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tv   Business - News  Deutsche Welle  June 1, 2018 3:02am-3:15am CEST

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tariffs and retaliate should the u.s. pushes ahead with punitive import levies risking a trade war the metal g u z z against some of its biggest allies is sparked outrage from wild leaders same reaction on financial markets into speech also getting stock prices for american companies. also coming up on the program can use youth takes to the streets to protest corruption. this is your business update on how the home free in berlin glad you could be with us well it is official the u.s. commerce secretary wilbur ross says the u.s. will impose penalty tariffs on imported steel an element in products from the european union will come into effect on friday along with tariffs against canada and mexico now steel will face a twenty five percent tariff on the minion ten percent after hard negotiations at the o.e.c.d. conference in paris e.u. negotiate is unable to get the u.s. to reverse its position the e.u. has already put together a list of u.s.
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products which will now also face retaliates we import tariffs they range from agricultural projects to famous motorcycles or business ties across the atlantic are now at a new low but u.s. commerce secretary will ross makes it sound like european leaders are just blowing the whole situation out of proportion take a listen the turf war for auction of one. own product the beer soft drink and in the soup because it's all a fraction of a pony each of those germs are going automobile it's also a fraction of one. for the economy overall it's a very small fraction of one remember we were in a dream trillion dollar economy. and our correspondents a few months he joins us now from wall street sophie the u.s.
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commerce secretary wilbur ross i mean trying to play things down but investors don't seem to be buying it u.s. companies are already taking a hit if we take a look at the stocks who's hardest hit right now the american automakers for example are suffering because many of them are still importing auto parts from the european union for example told they're going to face higher costs which eventually are going to lead to american cars getting more and more expensive and then there are the food producers they need a mini i'm sure they can so they're facing higher costs and have to charge higher prices while european or canadian competitors are able to simply dodge the tariff because they can export their canned goods into north america and then the energy sector is going to be hits hard and as the demand for steel is going to stay the same very probably u.s. companies like u.s.
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steel are going to have to cover it all which sounds like a good thing but these companies haven't been able to work efficiently for low prices that is why in purchaser of imports were flooding the american market in the first place so there are a lot of potential losers here i mean as we've heard time and time again a trade war will only hurt both sides does trump think he can keep things from spiraling out of control at the same time as getting what he wants. i think he's making a calculation and calculates the costs of terrorists through higher prices as less harmful than the competition with the e.u. or canada mexico china and he is also trying to live up to campaign promises he has made especially to voters in the rust belt and to industrial companies it might not make sense economically especially as the trade deficit is not necessarily going to spring that way with retaliation from so many different sides
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with hurt mexico and canada the us are not going to be able to export more and literally everyone else has been begging trump not to go their people and his own republican party lobbyists because they fear that these terrorists are simply going to have the effect of tektites are hurting consumers and manufacturers. sophia szymanski in new york for us this evening thank you very much. well here with me in this studio to talk more about this is alan kohler from the j.f.k. institute at the free university of berlin and imposing these tariffs president trump invoked a seldom used section of trade law from the one nine hundred sixty s. in fact allowing him to impose trade barriers when there is a threat to national security was was there any sign of that. i thought canada i thought the european union i thought mexico were all friendly countries and also
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that we're all in the same boat together speaking about security so it's clearly one of these distant ideas of industrial policy if you don't have something very specific then somehow you're less of a nation less secure but it is clearly just made up the only way he could get to do what he's just threatened to do and he's doing it does seem rather obscure but the u.s. commerce the comma sexual say not enough have been done to reduce that trade deficit we do have to acknowledge it is it is very large does he have a point that sometimes you can say you got there is that deficit now the question is do we agree what the cause of the u.s. deficit are economists are actually pretty much in a great agreement it has to do with the macro economic imbalance between domestic sources of saving and the attractiveness of investment and it happens to be the
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case that the those reasons have nothing to do with protectionism that what could end up being the case everybody is poor and the trade balance imbalances remain it's getting investment in saving back into the line meaning the united states would have to start saving now. in particular the large future deficits should be something that the u.s. congress should worry much more about those reasons aside now we've going one step further brussels has said that it will retaliate is drawn up at least with jeans bourbon whiskey cranberries oranges motorbikes for example and also he says that it wants to take that case to the world trade organization now i think it's fair to say that president trump has shown a flagrant disregard for such institutions do you think this would be enough to force his hand oh there's no silver bullet in dealing with this in ministration
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so these are symbolic actions if the if the european union only was buying something like soybeans the way the chinese are buying soybeans from the united states or have been that would be really leverage harley davidsons bourbon this is all symbolic actions i think indicating that it could get worse we don't want but it's also an indication europe does not want it to get worse the normal procedure when there's a hand a trade dispute is to go to the w t o. but forcing america to be outside and not inside is probably the right strategy right retaliation escalation at the moment from the european union or from the j.f.k. instituted three instead of the free university of berlin or is great to have your analysis. deutsche bank shares were down at a historic low on thursday after a downgrading by u.s. federal institutions came to light according to the wall street journal the
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downgrading actually took place a year ago first the federal reserve labeled the banks and u.s. businesses troubled this in turn causing the u.s. federal deposit insurance corporation to to watch a bank on its list of problem banks those with weaknesses in danger being their financial viability the revelation comes amidst the banks restructuring efforts. a corruption scandal is rocking kenya twenty four of the country's highest officials are accused of misappropriating funds with seventy million years and as court proceedings unfold more and don't details are coming to light and people taking to the streets in an angry response. it's mostly the young people in kenya who are angry kenyan police have arrested the head of the government youth organization with legibly stole the money the funds were slated for financing education and training programs an important project in a country where every fifth young person is unemployed many here feel that
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corruption is stealing their future and with their chances for better education work and money public we've reached the point where we can't take it anymore it's just so immoral i felt bad and i thought i should join the others and what i've. always said corruption makes others lose opportunities if you look at our roads our hospitals job opportunities they have all been neglected because of corruption. you meldrum your possible built inside. the kenyan government is feeling the heat in the past weeks many cases of corruption of come to light in kenya's health energy and agricultural ministries officials there either stole funds or accepted bribes. well african migration could be the key to boosting growth on the continent so says a report from the united nations conference on trade and development it says that when it comes to migration the narrative is all too often negative that migration from one african country to another could be set to transform the continent. the
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rhino camp in northwest uganda around one hundred thousand refugees live there the majority of them come from south sudan aid organizations like the german red cross and developed home has helped the refugees to earn a living like starting their own farm. uganda isn't the only country in africa that accept refugees most of the africans who have sought a new life within africa went to south africa last year around two point two million people the ivory coast is number two with two point one million migrants from other countries uganda ethiopia and nigeria have all except in more than a million migrants. countries will host migrants also profit from it that's according to the most recent u.n. c.g.a. to study it also states that african countries will ultimately benefit from the migration. today with the latest from the wild all business thanks to
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