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Live from London, that's our top
story on Friday 9 March.
As President Trump signs off
new tariffs on steel
and aluminium imports,
major trading partners
condemn the move, calling
it a "serious attack"
on international trade.
Also in the programme.
Asian markets rise on the news that
President Trump is to meet
North Korean leader
Kim Jong-un in person.
A quick look at the markets in
Europe, all in the read so far.
And we'll be getting
the inside track
on the week in tech.
President Trump has been asking
whether violent video games
have a role to play
in preventing gun violence.
And why has Amazon's home assistant
Alexa started laughing?
All that with our resident tech
guru Rory Cellan Jones.
Today, steel tarrifs.
Tomorrow, potentially higher prices
on things like peanut butter
and blue jeans.
Are you worried that a trade
war will make imported
goods more expensive?
Let us know what you think.
Just use the hashtag, #BBCBizLive.
Hello and welcome to Business Live.
Major US trading
partners have condemned
President Trump for signing
new tariffs on steel
and aluminium imports.
China described it as a "serious
attack" on the system
of international trade
while the French Economy Minister
said there were "only
losers" in a trade war.
The import duties will go
into effect in two weeks' time.
Kim Gittleson in New York explains
how the sanctions will work.
So you have been hearing about these
tariffs for over a week now.
We have to protect and build our
steel and aluminium industries.
President Trump has finally signed
the proclamations that make these
tariffs a reality.
So what do you need to know?
The first thing is they fulfil a key
campaign promise President
Trump made to American steelworkers.
As of March 23 there will be a 25%
tariff on imported steel and 10%
tariff on imported aluminium.
Not everyone will be subject.
Mexico and Canada will be
exempt because the US
is negotiating with them as part
of the North American Free Trade
Agreement, and in a White House that
likes a show it has invited
countries around the world
to apply for exemptions.
Countries must first show
they are not a threat to
national security but it
pays to remember these
tariffs aren't popular.
They have been rejected
by key foreign allies,
many members of the Republican Party
and many in the
industries President Trump has
said he hopes to help.
Including this Korean
manufacturer in Phoenix.
We can import a lot
of specialty steel
from Europe and will have
to continue to import from Europe
because it is not
available in the US.
For that steel we purchase
from Europe it will cost 25% more.
Why should the rest
of the world care?
These significant tariffs
of aluminium and steel mark a
significant departure away
from decades long policies
towards free trade in favour
of a more
by the Trump administration.
And they could be the first shot
at an ongoing global
Charles de Lusignan
is the spokesperson
for the European Steel Association
and he joins us from Brussels.
We have heard this week from the
European Commissioner for trade
warning that the EU could
potentially go to full take in
reciprocal tariffs, we had from
Donald Tusk saying politicians on
both side of the Atlantic need to
act responsibly. Is this robust
response particularly the kind from
the EU what we should be hearing
from the EU? Will it help soften the
impact of what Donald Trump has said
or will it heighten the prospect of
a trade war?
Hello. Like you the having me on.
What the commissioner has put
forward is a three pronged approach
involving a complaint to the WTO,
safeguards against trade deflection
of products, and finally a list of
retaliatory measures. The list has
been specifically calculated to be
of a value equivalent to the
estimated foregone loss of exports
of steel to the US. The EU does not
want a trade war, their measures are
titrated to show the US -- are
calculated to show the US they are
reciprocal and not aggressive.
are fears some of the steel that was
previously exported to the US might
now come to Europe, are you
Yes, the US imports every year 35
million tonnes under the scope of
what they have covered in the
measures and we estimate as much as
20 million could turn around to
Europe, many of the same countries
in the top ten of US exporters are
the same who go to Europe, Brazil
and Turkey are large exporters to
the US, they will head straight to
the EU. Trade deception could have a
larger effect on the industry than
the loss of exports.
We know those concerns within the EU
will be raised in -- on Saturday,
that the EU should be excluded from
these tariffs, how hopeful are you?
In the announcement yesterday by
tramp he equated being lifted,
excluded from tariffs with spending
more on Nato commitment -- I Donald
Trump. The US has always provided
the cover in Europe and what it is
true Nato allies could spend more,
linking it to trade and steel and
kicking off a trade war seems like
an odd way.
15% of Europe's still goes to the
US, what will happen with that
If it is EU steel exports, the
reality is that might result in
production cuts along with the trade
deception immediately causing 25,000
EU jobs at risk Fletcher deflection.
There may be a game in the US of
jobs, our estimates suggest there
could be 104 days it's as job losses
there. President Trump alleges he is
a business man but making a product
that your country relies on, will
have an effect on your
competitiveness. Cars, construction
of a steel which will be 25% more
expensive which will have a very
serious effect on US competitiveness
downstream in addition to knocking
heads off the steel industry in
Europe which has only just seen a
Let's take a look
at some of the other
stories making the news.
Inflation in China rose
to 2.9% in February,
well above forecasts and flirting
with the Government's newly set 2018
goal of around 3%.
It was the fastest pace of consumer
inflation since November 2013.
11 Asia-Pacific countries have
signed the trade pact known as the
Trans-Pacific Partnership. Although
the US pulled out last year the deal
was salvaged by the remaining
Former US president Barack Obama is
in advanced talks with Netflix on
shows, according to a New York Times
report. Netflix will pay the family
for exclusive content on its video
Asian markets rallied
on Friday, on hopes that
North Korean nuclear tensions
might be easing.
Investors responded to US
President Donald Trump accepting
an invitation for face-to-face talks
with North Korean
leader Kim Jong-un.
Sarah Toms has more.
Welcome, bring us up to date on how
the markets reacted?
It should be no surprise markets
across Asia were up today, in South
Korea, the best day in ten months.
And in Japan. This meeting between
Donald Trump and Kim Jong-un comes
as a huge relief because investors
don't want conflict and they do not
want it especially between the
world's most volatile leaders who
called each other the rocket man for
example. The region is vital to
global shipping and manufacturing.
Any kind of escalation could disrupt
trade, and any economic activity.
What is interesting about this
meeting is what does it actually say
about the state of the North Korean
economy and how badly is it doing as
those sanctions begin to take effect
and start to bite.
Here are the markets.
Asian markets rallied
on the back of peace hopes.
There was already some optimism
on the markets after Mr Trump
earlier left the door open
for possible exemptions on US
tariffs on steel and aluminium.
Little reaction to news those import
tariffs were going ahead.
Hong Kong's Hang Seng edged up 0.7%.
There's a sense of disbelief among
some market analysts
as the announcement of new US
tariffs which had been stoking fears
of a global trade war, fails
to deliver the predicted sell-off.
There will be reaction with the US
job figures. A month ago those
figures impacted quite
significantly, massive falls across
Joining us is Tom Stevenson,
at Fidelity International.
We have had some breaking news, the
UK is going to seek an exemption
from President Trump's tariffs, we
heard from Liam Fox who says he will
travel to Washington next week to
discuss the new duties and says we
will be looking to see how we can
maximise our case for exception
under these circumstances. The UK
will ask for an exemption. All of
this talk about tariffs has exerted
a robust response -- response from
the EU and now the UK, are we in
danger of moving towards global
When Donald Trump was elected a year
ago it was a double edged sword.
People worried about his
protectionism, his nationalism, but
they looked on the positive side
with tax reforms and infrastructure
spending. In the first year debate
focused on the positives. More
recently we have seen the
Protectionist angle coming to the
fore. Britain would be the only one
an exemption. To impose tariffs on
the basis of national security is a
nonsense, with Canada, Europe and
the UK, it makes no sense.
interesting how Donald Trump is
framing the debate.
It is targeted
at China. China will probably be
least affected by these measures.
The markets have taken it in their
stride. They don't think it is
likely to happen in the form being
We can be a bit more relaxed. Having
a look at the markets, and the US
job figures due to be out, the
markets are steadying themselves.
Attention will be paid to them
because a month ago when we had
those figures they caused a wobble
in the markets. We will see strong
figures again, 200,000 jobs created,
and implement at 4%, as low as 17
years ago at the peak of the dot-com
bubble. That is what investors are
worried about, that it will lead to
bond yields rising, interest rates
We will see you later. Thank you.
Still to come.
We look back at the week in tech.
Why has Amazon's home assistant
Alexa started laughing unexpectedly?
We'll look at this and other stories
with our resident tech
guru Rory Cellan Jones.
with Business Live from BBC News.
Restaurant chain Wagamama has been
fined an undisclosed amount
for failing to pay staff
the National Minimum Wage.
It's among 43 employers
in the hospitality sector
on the government's latest list
of firms breaking the law.
Wagamama's HR director
Thomas Heier joins us now.
This happened on your watch.
responsible for this? Yes, it has
happened and it was brought to our
attention in 2016 and we address did
-- addressed it and subsequently
introduced a uniform supplement that
we pay to all of our people from
here on in.
You said this was down
to an inadvertent misunderstanding
and about uniforms and the fact that
staff were told to wear a certain
uniform you didn't offer to pay for
it. We've now had to recompense
people in your company was the worst
offender in this latest naming and
shaming list that is damning
Just to respond to what
you said, it was about as asking
people to wear the colour black on
the bottom half of their body, so
black jeans, shirts, trousers and
shoes. We do provide a branded
T-shirt or top and ultimately we
were not aware that by stipulating
black we were in breach of the
legislation. Had we stipulated dark,
we might not have been on the list.
But you are an HR director, so isn't
it your job to be on top of this?
You are right, and we need to learn
from that as a business.
surprised you are still in a job?
are now dealing with that.
surprised you still have your job?
wasn't here when that happened but I
do take accountability for it and
honestly I'm working with the team
to move forward from here on in.
are off the hook. Banks were talking
to us. The Institute of directors
has suspended its chair, Lady Judge
as it examines claims about her
conduct that include racist, sexist
and bullying behaviour. It issued a
one line statement this morning as
the council took the decision having
received an executive summary to
suspend the chair pending further
investigation. Much more on the BBC
You're watching Business Live.
Our top story.
China has condemned big steel
and aluminium tariffs signed off
by Mr Trump as an attack
on the global trade system.
A quick look at how
markets are faring.
It is largely shrugging off these
potential murmurs of a trade war,
although European markets have
opened slightly in the red this
And now let's get the inside
track on this week's big
tech stories with our resident tech
guru Rory Cellan-Jones.
Do you like being called a guru? I
feel we should all sit there
cross-legged. Rory, good morning.
Your first story is about Trump is
holding a video games conference or
meeting of the back of that awful
shooting in Florida school last
As we know, very little news
out of the Donald Trump White House
in the last 24 hours, but this is
the big news, a summit with a video
game industry. One of these things
where the video game industry is
cynical about this. It is felt
around the world that it's an easy
punchbag for politicians. But there
is concern around the world about
the impact of video games on young
people and whether it promotes
violence. I think the video games
industry would say that the same
games are played in the UK,
Australia as in the US yet we have
different levels of gun violence.
Exactly. They would have pushed back
about this. Each side says it is a
fruitful meeting and I don't think
much will come out of it.
they are rallying over its content
with advertisers following a
There have been a number of
stories that has blown up about
Google and its ability to deal with
extremist videos and unpleasant
content. There is a far right video
that kept popping up despite the
fact you tube said it had taken it
down. And a more interesting row
involving a right wing conspiracy
site in the US, Info wars, which is
legal in the terms of YouTube and
might not want to take that site
down. But advertisers discovered
that their messages were appearing
alongside this material and they
were shocked at that. This really
highlights the whole debate about
online advertising. Online
advertising was supposed to promise
absolute targeting and control and
the impact of the ads and it's
turned out to be not the case.
Advertisers are finding they give
their money to Google and YouTube
they appear in places they don't
want them to be and they are cross
Have you been hearing
strange cackling in your house?
There is always strange cackling in
my house. You are obviously talking
about the story of the week, the
Amazon Smart Speaker, let's hear it.
It is a bit creepy.
This is one of
those funny things and there has
been talk of a long time about
unexplained things happening with
their smart speakers. I was sat in
front of a popular quiz show in the
UK a few months ago and my Amazon
Eco piped up with, I don't know the
answer to that question. But what
happened this week was that people
reported unexplained laughter.
are supposed to have two acts of
eight -- activate the Alexa.
said Alexa, laugh, you could hear
Alexa devices responding, the Amazon
said that was what was happening.
People said they didn't realise they
were joining the words Alexa and
then laugh, and that is why it was
happening. They have changed the
command so you have to say, can you
laugh? And then it utters a very
Imagine if you
heard the tackle and who did not
have a Alexa. That is a different
story. Always good to talk to you,
Rory. First, a quick reminder of how
to stay in touch. Stay up-to-date
with the business news as it happens
on the live page. There is insight
and analysis from the team of
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want to hear from you as well. Get
involved on the BBC business live
What you need to know when you need
to know it. What other business
stories have the media then taking
an interesting? Late Kick Off,
before we look at some of the
stories that caught our eye. --
before we kick off. People were
talking about the cost of things
like Levis, whiskey, the favourite
US brands with those things going
up. We had some responses, William
said, I buy New Zealand peanut
butter, I'm not fond of
Harley-Davidson. Quite specific
items. Another comment on the Alexa
to story. Jerome said he activated
his this morning. So the cackling is
not asked. -- is not ours.
I do have
a Alexa but I had to put it away in
a drawer because Mrs Stevenson was
unhappy with the idea of people
listening into our conversations,
and quite right too.
Let's head back
to the Financial Times about a story
about a property conference that
happens every year in the south of
France. The FT is asking, in the
current climate, how much money it
costs the these sort of events, is
this something that the property
sector should be investing its time
and money in? Full disclosure, you
been to this conference.
years ago, and in a very different
world. I used to go to it as a
reporter to report on the property
industry and, sadly what people say
about these events is true. The
world has completely moved on in the
25 years since I went. I went in the
early 90s. I suspect an awful lot of
companies will be thinking twice
about whether they really want to do
this and how it looks to the outside
world and whether that is worth it.
People who have gone in the past
have said there is a seedier side to
these unofficial events. I won't put
you on the spot and ask if you saw
any things like that. But they did
break the story about the
President's club in the behaviour of
some of the men there, who behaved
badly. Do you think there will be an
end to this kind of thing and an end
to this type of conference, just
As I say, many companies
will look and weigh it up, is it
worth it? There are networking
advantages to this conference but if
it looks bad to the customers, is it
Interesting. Good to see
you this morning. Thanks for getting
in touch on Twitter. Keep your
thoughts coming in as it's always
good to hear from you. Thanks for