Browse content similar to 10/02/2017. Check below for episodes and series from the same categories and more!
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Abe, Trump, and the $69 billion elephant in the room. | :00:18. | :00:19. | |
That's how much more Japan sells to the US than it buys from the US | :00:20. | :00:23. | |
and that's what will dominate talks at the White House later today. | :00:24. | :00:29. | |
Greece's debt crisis returns to haunt Europe. | :00:30. | :00:32. | |
Or will we have to add Grexit to Brexit? | :00:33. | :00:38. | |
Good morning, Britain, and hello, world. Welcome to the programme. We | :00:39. | :00:57. | |
have got that Friday feeling. If you are tuning in for the first time, | :00:58. | :01:01. | |
stay where you are. I am only asking to ten minutes, that is all I have. | :01:02. | :01:06. | |
I will give you an exciting snapshot of all the latest in a world of this | :01:07. | :01:10. | |
the same money. We start in the United States, where you have in | :01:11. | :01:13. | |
hearing that Japan's home minister, Shinzo Abe, meets with President | :01:14. | :01:16. | |
Trump later today. -- Prime Minister. | :01:17. | :01:18. | |
Remember, one of Mr Trump's first actions as President was to withdraw | :01:19. | :01:23. | |
from the 12-nation Trans-Pacific Partnership trade deal, | :01:24. | :01:25. | |
signed by Obama and strongly supported by the Japanese. | :01:26. | :01:28. | |
Mr Trump called it a terrible deal for the US. | :01:29. | :01:31. | |
He wants a fairer trading relationship with Japan - | :01:32. | :01:33. | |
Last year Japan sold almost $69 billion of more stuff to the US | :01:34. | :01:44. | |
That trade surplus, as it's called, is one of the biggest any nation | :01:45. | :01:56. | |
To give you an idea of why, look at this. | :01:57. | :02:00. | |
In 2015, the latest figures we have, the US exported a little over 16,000 | :02:01. | :02:04. | |
Here's how many Japanese cars were sold that year | :02:05. | :02:07. | |
Most of those cars are actually made in the US. | :02:08. | :02:18. | |
Mr Abe is expected to stress that 1.5 million American jobs rely, | :02:19. | :02:21. | |
either directly or indirectly, on Japanese carmakers. | :02:22. | :02:23. | |
On top of this you have the so-called currency wars. | :02:24. | :02:26. | |
Mr Trump has claimed the Japanese yen is kept artificially low | :02:27. | :02:30. | |
against the dollar to help Japanese exporters. | :02:31. | :02:33. | |
And there's another big figure that is causing tension. | :02:34. | :02:43. | |
$5.5 billion was the bill to keep US troops in Japan last year. | :02:44. | :02:47. | |
Japan actually paid for almost half of that, according to their defence | :02:48. | :02:52. | |
ministry, but Mr Trump says the US is shouldering too much | :02:53. | :03:00. | |
of the burden of security in the region. | :03:01. | :03:08. | |
So how best to diffuse all this tension? | :03:09. | :03:15. | |
Over a round or two of golf of course, as Samira Hussain reports | :03:16. | :03:26. | |
Japan's Prime Minister will be meeting with President Trump at the | :03:27. | :03:32. | |
White House on Friday. But where most of the diplomatic charter may | :03:33. | :03:37. | |
actually take place is on the links. American presidents have a long | :03:38. | :03:42. | |
history of Wayne Gulf, and Mr Trump is no different. -- play in goal. In | :03:43. | :03:49. | |
a recent interview, the President said he believes playing golf is a | :03:50. | :03:52. | |
better way to get to know somebody then having lunch, one of the | :03:53. | :03:56. | |
reasons he has invited Shinzo Abe, a fellow golf enthusiasts, to join him | :03:57. | :04:00. | |
at Mar-a-Lago, the winter White House. This is a testament to the | :04:01. | :04:04. | |
importance the US places on the bilateral relationship and the | :04:05. | :04:07. | |
strength of a bite -- our alliance and the deep economic times -- ties | :04:08. | :04:13. | |
between the US and Japan. But the Japanese Prime Minister's trip to | :04:14. | :04:16. | |
Florida is raising questions of conflict of interest. Who will pay | :04:17. | :04:19. | |
for the Prime Minister's stay at Donald Trump's resort? I braise for | :04:20. | :04:25. | |
also raised when the Prime Minister met with the then president elect | :04:26. | :04:29. | |
Trump after his election win. The present's daughter, Eve Anke Trump, | :04:30. | :04:32. | |
was also there. That raise questions of potential conflict of interest | :04:33. | :04:37. | |
between the President and his family's Isner 's ventures. So what | :04:38. | :04:41. | |
will the two leaders be discussing? Security and trade will be top of | :04:42. | :04:45. | |
the agenda. Now that the US has pulled out of the TPP, the 12 | :04:46. | :04:49. | |
country trade act, Mr Trump is going to be looking to try to get some | :04:50. | :04:53. | |
sort of a lateral trade deal with Japan on the books. -- why lateral. | :04:54. | :04:58. | |
Shinzo Abe will be coming to Washington with a massive business | :04:59. | :05:02. | |
proposal for Japanese companies to invest in the United States in | :05:03. | :05:04. | |
infrastructure and job creation projects. And the Prime Minister has | :05:05. | :05:09. | |
already picked up on the subtleties of this new game. He has said he | :05:10. | :05:16. | |
will give Trump a credible figure. -- tweetable figure. | :05:17. | :05:22. | |
It slack Mr Trump may have to pencil in a lot more golf, certainly some | :05:23. | :05:27. | |
with resonance Xi Jinping of China. -- some with President Xi Jinping. | :05:28. | :05:31. | |
We've just had some figures that show China is still selling far more | :05:32. | :05:34. | |
More than $21 billion in December alone. | :05:35. | :05:38. | |
That puts those Japan figures in perspective somewhat. | :05:39. | :05:41. | |
Let's go straight over to the Singapore bureau, where Mariko Oi | :05:42. | :05:48. | |
joins us. I know that you are married to a golfer. A professional | :05:49. | :05:53. | |
golfer, actually. So I want to know, has he told you anything? The | :05:54. | :05:58. | |
Japanese run minister, he is a dab hand at golf? I am wondering who is | :05:59. | :06:03. | |
the best, Trump or Shinzo Abe? We do not talk about golf at home, Aaron, | :06:04. | :06:07. | |
nor do we talk about news, because we have no interest in each other's | :06:08. | :06:11. | |
sessions, unfortunately. But I am sure they would both be welcome if | :06:12. | :06:16. | |
they come to Singapore, that is for sure. I think I have to say, it is | :06:17. | :06:20. | |
fair to say President Trump would the having a much you issue with | :06:21. | :06:23. | |
that China trade surplus than Japan. I think I minister Shinzo Abe will | :06:24. | :06:29. | |
be emphasising that when he meets the President, that, hey, our trade | :06:30. | :06:35. | |
surplus is not as big, and Japan actually contributes to the US | :06:36. | :06:38. | |
economy. You are talking about the jobs that are ready in America, but | :06:39. | :06:42. | |
he has reported they are also offering to create 700,000 US jobs. | :06:43. | :06:47. | |
Whether or not that is achievable is another matter, because if it is | :06:48. | :06:51. | |
that easy he really should have done it back home already. That will | :06:52. | :06:54. | |
definitely be high on the agenda. For the rest of the world, or at | :06:55. | :07:00. | |
least for the rest of Asia, China's trade figures are not actually bad | :07:01. | :07:04. | |
news, because as you mentioned, the trade surplus with the United States | :07:05. | :07:08. | |
is huge, but also its exports are rising 8% and its imports are rising | :07:09. | :07:14. | |
to 7%. Both beat expectations. That indicates China's economy is off to | :07:15. | :07:19. | |
a good start. That is great news because China is the biggest trading | :07:20. | :07:22. | |
partner for many Asian countries. Indeed. Thanks for that. I am | :07:23. | :07:26. | |
wondering what you do talk about at home, then, if you don't talk about | :07:27. | :07:32. | |
your job or about golf? I kid! Do you actually talk to him? Do you | :07:33. | :07:37. | |
talk about things with your husband? We talk about our daughter a lot, | :07:38. | :07:41. | |
yes. Have a great weekend. See you soon. We are also looking at this. | :07:42. | :07:44. | |
Welcome it is coming. We are also looking at Greece, | :07:45. | :07:45. | |
which today has to pay back 1.4 It's the latest instalment | :07:46. | :07:49. | |
on the country's 320 billion euro And it's just one in what will | :07:50. | :07:53. | |
become an avalanche of payments over The crunch will come in July - | :07:54. | :07:57. | |
when Greece will need fresh funds from its European and international | :07:58. | :08:02. | |
creditors to stay afloat. The problem is, the International | :08:03. | :08:04. | |
Monetary Fund says it won't pay any more unless Europe agrees to write | :08:05. | :08:08. | |
off a sizeable chunk And it warns that Greece is not | :08:09. | :08:10. | |
doing enough to reform. I think we would agree that Europe | :08:11. | :08:30. | |
has provided extraordinary support to Greece and we would agree | :08:31. | :08:33. | |
that it is encouraging that Europe indicates, reiterates again today | :08:34. | :08:36. | |
that it will stand by Greece We obviously welcome | :08:37. | :08:42. | |
both of those things, but I think it's important to say | :08:43. | :08:52. | |
this also that that support The standards chief of the US | :08:53. | :08:56. | |
Congress says a senior Trump aide Kristian Scholz joins us. Thanks for | :08:57. | :09:19. | |
coming in. You know what I'm going to say to you. I am so bored of | :09:20. | :09:24. | |
this. I am so bored of it. I cannot believe it is back, I feel like I am | :09:25. | :09:29. | |
either in a timewarp warp or it is Groundhog Day. The same old | :09:30. | :09:32. | |
arguments, Greece needs more money, Greece is not performing. The | :09:33. | :09:35. | |
European lenders and Europe are battling over what to do. Can I put | :09:36. | :09:42. | |
a gun to my head now? What do you say to that? This is square one. | :09:43. | :09:47. | |
Another thing that is or is the same is that there is a deadline | :09:48. | :09:49. | |
approaching, and external deadline. At some point Greece will have to | :09:50. | :09:53. | |
make a payment. The big ones are perhaps in April, and the really big | :09:54. | :09:57. | |
one you mentioned is the repayment of the ECB. That is private | :09:58. | :10:01. | |
creditors, in July. Does it have the money now to make these payments? | :10:02. | :10:04. | |
Probably has the money for the April payment but not the July payment. By | :10:05. | :10:08. | |
July, it needs that big amount of money. It needs to pass the second, | :10:09. | :10:13. | |
only the second review of the programme, which was agreed back in | :10:14. | :10:18. | |
2015. But the problem, or the issue, which is slightly different this | :10:19. | :10:21. | |
time, is that it is still so many months away. The first understood | :10:22. | :10:26. | |
half months away. The second is four and half months away. It is almost | :10:27. | :10:31. | |
half a year away, and we are already in a mode where it feels like we are | :10:32. | :10:35. | |
on the brink. We are not on the brink. We still have lots of time. | :10:36. | :10:39. | |
There is no liquidity issue. And if that is the case there is always, | :10:40. | :10:43. | |
well, if there is an immediate deadline... They won't do anything | :10:44. | :10:47. | |
until they get to that deadline. An important difference this year is | :10:48. | :10:49. | |
that Europe could look very different come the end of this year. | :10:50. | :10:55. | |
In terms of politics, right? We have more Eurosceptic parties coming out | :10:56. | :10:59. | |
in favour with a lot of the population. We have the French | :11:00. | :11:03. | |
elections, Netherlands, Germany. Greece could be dealing with a | :11:04. | :11:06. | |
completely different Europe, and a Europe that may not have the | :11:07. | :11:10. | |
appetite to give the Greeks any more money. Absolutely. We are in a big | :11:11. | :11:15. | |
election year. This time it is the creditor countries, not the | :11:16. | :11:17. | |
countries are explained in Portugal and Greece with elections. This time | :11:18. | :11:21. | |
it is countries like France and Netherlands and Germany. They are | :11:22. | :11:25. | |
under pressure to deliver for their populations results on Greece, but | :11:26. | :11:28. | |
there are reforms, that there is great that the Greeks are running | :11:29. | :11:31. | |
the primary and fiscal surpluses that they need to repay the debt. | :11:32. | :11:36. | |
That is not coming through the not going to give Greece any help. -- if | :11:37. | :11:42. | |
that is not. This is a highly controversial year, because of the | :11:43. | :11:46. | |
politics. You and I have sat here over the years talking about Grexit. | :11:47. | :11:49. | |
That was well before rags it happened, it was all about Grexit. | :11:50. | :11:56. | |
-- before Brexit happened. Everybody said that cannot happen, you cannot | :11:57. | :11:59. | |
have a nation leave the European Union. Yes, you can! With Brexit now | :12:00. | :12:04. | |
happening, could the European say, you know what, it is OK. Just let | :12:05. | :12:08. | |
the Greeks go as well? I think there is a big difference between Grexit | :12:09. | :12:18. | |
and Grexit. -- Brexit and Grexit. In terms of financial stability Grexit | :12:19. | :12:22. | |
is probably the big deal, it is just leaving the EU, not leaving the | :12:23. | :12:29. | |
currency like a Grexit is. We have had the German finance minister | :12:30. | :12:32. | |
several times saying that it is conceivable that Greece leads the | :12:33. | :12:35. | |
euro, it does not reform. That is part of the article or whatever, one | :12:36. | :12:39. | |
of the articles. It is written in stone, isn't it? I have to wrap this | :12:40. | :12:45. | |
up. But you cannot write off your debt, and if you cannot pay, you out | :12:46. | :12:49. | |
of the euro. There is the no bailout clause in Europe, and the no bailout | :12:50. | :12:53. | |
clause means no direct transfers to know countries. No writing off of | :12:54. | :12:58. | |
debt. Kristian, always a pleasure. Thank you to coming in. Have a great | :12:59. | :13:02. | |
weekend, by the way. Let me just touch on this story before I leave | :13:03. | :13:03. | |
you. The standards chief of the US | :13:04. | :13:04. | |
Congress says a senior Trump aide was "wrong, wrong, wrong" to promote | :13:05. | :13:07. | |
Ivanka Trump products Kellyanne Conway told | :13:08. | :13:09. | |
Fox News on Thursday, Retailer Nordstrom earlier this | :13:10. | :13:12. | |
month dropped the US first daughter's clothing line, | :13:13. | :13:16. | |
citing a lack of sales. The White House said | :13:17. | :13:21. | |
President Donald Trump "absolutely" continued to support Ms Conway, | :13:22. | :13:27. | |
despite intense criticism There you go. You can full amount | :13:28. | :13:40. | |
to, I will be back with James to take us over the papers in a little | :13:41. | :13:44. | |
mile. -- you can follow me on Twitter. | :13:45. | :13:53. | |
The BBC has learnt that the organisation responsible for | :13:54. | :13:57. | |
advising English health trusts on security of staff is ending that | :13:58. | :14:00. | |
work despite a steep increase in attacks on doctors and nurses. NHS | :14:01. | :14:02. | |
Attacked | :14:03. | :14:04. |