tv Business - News Deutsche Welle June 21, 2018 7:15pm-7:31pm CEST
so europe and india key u.s. trade partners retaliating to washington's punitive tatters. story on more and business updates on the way out the back of the top of the hour with the latest world news i myself a good day. to. clash of cultures in india. a clash between those who believe in arranged marriage and those who want to marry for love.
a clash that's taking families and society to the cool. my father will be angry sometimes i think i'm already going to. commandos starts july eighth on g.w. . i think. the cold trade wars. and it is spreading to europe and india key us trade populous respond to washington's. arrives with retaliatory measures about the e.u. waves with all its branches saying to drub if you want to talk you know where to find us. all saltire effects germany's top luxury carmaker issues a profit warning putting the blame on tensions between the u.s. and the rest of the worlds. plus bailout exit euro group ministers meet in
luxembourg today to discuss the future of greece as that aid package comes to an end is athens ready to go it alone. this is it of your business i'm as in berlin welcome now turkey is joining the chorus of countries denouncing the u.s. tariffs on steel and alum indium and ankara is also taking action starting today turkey is imposing levies on twenty different us products ranging from coal paper and tobacco to cause a manufacturing goods in total the retaliatory tariffs are worth around two hundred thirty million euros and turkey's economy minister says they should balance out the costs of the trump ministration tariffs. that brings turkey in line with other nations including india which also hit the u.s. with tariffs on agricultural goods you may have the states will follow suit tomorrow when duty is worth some three billion euros come into effect the u.s.
offering an olive branch to the u.s. the blocks trade commission is the syria months from says the european european union is ready to engage with the u.s. to solve the trade between the two western allies months from is currently visiting new zealand to begin talks on a free trade agreement that. not long ago it was the other way round but now it's europe that is urging the u.s. to open its markets instead of putting more levies on imported products from across the world that's why e.u. representatives like to see the amounts trimm are running allies to counter u.s. protectionism could escalate. to a full trade war which would be bad for the whole world because we are so as you zealanders and you we are so interlinked in the global economies also in the chinese and in the u.s. and with the global value chains so it will affect us as well it will affect our companies it will affect our consumers the e.u.
is imposing its own tariffs on us products and they go into effect on friday they'll hit goods such as whiskey jeans and motorcycles and total u.s. goods worth two point eight billion euros will be affected there europe's response to president donald trump's tariffs on european steel and on a mini m but the e.u. trade commissioner is trying to leave the door open to new talks with the us government preferably through the world trade organization of course we are trying to work together with partners and new zealand is a very strong partner in that to see how we can strengthen and develop and elaborate within the w t o because it has served us well the e.u. is also turning to partners like new zealand and australia to negotiate new free trade deals. in a separate development japan has launched a complaint at the world trade organization to challenge south korean antidumping duties on japanese stainless steel balls it seems world trade is slowly but surely
turning into a hostile environment the first damage reports are coming through from the front lines of the tariff battle germany's deila is already feeling the pinch both from the escalating trade conflict between the us china and the e.u. and from the entirely homemade emissions scandal the luxury car maker has issued a profit warning saying costs from chinese duties on cars produced in the u.s. would take a bite out of their bottom line also has to recall some eight hundred thousand cars across europe europe u two emissions cheating it predicts that before taxes and interest will be below last year's level well let's check in with our financial correspondent live vance in frankfurt only we are quite used to bad news from german carmakers these days but how worrying is what don last to say that. now that's a new chapter to worry about in this saga and the investors put pressure on the
done their share because of those worries about the future a drop over four percent took other car shares like the m.-w. and volkswagen down with it and one analyst saying you know when you hear profit warning in a situation like this it's usually not the last one so you know people don't know is this the end of story especially as there's you mention the diesel scandal as well it's unclear how high the tab for that will be in the end for a dime lower and it sure puts pressure on the c o d that's such a he was under pressure before because of poor performance and the diesel scandal now with the profit warning not good for a c.e.o. . dimas misty what are you hearing from all the german car makers. well they're worried as well no word today really from volkswagen itself but b.m.w. saying they're weighing strategic options what does that mean they're looking at
the possibility of perhaps putting production that's now in the united states elsewhere so that cars that they make their don't get tariff they don't get levied in china and of course that should be a warning to u.s. politics especially the u.s. president. of car maker volvo is also worried it has a new factory in the united states and it says that if it doesn't pay off then there are jobs and danger and so there is a wave of concern going through the industry and it's all this concern also affected the market generally today and frankfurt and in europe and it's probably going to remain a concern considering the volume that's possibly at stake here well advance of frank thank you very much. bedridden greece has received around two hundred seventy four billion euros in three rounds of bailouts by the e.u.
and the i.m.f. today eurozone finance ministers are discussing the terms of exit or greece's bailout program started organists twenty athens will be expected to stand on its own feet again and raise funds via the financial markets if you announce ministers will be deciding how to give greece some relief to pay back its debt that could be considering extending the loan repayment period in a strange greece will have to commit to further reforms which will be monitored by its creditors. our correspondent barbara visas covering the finance ministers meeting in luxembourg for us and i asked her if greece is actually ready to leave the bailout behind. your head will be declared to be ready to go it alone because when it misses when they were walking in here a little while said greece has done the work and now they shall be free again free
of the constraints of course of the third rescue package the only thing that is still on the table today are the conditions for how greece is going to pay back the mountain of public debt it's sitting on and did the the solution that is now really mainly being discussed is that repayments will be stretched into the even further future question maybe another ten years another fifteen years that has yet to be decided so finally it is the big question really for greeks will their children although their grandchildren still pay back the public debt greece has at the moment to the european union of our that's been in the international papers they have been criticism that germany was profiteering from the greek bailout is that true and how. it is formally true but not really true not factually true because this goes back to the massive buying in the
european central bank the e.c.v. into greek government bonds some years ago now these bonds of course have interest rates and the e.c.b. distributes this money to these central banks of the member european member states member states of the eurozone so this money is theoretically there however at the last round it was given back to greece this time the plan is to put it into something like a trust fund for greece so if the country behaves if it sticks to the reforms it can then pull in this money so it will be in the end if things go well handed back to greece itself. not a big topic on the agenda is of course the euro zone budget that has been also a big fanfare yesterday about michael and america was very low on details all those details coming out to be one of the other to be hammered out in this meeting. these details will be hammered out bond very slowly because the french finance minister
when will america walk in here and said oh this paper if we really welcome it and we think it's great however it is only a proposition he knows well that of course criticism from most signs from sides from other euro zone member countries are already arriving here so of course no they need to google give room to take everybody to have their say and then they slowly slowly can sort of put together a package the french on not to without reason talking about a roadmap to eurozone reform so this is not something that will be solved here and overnight but it is going to take some months yet. luxembourg for us thank you very much. indeed and because as barbara just said a position is emerging to the franco german plan to create a special eurozone budget french president has made the idea of a crisis fighting budget
a signature part of his plans to jumpstart the you off of the debt crisis but there are fears that the idea was unnecessary and could create a two speed europe the netherlands poured cold water on the idea we're not in favor of it said the finance minister known euro powerhouse poland also cost serious doubts on the franco german proposal but some analysts say it is a good thing for the monetary union like i and g. chief economist cost breast feed. it's a nice small step towards further integration i think it's better then then we hope for a couple of weeks ago when when that looked as if the german government was not willing at all to convert me some across so it's a nice misstep but also it will not be a standalone eurozone budget it will be part of the the multi annual e.u. budget so it will be kind of budget live within the european budget it's only small double digit numbers over over five years horizon so it is more symbolic but it
shows that at least merkel and mccraw willing to work together and i think this is . more intrigue on international talk show for journalists to discuss the topic of the week chancellor merkel and so back to the wall as tensions are mounting germany's refugees ground the question is can she come up with a solution to prevent her government from being blown apart find out on quadriga coming up shortly. quadriga next d.w. .
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the evidence. this is the chance because justice is about the truth. truth detectives starts june thirtieth on t.w. . clone a very warm welcome indeed to quadriga coming to you from the heart of berlin and this week the focus is on german chancellor angela merkel who truly has her back to the wall everyone is asking how long can europe's longest serving leader cling onto office and with the latest ructions over germany's and europe's immigration policy is facing an ultimatum from have powerful interior minister jose ho first says bring back a.