lower but to put that into context it was at zero in europe this time last year. and in the world s largest economy the us, the cost of borrowing is at 5% to 5.25%. but critics point out rising interest rates is a blunt tool that comes with its own set of dangers that can pose further risks to the economy. so what else can be done? well, central bankers are getting together today in portugal to chew over this challenge. joining me now isjennifer mckeown chief global economist at capital economics. good morning to you, jennifer. so it s a lovely location, portugal, you got christine lagarde there, andrew bailey, jerome powell among others, what do you think they will chew on? of course they re all increasing the cost of borrowering and in some places like the uk, so far it s having little effect. little effect. yeah, you re ri . ht. little effect. yeah, you re right. beautiful little effect. yeah, you re right. beautiful location, | little effect. yeah, you rel right. be
by a remotely operated vehicle deployed in the search. the bbc has been told that the debris includes parts of the missing sub. the submersible was about 435 miles south of stjohn s, newfoundland, on a voyage to the wreck of the titanic off the coast of canada, when it lost contact. its exact whereabouts and the condition of the five crew onboard are unknown. with rescuers in a race against time to find the sub, it s thought that the on board oxygen supply may have run out. more ships are now in the area helping with the search. let s just run through what s been happening over the last few hours. two deepwater remotely operated vehicles have been scanning the sea floor. the us coast guard said on social media a submersible attached to the canadian vessel horizon arctic had reached the sea bed. another one, operated from the french research vessel atalante, has also been deployed. another remotely operated vehicle is on its way from jersey in the channel islands and is due to
initiative to start building semiconductors in india, which is also something to keep an eye on. i think more anything else, the headline is that the fact that modi has been given this very glittering high profile state visit, underlines how important the india relationship is for the biden administration. india is proving to be a viable option in terms of of supply chains for american companies, should beijing be afraid? i think beijing has a large lead when it comes to supply chains and i think india is still working through some of its problems. it has had a few high profile successes most importantly apple, but i think in terms of catching up with beijing this is still frankly very early days for india. human rights has become an issue in the recent protests by members of congress but will the business community turn a blind eye to those? it s clear that both the business community and us is looking in terms of business in terms of market opportunity and the skilled manpo
for more, wendy cutler vice president of the asia society policy institute and former us diplomatjoins us now. trade relations like other parts of the us relationship with china are tense. while a lark of trade still continues to flow between the two countries tariffs remain in place export restrictions remain in place and try never increasingly is imposing regulations making it very tough for us companies to operate in their country. interesting though because economic ties still happen where discussions with geopolitical issues and onto the defensive front just shut down so we just now have bill gates and elon musk visiting china she would feel more positive about the economic side of the relationship was not clearly beijing seems more interested in reviving or strengthening the economic part of the relationship versus the military part. of the relationship versus the military part- military part. one thing i will be looking military part. one thing i will be looking out
happy friday, thanks so much for joining us. it is 10:00 eastern, i m ana cabrera reporting from new york, and we are tracking multiple breaking news stories this friday. in texas, a community flattened by a tornado leaving three people dead and dozens hurt. the town of perrington with over 8,000 people took a direct hit. dozens of homes now wiped off the face of the earth. the trailer park that the tornado first hit, there s probably 25 to 30 of those homes that are completely destroyed. and complicating the rescue and recovery efforts, a brutal heat wave descending upon the lone star state, some areasly c degrees. we re keeping a close eye on the supreme court this morning where at any moment the justices could release decisions on major cases, the fate of affirmative action and student loan forgiveness among them. we ve got a preview straight ahead. and remember this? eight years ago today donald trump announced his campaign for president. lately he s been making m