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tv   Business - News  Deutsche Welle  June 2, 2018 5:02am-5:16am CEST

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european union goes on the offensive against us terrorists. is unfortunate because this is for the weakening the transatlantic relations and it also increases the risk of severe turbulence in the markets globally. they use trade chief says the bloc will challenge u.s. tariffs at the world trade organization is this the beginning of the trade also coming up there are rumblings that german cars could be the ones to bed a brunt of tit for tat tariffs will americans love affairs with beatles being risen mercs enjoy. some go up others come down china lowest tariffs on some important consumer goods. this is your business update i'm helena humphrey in berlin thanks for joining me washington's moves have been deemed illegal by europe the e.u. trade commissioner to see among them saying the bloc will not take america's actions lying down of vowing to challenge the tariffs in
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a case at the world trade organization in the us government but it certainly didn't waste a moment in following through on its threats. they began friday at six am central european time twenty five percent in part tariffs on steel ten percent an element the europeans reactions are clear. it is unfortunate because this is further weakening the transatlantic relations and it also increases the risk of severe turbulence is in the markets globally protectionism can never be a solution and this will hurt jobs here in the european union but also in the u.s. the e.u. has launched an official complaint at the world trade organization they want to introduce countermeasures such as tariffs on u.s. products like bourbon whiskey motorcycles and jeans were at some two point eight billion euros. you member states are meeting next week to decide on the exact list many economists agree with the measures will come europe has
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a very big economy and a very important market for u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the you must use countermeasures to steer that process in the right direction. but it's those who are affected the most who are speaking out against new e.u. tariffs on u.s. products are taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. well for more on this we're joined by our correspondent teri schultz ate at brussels now terry they trade commission to see a bunch of them has said that when it comes to america first it will be met with europe united well it will block now be an agreement as to how to respond. so far it looks like it will be helena you know some of these measures were already teed up before today in the expectation that trump would follow through on these
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threats as we know the complaint has been lodged at the w t o already and the lists have already been drawn up of the u.s. products that will be targeted and all those left now is for member states to agree on which one of them will be one of them which ones of them will be selected for the important duties and so there could be some differences of opinion and we've seen a reaction that ranges from very strong from france for example to a bit muted from germany but so far nobody is suggesting that these import duties should go unchallenged by the european union now one thing you in the united states can agree on is china and we understand that the e.u. is lodged a complaint against china the world trade organization as well tell us more about that. it was interesting because the chinese foreign minister was actually here today holding talks with european union officials so he was meeting with federica
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mcgreevy and other high level leaders while syria mom was preparing her speech explaining why the e.u. is taking china to the w t o so this may be a chance for the e.u. to show that it is not against the united states has said in fact that you wanted to show that it doesn't take sides when it feels that the global trade rules are being threatened are being are not being followed so the case with china today is that it is has been forcing european union companies to share technology in exchange for doing business in china to sometimes even share ownership of the companies and says this simply can't go on and so at the same time as china and the e.u. are on the same side when it comes to opposing the steel tariffs the e.u. has sided with the u.s. which has long had complaints about international property intellectual property theft by china. in brussels for us this evening thank you.
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time to get the view stateside off financial correspondent so if you should man ski is standing by sophie trungpa said in the past that trade was a good easy to win to investors that feel the same all the way atoll rattled by the european union's. to fight back. yeah there definitely are and i mean trump's moves have caused a lot of resistance and criticism both from allies and rivals and there's also disappointment from companies or sectors that are intended to help with these tears so for example the other many i'm associated in representing produces like the company co-op and the c.e.o. of the group said they were disappointed by the tariff expansion because the real problem would be over capacity in china but these terrorists would do little to fight these imports also can make us rely on metal imports because there's simply
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not enough domestic supply so our members of that can manufacture as instituted have also applied for exclusions from the terrace and then the ken food maker temple food said that it expects double digit increases on steel and aluminum prices with the higher costs weighing on profit margins boeing and caterpillar declined to comment but their stocks are down so i guess it's really not too far fetched to say they're not they friends of these terrorists so if you give for us in new york thank you very much well in a further escalation us president donald trump may slap tariffs on german cars as well he says there are too many of them on the roads of america and too few us cause he in germany do american drivers really want to switch from a b.m.w. to a cadillac cola correspondent went out to gauge the mood on the streets of washington . luxury german cars are a common sight on the streets of washington d.c.
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and the idea of blocking their import isn't so popular. people want to buy german 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 an american cars but probably. going to be better but maybe maybe a little better because i think i may view of american cars that they fall apart pretty quickly and german cars don't 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 altogether 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 seven thousand german automakers exported more than six hundred fifty thousand cars to north america but many also have huge factories in the united
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states that employ more than one hundred thousand people in fact they built more than eight hundred thousand cars on u.s. 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. well that bring trade attentions on the world's top economies took over the agenda as the meeting of the g. seven finance ministers took place on friday canada's been more no representing the host country he said the group of seven officials decided to push back against washington's decision to impose state steel an element entire starting friday he added that the u.s. tariffs also weakened the prospects for successful negotiations to overhaul the north american free trade agreement u.s. president donald trump said on friday he'd like to see separate agreements with canada and mexico. a while thanks in part to pressure from washington chinese consumers will like
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a pay lower prices on certain products from july that if that is off to beijing announce it's cutting tariffs on almost one and a half thousand imported consumer products european wines and american cosmetic products chinese consumers can choose from a wide range of imported goods but up until now they've paid a premium for the privilege tariffs on consumer goods have average forty nine percent a good bit higher than the country's general import duties fare of sun consumer goods but now dropped to an average of six point nine percent. following pressure from the u.s. another trade partners china has pledged to increase imports and this move is part of the effort. we often the market adapt to the world economy and push forward economically. but china is not acting entirely voluntarily
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president trump put pressure on the world's second largest economy this week by slapping additional tariffs on fifty billion dollars worth of chinese imports china's reductions could have the two nations reach a consensus on their on going trade negotiations u.s. commerce secretary wilbur ross is due to arrive in beijing on saturday for the next round of talks. well payment systems in credit card giant visa crashed across europe on friday the breakdown left custom a stock at tills and stores across the continent and looking in dismay at cash machines he just said late on friday it was working to fix the problem but as progress was being made some transactions were still being rejected as the backlog for me often went through the system musica not say how many transactions had been blocked rival's american express i'm off to call one not affected. that's it for me on the business team here but and thanks for your company and see you again see.
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