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tv   Business - News  Deutsche Welle  September 24, 2018 1:15pm-1:30pm CEST

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and don't forget you can always find out more about these and other stories at our web site that's the w dot com. time for an upgrade. funded church grows all by. house with. poor design highlights you can make yourself. trends tips and tricks that will turn your home to something special. upgrade yourself with d. w.'s interior design channel on you tube. would have been fighting for the case to
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take you seriously in the world of what here's what's come out women's talk tough though the. first year of smart women smartarse smart station and legend frank recently dangerous times are for putting dollars for mine. china accuses the west of trade. starting the largest trade war in economic history this after washington slapped a new round of tariffs on chinese goods from handbags to rice coming into effect today. also coming off the heads of germany's top automakers failed to reach a deal with chancellor angela merkel as the fate of their pervasive but diesel powered vehicles remains unclear. welcome to d.w.
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business the latest round of u.s. tariffs on chinese goods kicked in today at the stroke of midnight to washington started imposing tariffs on two hundred billion dollars worth of chinese products beijing retaliated by targeting sixty billion dollars of u.s. goods with extra duties and this is the latest escalation in a bitter trade dispute that's rattled financial markets and so far neither side has signaled a willingness to compromise. workers in a chinese factory making flags and banners for donald trump's reelection campaign in twenty twenty if you want an idea of the irony and complexity of the trade dispute between the world's two biggest economies here it is in a nutshell the dispute has escalated dramatically since this meeting between the american president and his chinese counterpart using ping almost a year ago so what's happened since then and what it meant for both economies let's
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take a look last year at the u.s. imported five hundred five billion dollars worth of goods from china back in june trying to impose tariffs on fifty billion dollars worth of them as of today further duties have come into effect on another two hundred billion dollars worth of goods . on the other side china its imports from the u.s. and twenty seventeen totaled one hundred twenty nine billion dollars in the summer china responded to u.s. tires by imposing duties on some fifty billion dollars worth of u.s. goods and now it's retaliation again by adding judy's to a further sixty billion dollars of u.s. products. meanwhile the war of words continues to. here's what u.s. secretary of state mike pompei zero had to say about the trade war when he appeared on fox news on sunday. we know this much the trade war.
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against the united states has been going on for years. here's what's different in this administration to the extent one wants to call this a trade war we are determined to win it china for its part accuses the united states of bullying with no sign of a less open the tit for top spot economists say the real losers in this trade battle could ultimately be consumers in both countries. let's put that question right away to claimants' fools president of the institute life in its institute for economic research at the university of new nick good to have you with us how can washington and beijing result this trade route without losing face. good morning yes this is going to be very difficult because trump needs to be seen by his supporters as someone who is tough on the chinese and chinese imports that was one of his promises probably the chinese will yes react but try not to escalate
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this debate so what i would expect is that this will take some time i think the next crucial moment will be the end of the year when trump will have to decide will these tariffs go to twenty five percent from ten now and depending on his decision and. we'll see but i think we have a very far from a deescalation of this raul will raise see how hundreds of billions of u.s. dollars tariffs on chinese goods sixty billion dollars worth of chinese terrace on u.s. goods which side hurts more. the u.s. economy can hardly replace the chinese goods so it's not like these goods will be produced in the united states what's going to happen probably is that prices of the chinese goods will increase maybe the chinese currency will devalue a little about in the end it could very well be that the u.s. is the loser or the u.s. consumer is the biggest loser in this thing so it's not clear that this will hit
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the chinese more than the u.s. now winter giants like washington and beijing fight with each other where does that to dispute leafier up. well europe has no interest in global protectionism increasing on the other hand there are opportunities for european companies now and there are opportunities for europe to get to stay out of this route so it could be that on the one hand the chinese will make concessions to the europeans to intensify trade with europe and it could also be that some european companies those competing with chinese companies in the u.s. markets. may increase their market share so this scenario where the conflict is mostly between the u.s. and china is in fact quite positive for europe off cause we know trump is very volatile so he could easily turn to europe very quickly but for the for the time
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being europe is in a more comfortable position. claim is who's there president of the institute like this institute for economic research at the university of unique thank you so much . thank you. german chancellor angela merkel who met comic us on sunday to discuss additional measures to avoid large scale diesel vehicle bans here in german cities among the most contentious issues engine retrofits which the car industry has so far been opposed to sunday's so called diesel summit also ended in conclusively with more talks to come later this week. perhaps b.m.w. wanted to show a little goodwill the c.e.o. came to chancellor angela merkel's office in an electric car for his company there's a lot at stake the same for mercedes boss sacha and v.w. management they'll be meeting with macko finance minister shots and transport
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minister sure once again the subject is driving bans for diesel vehicles the coalition wants to prevent this is much as possible but the industry does not want to make any promises for retrofitting. it instead for clean air in the cities fleet renewal remains our priority we've also talked about retrofitting now they'll be discussions at the federal level and the individual car manufacturers will do the same and so an automobile have been like a tone but the green party demands the conversion of all vehicles that don't meet exhaust emissions standards and so my high school they always say that only older diesels are affected but it isn't true there are many of the relatively new euro five diesel vehicles which totally exceed the standard values and many of the newest euro sixty's of vehicles considered the most modern don't meet the standards that's why we demand that the vehicles be retrofitted at the expense of the car industry. the german government has blocked the retrofitting of older diesel
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engines and prefers offering incentives to buy new vehicles the big car bombs is left until america is office without a deal but the german chancellor wants to present a solution for diesel vehicles by the end of the month. now meanwhile porsha announced that it will did diesel fuel good let's cross over to pakistan but it's our financial correspondent in frankfurt power how investors reacting to that. well monica the error here in frankfurt might look clean but it isn't that it's full of nitrogen it's not nitrogen oxides caused by diesel and that has brought a court to rule that they won't be able to enter the city starting next year now this is and has brought a mood swing. towards retrofitting even with michael who seems to be heading this direction that's not good news for german carmakers porson porsche can easily ditch the diesel as it doesn't rely on it much anyway but for other carmakers there are suffering their stocks are suffering this morning across the board even cantin car
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supplier and that's because it's yet unclear who is going to pay the cost of such retrofitting should it be decided upon and it's going to be costly definitely a three thousand euros per car ok talking of costly a major change actually two major changes on the dax and the eurostar tell us about that. yes a major shuffle in stocks in both these indices and the losers here are german traditional banks here in frankfurt a bank has been kicked out of the europe stocks fifty the fifty the largest traded companies in europe and. germany's second biggest lender was kicked out of the docks today its first day out and the first day in four wire card a fin tech that has risen in the past months focused on electronic and mobile
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payments digital enterprise exactly the area were german traditional banks are losing out and haven't really caught up and rumors of mergers are now coming back up for those german. pakistan but it's from frankfurt thank you for the update. well the price of brant oil has hit a four year high and the spike comes a day off the members of opec the oil producing nations a group of all producing nations ruled out increasing output and that decision defies calls from the united states which fears that the sanctions three imposed on oil rich iran will put pressure on global supply a barrel off the back stuff will currently set you back over eighty dollars but some analysts believe the cost could rise to over one hundred dollars as rain and sanctions take over. and there's a new merger in the gold industry the canadian mining company barrick gold has taken over its rival randgold and that makes it the largest gold company worldwide
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the new merged company will have a market value of around eighteen point three billion u.s. dollars according to wrap gold gold operates gold mines on the ivory coast mali senegal and the democratic republic of congo the price of gold is on the pressure since february the precious metals value has sunk by more than thirteen percent some analysts believe the merger could boost investor confidence. and that is your business update here on d w more to come in the next hour see you then.
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