hitting $6 billion, equal to more than 1.2 billion
0:18:53 > 0:18:58bottles.
0:18:58 > 0:19:01That's a lot to drink!
0:19:01 > 0:19:02Tomatin Distillery - which was once Scotland's biggest
0:19:02 > 0:19:05whisky distiller by volume - hopes to be a key player
0:19:05 > 0:19:06in that growing market.
0:19:06 > 0:19:08Since 1986, it's been owned by a Japanese corporation
0:19:08 > 0:19:11and has focused especially on single malt.
0:19:11 > 0:19:12Sales of that particular whisky variety have increased by 83%
0:19:12 > 0:19:15in the last five years and are exported to 55
0:19:15 > 0:19:21countries around the world.
0:19:21 > 0:19:25Stephen Bremner is the Sales Director at Tomatin.
0:19:25 > 0:19:30Good to see you. Thanks for being on the programme. Tell us more about
0:19:30 > 0:19:35how you've made the most of this growing appetite globally for Scotch
0:19:35 > 0:19:43whiskey. It is very much a worldwide phenomenon, isn't it?It is indeed,
0:19:43 > 0:19:46there is growing interest, especially in malt whiskey and over
0:19:46 > 0:19:54the last few years that interest has grown worldwide. Because of the rich
0:19:54 > 0:19:58history and provenance of Scotch whiskey, more and more consumers are
0:19:58 > 0:20:04buying into that so it's been, the last few years have been very
0:20:04 > 0:20:11beneficial.Is it part of this whole craft trend? We have seen lots of
0:20:11 > 0:20:15different founders and entrepreneurs who have set up their own brand.
0:20:15 > 0:20:21Have you tapped into that, the desire for something original?Yes,
0:20:21 > 0:20:25I think consumers now, because there is so much information available,
0:20:25 > 0:20:30they are very astute in what they are buying. What they want to buy is
0:20:30 > 0:20:34something of a very high quality. Because of the regulations we have
0:20:34 > 0:20:38in place for the production of Scotch whiskey, consumers know that
0:20:38 > 0:20:45they will get something that is produced to a very high standard.
0:20:45 > 0:20:48Interesting though, a story we are looking at today is a US lobby
0:20:48 > 0:20:52groups who say special protection on certain products like Scotch
0:20:52 > 0:20:57whiskey, like champagne, like the Cornish pasty should be removed.
0:20:57 > 0:21:03There shouldn't be this protection is it worth. What do you think in
0:21:03 > 0:21:06reaction to that? It must be extremely important to your
0:21:06 > 0:21:11business.Yes, I don't agree with that. Scotch whiskey has been
0:21:11 > 0:21:17produced in Scotland for hundreds of years and as I said previously, we
0:21:17 > 0:21:21have very strict regulations in place as to how Scotch whiskey is
0:21:21 > 0:21:27produced so the idea that other countries could then the dues are
0:21:27 > 0:21:32whiskey and call it Scotch doesn't really sit right at all.You were
0:21:32 > 0:21:36bought by a Japanese company in the mid-80s which helped turn around the
0:21:36 > 0:21:41fortunes of your company but some would say that is selling out, isn't
0:21:41 > 0:21:47it? It doesn't mean you are now independent and really you are
0:21:47 > 0:21:50selling Scotch whiskey.We are owned by a Japanese company but in terms
0:21:50 > 0:21:55of the day-to-day running of the business we are fairly autonomous.
0:21:55 > 0:22:00In terms of the strategic direction of the business, we are left to our
0:22:00 > 0:22:05own devices. We very much see ourselves as a Scottish company.And
0:22:05 > 0:22:10you were telling me earlier about the time you were bailed out by the
0:22:10 > 0:22:14Japanese company, 25 distilleries went bust in Scotland and a lot of
0:22:14 > 0:22:21that was to do with the US market, big dip in the US market that the
0:22:21 > 0:22:24time.Historically the Scotch whiskey industry was tied into the
0:22:24 > 0:22:28American market so if there was a slump in the American market there
0:22:28 > 0:22:33tended to be the same situation here.But now you are more
0:22:33 > 0:22:38diversified and there has been a surge across Asia, because we have
0:22:38 > 0:22:42talked about it on this programme, the fact there is a massive appetite
0:22:42 > 0:22:49for whiskey.Yes, China is definitely a growing market. There
0:22:49 > 0:22:54is much more interest in malt whiskey now, and because of the
0:22:54 > 0:22:57growing middle-class there many more people are interested in the
0:22:57 > 0:23:01provenance of what they are drinking, and because of the rich
0:23:01 > 0:23:08history we have in Scotland is people can really buy into you.We
0:23:08 > 0:23:13will be picking up on the theme of that protected status in the moment
0:23:13 > 0:23:19but first a quick reminder of how to get in touch.
0:23:23 > 0:23:26We have insight and analysis from our team of editors around the
0:23:26 > 0:23:33globe, and we want to hear from you too. Get involved on the BBC
0:23:33 > 0:23:44business live page. You can find us on Twitter and Facebook. Business
0:23:44 > 0:23:48live on television and online. What you need to know, when you need to
0:23:48 > 0:23:51know. As promised Jessica has returned and
0:23:51 > 0:23:58we will talk now about the story we have been highlighting, the fact
0:23:58 > 0:24:02that some goods have this protection status so champagne, Scotch
0:24:02 > 0:24:12Whisky...Pork pies.Cornish pasties. Tell us about this US lobby
0:24:12 > 0:24:17that wants to see a change.Post Brexit when we will be negotiating
0:24:17 > 0:24:21more of our own arrangements, the US lobby group has made the suggestion
0:24:21 > 0:24:29we walk away from our protected status. We are defensive about
0:24:29 > 0:24:32wanting to keep pork pies and Cornish pasties, on the other hand
0:24:32 > 0:24:37there might be opportunities for us. English Parmesan could be an
0:24:37 > 0:24:43attractive product as well. Are there areas we could innovate? These
0:24:43 > 0:24:47will surface in the future as we reassess our trading relationships
0:24:47 > 0:24:52with everyone in the world.I want to show you this story, the world
0:24:52 > 0:24:57pasty championships, it was the US bakery that scooped the top award so
0:24:57 > 0:25:02perhaps we are missing out.And more competition might force us to raise
0:25:02 > 0:25:10our own game."I Think the monopoly of product names like champagne is
0:25:10 > 0:25:15pointless. Cornish pasties are Cornish pasties wherever they are
0:25:15 > 0:25:26made." And David says, they should in my personal Tupperware box! There
0:25:26 > 0:25:33is a fine line to be made. It's an interesting one. I'm afraid we have
0:25:33 > 0:25:37run out of time. Thank you for your thoughts, it's always interesting to
0:25:37 > 0:25:41hear what our viewers think.
0:25:41 > 0:25:45That's it from Business live today.