:00:19. > :00:21.Trump lays out his vision but Wall Street is unimpressed
:00:22. > :00:24.with detail on tax and economic reform scarce.
:00:25. > :00:25.Virtual reality versus augmented reality.
:00:26. > :00:27.We make sense of this latest technology that promises
:00:28. > :00:40.to revolutionise your day to day experience.
:00:41. > :01:02.Australia managed to avoid recession in 2016.
:01:03. > :01:06.As you've been hearing, President Trump has addressed
:01:07. > :01:09.a joint session of congress for the first time since taking office.
:01:10. > :01:12.In a highly anticipated speech, he spoke of "restarting the engine
:01:13. > :01:15.The President reiterated his intention to slash
:01:16. > :01:18.corporation tax in the US and provide tax breaks
:01:19. > :01:21.At the same time, he announced he'll be asking
:01:22. > :01:24.Congress to approve legislation which will result in $1 trillion
:01:25. > :01:26.worth of investment in US infrastructure.
:01:27. > :01:29.He also called for what he describes as one of the largest increases
:01:30. > :01:31.in national defence spending in American history.
:01:32. > :01:34.Mr Trump pointed to the country's $800 billion
:01:35. > :01:38.Though figures from the Census Bureau suggest
:01:39. > :01:40.this figure reduces to about $500 billion
:01:41. > :01:44.when trade in services is factored in.
:01:45. > :01:48.Here's what the President had to say about his plans to transform
:01:49. > :02:01.Right now American companies are taxed at one of the highest rates
:02:02. > :02:05.anywhere in the world. My economic team is developing historic tax
:02:06. > :02:10.reform that will reduce the tax rate on our companies so they can compete
:02:11. > :02:18.and thrive anywhere and with anyone. APPLAUSE
:02:19. > :02:25.It will be a big, big cut. At the same time, we will provide
:02:26. > :02:30.massive tax relief for the middle-class. We must create a level
:02:31. > :02:34.playing field for American companies and our workers. We have to do it.
:02:35. > :02:35.APPLAUSE In the run up to this speech hopes
:02:36. > :02:39.were high there would be more detail on the new administrations tax
:02:40. > :02:41.and economic reform plans but the speech offered few
:02:42. > :02:44.new proposals or detail on how he plans to pay for things such
:02:45. > :02:52.as the boost to defence spending. Samira Hussain joins
:02:53. > :03:03.us from New York. Nice to see you, Samira.
:03:04. > :03:08.Give us your sense of how markets may react to all of this in the US.
:03:09. > :03:14.They did desperately want detail, didn't they? Absolutely, Sally,
:03:15. > :03:18.you're right on the money when you said investors were really craving
:03:19. > :03:21.details. They wanted to know specifically what Mr Trump and what
:03:22. > :03:26.the Trump administration was going to do when it comes to specifics
:03:27. > :03:31.like tax reform or infrastructure spending or that defence spending,
:03:32. > :03:36.where it exactly is he going to get the money? And none of those details
:03:37. > :03:39.really are merged in the speech, although there was more detail in
:03:40. > :03:45.terms of his vision for the repeal of Obamacare. In other avenues we
:03:46. > :03:49.didn't see that kind of detail. So broad strokes, the themes that were
:03:50. > :03:54.raised in the speech were themes that we have heard about already,
:03:55. > :03:59.about bringing back American jobs, bringing back dying industries and
:04:00. > :04:04.really trying to help the American middle-class. But again, those
:04:05. > :04:09.specifics, those details of how exactly he is going to make those
:04:10. > :04:13.reality, we didn't hear any of that really. Do you think Wall Street
:04:14. > :04:17.will lose its patients, the waiting game as it were. American markets
:04:18. > :04:24.have led a global rally, we've been talking about it daily, haven't we,
:04:25. > :04:30.the closing record high the Dow and SNP. It can't go on for ever. A few
:04:31. > :04:36.weeks ago we talked about how the Dow hit the 20,000 mark. Sally,
:04:37. > :04:41.we're already 200 points away from hitting 21,000. Markets are really
:04:42. > :04:45.fickle and they will probably find something else to become infused
:04:46. > :04:51.about. In terms of perhaps are they going to get inpatient with waiting?
:04:52. > :04:56.-- enthused. You having courage in signs like the president wanting to
:04:57. > :05:01.spend $1 trillion on infrastructure -- in courage have encouraging. That
:05:02. > :05:07.will be a big boost to the key component companies of the Dow. --
:05:08. > :05:12.have in courage and. There's a sense of some of that may come to fruition
:05:13. > :05:19.but what it will look like isn't clear. Thanks for staying up with
:05:20. > :05:20.us, we appreciate it. Let's take a sense of the international elements
:05:21. > :05:28.of this. US markets have been riding a wave
:05:29. > :05:33.ahead of Donald Trump's Beach. What will the reaction be like when the
:05:34. > :05:38.trading day begins later in the US? Let's get a sense of how we're going
:05:39. > :05:46.to go with Sharanjit Leyl in Singapore. The reaction is muted
:05:47. > :05:52.because there's a lack of detail it comes to trade. That's exactly it,
:05:53. > :06:01.you summed it up, a fairly muted response to the speech when it comes
:06:02. > :06:05.to Asian investors, that's after a day of nervousness when it comes to
:06:06. > :06:10.the detail on infrastructure spending and tax reforms and the US
:06:11. > :06:17.stock futures, they fell ahead of the speech. The futures are pointing
:06:18. > :06:22.towards a fall after his speech, the President pledging everything he
:06:23. > :06:26.promised to overhaul, including immigration and jobs and wages for
:06:27. > :06:30.Americans, but he didn't go into detail when it came to tax relief
:06:31. > :06:34.for the middle-class and tax cuts for companies. Were only really
:06:35. > :06:40.seeing the likes of the McKay in Japan making games because of the
:06:41. > :06:50.strong US dollar -- we're only seeing the likes of the Nikkei in
:06:51. > :06:55.Japan making games. There's relief over the president's toned down
:06:56. > :06:59.rhetoric over protectionism when talking about China and Mexico using
:07:00. > :07:06.concerns over trade wars, but no great gains so far. We will leave it
:07:07. > :07:08.there because time is tight, so much to squeeze in but thank you.
:07:09. > :07:11.Do you know the difference between VR and AR?
:07:12. > :07:14.Silicon Valley has high hopes for both of these emerging
:07:15. > :07:18.technologies, but the world we live in could be very different if one
:07:19. > :07:29.360-degree computer generated environment.
:07:30. > :07:31.Game developers and film producers have been quick to adopt
:07:32. > :07:33.the technology, there's been a lot of hype,
:07:34. > :07:37.but it is not mainstream yet and could be some time partly
:07:38. > :07:54.because of the cumbersome headset you have to wear to engage in VR.
:07:55. > :07:58.or AR takes the real-world view from your smartphone camera then
:07:59. > :07:59.superimposes additional images on top.
:08:00. > :08:02.It's used to provide more information about things
:08:03. > :08:05.you encounter in day-to-day life and AR was also the technology
:08:06. > :08:06.behind the smartphone game, Pokemon Go.
:08:07. > :08:09.Nintendo's smash-hit saw millions of people take to the streets
:08:10. > :08:11.in search of virtual monsters last year.
:08:12. > :08:13.Our technology correspondent, Rory Cellan Jones, has been speaking
:08:14. > :08:23.Last summer and extraordinary craze swept around the world, we saw lots
:08:24. > :08:28.of people out with their mobile phones hunting for Pokemon. It's
:08:29. > :08:32.fair to say the enthusiastic in for Pokemon Go has faded a little since
:08:33. > :08:37.then, but there are still Pokemon to be found out and about here at the
:08:38. > :08:43.Barcelona world mobile Congress. I've also found the inventor of the
:08:44. > :08:47.game, a man who's changed our views of augmented reality, John Hankey.
:08:48. > :08:51.Did you have any concept of how big the game was going to be when it
:08:52. > :08:57.launched? I wish I could have predicted that. Obviously not, it
:08:58. > :09:02.was a huge surprise to us. We spent a huge amount of time looking at the
:09:03. > :09:06.dashboards form our servers which were going haywire looking at the
:09:07. > :09:13.traffic, orders of magnitude beyond what we were expecting, it was tough
:09:14. > :09:17.to keep it operating. In San Francisco 9000 people poured down
:09:18. > :09:22.spontaneously. It was very surreal. Hasn't it faded quite a lot now?
:09:23. > :09:27.Something like that is going to fade, it exploded on social media,
:09:28. > :09:32.it had a life of its own and now it's become a very successful
:09:33. > :09:39.product but not at that level of frenzy, it's one of the most used
:09:40. > :09:44.mobile apps out of there still. Are you betting augmented reality is
:09:45. > :09:47.going to be a more lucrative business long-term than virtual
:09:48. > :09:54.reality? Yeah, I absolutely believe that. AR is an extension of the way
:09:55. > :09:58.we use our cellphones day to day, the art is a more cinematic
:09:59. > :10:02.experience, cutting yourself off from the world, it's an
:10:03. > :10:06.entertainment experience but it is a session based experience lasting for
:10:07. > :10:10.a period of time. AR is something you can have with you all day long
:10:11. > :10:15.and makes many things you do on your mobile phone today better, more
:10:16. > :10:19.immersive and convenient. Finally, I've got to ask, are you going to
:10:20. > :10:24.wander around and still play the game spotting Pokemon? I did get one
:10:25. > :10:29.earlier today but last Sunday before I flew over I was with my son, he's
:10:30. > :10:34.ten, we were at a local park, it was a great day and we were catching
:10:35. > :10:36.Pokemon together. It's a great thing to do as a family.
:10:37. > :10:43.His bold, he's the man behind Pokemon Go! -- his fault. The
:10:44. > :10:49.Australian economy grew by a quarter in the last quarter of last year and
:10:50. > :10:52.that's good news because it did contract in the previous quarter.
:10:53. > :10:54.See you in a moment for the newspaper review.