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tv   Business - News  Deutsche Welle  June 1, 2018 3:15pm-3:31pm CEST

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he was in need of a news coming up ahead america's love affair with the up mocking shillman cause and effect of washington's new chariots get hot and buzz is standing by to have the story for you coming up shortly so do say we did have the news if you can. frankfurt to help watch the international gateway to the best connection self in the road and rail. located in the heart of europe you are connected to the whole world. experience outstanding shopping and dining offers and try our services. biala gassed at frankfurt am. managed by for.
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make your store t.v. smarter with the d w for smart t.v. . what you want when you want it up to date extraordinary. into you decide what's on sunday oh more than double dot com smart t.v. . to. get to the. u.s. tariffs on european meso are in place and more tariffs on cars might be on the way america's love affair with german casts a vive washington's new round of tariffs on imported steel. also coming out u.s. soybean farmers here a worse thing in the u.s. china trade relations but will that worries be good in washington. also in the so dollars a bag is being dealt another blow in the u.s. now for a banking authority calls a. troubled s. and p.
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downgrade germany's biggest lender to triple b. plus states. welcome to do business i'm. in for a little as for many months we've been talking about a looming trade war between the u.s. and the e.u. well it's not moving any more the first volley has been fired as upset today u.s. tariffs on european steel are in place the e.u. mites now retaliate in a further escalation us president now this is discussing to slap tariffs on german cars too he says there are too many of them on the roads of america and too little u.s. cars in germany but do merican drivers really want to switch from b.m.w. to catalyze the w.'s claridge's and gauge the mood on the streets in washington. luxury german cars are a common sight on the streets of washington d.c. and the idea of blocking their import isn't so popular. people want to buy german
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cars they should be able to buy german cars if not they want to buy american cars they should buy american cars and should buy whatever they want i think they're good quality cars. a little more expensive maybe american cars but probably. going to be better but maybe maybe a little better i think i've made the other american cars that they fall apart pretty quickly and german cars down they tend to be nicer than i think american cars i think the engineering tends to be superior again impressions donald trump thinks there are too many of them in the u.s. even though german carmakers also run assembly operations that all together provide tens of thousands of jobs for american workers but the u.s. president still sees the business relationship as an unfair one way street in twenty seventeen german automakers exported more than six hundred fifty thousand cars to north america but many also have huge factories in the united states that employ more than one hundred thousand people in fact they built more than eight hundred. in cars on u.s.
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soil last year alone. that means a ban on imports not only would fuel the tensions driving trade policy between the u.s. and europe it would also have major consequences for american jobs. but earlier today we spoke to frank sports' larry he's the president of the american temper of commas in germany and he voiced his disappointment about the time. the fact that these tariffs have come is certainly not a surprise but it is very disappointing i don't think that between trading partners like the e.u. in the us tariffs of this type would ever be justified in the view of the american chamber as well as the view of basically everyone in europe the terrorists are a violation of the w t o regulations and we see that in itself as a major issue so is the u.s. administration doing the u.s. economy a big favor will it all be a huge own goal i'm now joined by stephan lega trade expert from the university of
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zion gollin never will be tariffs help the u.s. economy. well the first round effects of these tariffs will be that the price of steel in aluminum in the united states will go up and we already see that in the united states since the beginning of twenty eighteen the price of steel has increased by about thirty seven percent this hurts companies in the united states which are used as an import for their production so when the last time this happened under george w. bush tariffs on steel were introduced and the price of steel went up actually heard lots of companies that use steel to produce cars to produce kitchen appliances motorbikes etc and the result is that these companies face higher costs of production they lose competitiveness and actually have to cut jobs some of them
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went out of business so the net effect was according to some estimates a loss of two hundred thousand jobs in the u.s. under george w. bush as a result of these tariffs and that is actually more than the total employment in the u.s. steel industries so no it will not help the u.s. economy. coming back to the reasoning of the tribe ministration the president says that the cheap imports threaten national security is that correct at least legally correct. the national security argument is used by the trumpet ministration as sort of a pretense for something that it wants to do but for which it has very little other justification legally speaking the nice thing about using the nine hundred sixty two trade adjustment act is that it allows the trumpet ministration to impose these tariffs without congressional approval and without an independent review by the u.s. international trade commission. furthermore this is allowed by the world trade organization
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but largely the argument that this import of steel is a threat to the u.s. national security is not justified a matter of fact in matters the defense secretary in the trumpet ministrations said that the us military only needs about three percent of u.s. steel production so this is not a threat to the u.s. national security. is very very briefly if you can is it wise for the e.u. to retaliate. i don't think it's very wise it's very wise for the e.u. to stay within conformity of the world trade organization which is a very good platform for trade disputes and trade negotiations. but what the e.u. should do above all is finally realize why so many american voters supported mr trump we have large parts of the us where people are suffering where the economic development is not very positive and we should get down to brass tacks work with
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the trumpet ministration on the underlying causes of these problems don't use international trade as a scapegoat but focus on education infrastructure and the like to help the american people who suffered and who voted for trump in the first place thank you very much . many economists say the protective tariffs that the u.s. has initiated old steel from its allies are actually meant for china which has been subject to the tariff since march and produces far more steel than it can use china's trying to negotiate its way out of the threat of fire for wide range of products holding out the threat of counter terrorist on products from the u.s. including soybeans but american father said say their business with china is too big to fail so the boom comes out of the the sea and puts on the lateral. routes for bread davis is proud of the side b. and c.
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cross on his farm in ohio it's been a good business a high demand has made so i've been small profitable then other crops. so the soybean is raised for the protein side and then when it's crushed is what they call it when it's manufactured it has the the. oil that comes out of it which we can use for it mcdonald's for frying french fries or we actually run our tractors on it because we use biodiesel. soybeans corn wheat bread stave is manages his farm together with his stepson and like many farmers here he relies on foreign markets for his business china buys roughly sixty percent of all u.s. soybean exports therefore davis says he's worried about the trade dispute with china. and that's what hurts us is the american farmer because we've developed this this trade with china that it's taking the twenty years to build
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because actually twenty years ago they exported soybeans and now they're our largest customer the import soybeans they import about fourteen billion dollars worth of soybeans a year. falling prices eroding market shares sometimes a rumor is enough says frey today that he once president is trying to negotiate with china to protect us into lecture will property and manufacturing interests but more than anything he wants to keep his farm it's already affected farmers around here there's a lot of smaller farmers that you know work in town but yet farmed on the side that it's got to the point where they can't make a living on it and they've got all the sixpence breaker putting that crop out and they're not getting their return on the dollar so there's been a lot of small farm sales already. many farmers here in the rural midwest voted for
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trump in twenty sixteen he thinks outside the box david sounds just like. now they hoped he would really reach a deal with china knowing that the consequences of a trade war would be devastating. she hasn't recovered today after a dismal performance although ratings agency s. and p. downgraded the bank's credit status this after the federal deposit insurance corporation that's a u.s. agency charged with maintaining stability in the banking system has named the bank's u.s. business troubled the news had deutsche bank shares plummeting to on historic low on thursday with the wall street journal reporting that u.s. institutions had lost trust in the bank about a year ago the federal reserve labeled the bank's u.s. business as troubled that's now let the united states deposit insure a f.d.i.c to add deutsche bank to its list of problem banks the list specifies
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those institutions with weaknesses that endangered their financial viability. the new blow comes in the middle of restructuring efforts deutsche bank's new c.e.o. christiane's evening wants to bring it safely back into the black again after three consecutive years with losses and that's no small undertaking deutsche bank shares have tumbled by more than forty percent since the start of this year. and that's why we have business news here on the w i'll have an update for you in the next hour before you go here's a quick look awesome world markets by my. colleagues
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