Now its time for World Business report. A taxing task for trump, as he pushes plans to ease the burden on business and the middle classes. But can he sell it to a sceptical congress . Plus, crude warning the boss of shell says the price of oil could soon be heading higher as lack of investment squeezes supplies. Welcome to World Business report. Im sally bundock. Also coming up, unexpected good news as chinas factories move up a gear in august. But first, we start in the us in springfield, missouri where President Trump has begun a speaking tour to try and build support for his planned tax reforms. He described the us tax code which hasnt been reformed for three decades as self destructive. And he called for a more competitive system to boostjobs and wages, repeating his ambition to cut americas Corporate Tax rate to 15 . On paper the Us Corporation tax rate is one of the worlds highest, at 35 . Taking into account various tax breaks, top us firms pay a bit less than that, an average of 28. 6 . That still compares unfavourably with the 25 rate in china, 19 in the uk, and just 12. 5 in ireland where many top us firms have their overseas headquarters. Which has led of course to this 2. 5 trillion worth of profits channelled overseas by Top Us Companies as they look to avoid the american taxman. The Us National Debt is spiralling towards 20 trillion. So would cutting taxes boost the economy, and tempt us firms to bring more profits home . Or would itjust do more damage to the governments finances . Thats an argument the president will have to take to congress, as Michelle Fleury reports from new york. These stock market is art. The Unemployment Rate is at an all time low. If you listened to donald trump on wednesday, you heard him say the system is rigged. In a speech to introduce tax reform, the us president told the crowd, the countrys tax system was broken. His sales pitch, which was light on details, focused on how it would then that the middle class. Our self destructive tax code costs americans millions and millions of job, trillions of dollars, and billions of hours spent on compliance and paperwork. One proposal he has been pushing is cutting the nations 35 Corporate Tax rate to 15 . Those in favour say it would encourage companies to stay in the United States and create jobs, but not so fast. Budget experts say the plan could cost the government 2 trillion, and critics argue there is no evidence that companies saving more on taxes will expand their workforces. Plus, the tax code is so full of loopholes that most firms already pay less. There is bipartisan support to simpler by americas tax code. But given potential impact on workers, businesses and the countrys deficit, modernising the rules would get for water. Professor Alan Auerbach is professor of economics at the university of california, berkeley. Good to see you again, professor. Can you give us your take on President Trumps challenge . Will he pull it off and get a 15 Corporation Tax rate in the us . think he is still talking about 15 , but others in his administration have begun talking about 20 or 25 . So maybe he is still talking about that in speeches, but i think it is extremely unlikely we are going to see a 15 tax rate. Extremely unlikely we are going to see a 1596 tax rate. So we will see some kind of politicalfudge at see a 1596 tax rate. So we will see some kind of political fudge at the end of it . Well. Will it either desired effect of American Companies bringing profits home . Will it see the desired effect. bringing profits home . Will it see the desired effect. I think it depends on the details, and as you said, that has been very light so far. If we just have a cut in the Corporate Tax rate, that in itself would encourage companies to bring profits home and perhaps to locate more production in the United States. The big question is how he will pay for it. Simply issuing more debt in order to do that would equate counter productive. All in all, that would not be a good policy to follow. They are taking a path of least resistance right now and promising benefits without really indicating how they are going to balance the package. And of course thatis balance the package. And of course that is where the difficulty comes in. Partick million trying to hold their fragile Republican Coalition together, especially in the senate. Particularly in trying to hold. From your perspective, how are the public finances . We have given the barebones facts, with public debit heading towards 20 trillion. That is such an enormous sum. But the us economy, we had a revision of the latest gdp numbers upwards, i mean, the economy is healthy. The economy is very healthy. We are experiencing a very low Unemployment Rate. We just had a revision upward of our recent growth. The us economy is doing well, which is not to say that we couldnt do better, with a more sensible tax system. But i would say that taking harsh or extreme measures right now in the name of rhetoric thing and economy, i think that would be inappropriate. A cheerful, well designed tax reform would be a benefit for the us economy. would be a benefit for the us economy. Careful, well designed. But simply passing a tax cut to declare victory, that something has been accomplished, that would be a big mistake. We will watch this space closely. Thank you for your time. Lets go to asia and talk about the economy. China moved up in august in terms of their factory sector, better than most economists were predicting. That will ease concerns about the help of the chinese economy. Sharanjit about the help of the chinese economy. Shara njit leyl joins about the help of the chinese economy. Sharanjit leyljoins us. The numbers are looking good for china, following hot on the heels of the us revision upwards as well . Absolutely. You said it. Most markets in the region are going up asa markets in the region are going up as a result, because of all this good news. China, as you said, posted stronger than expect the factory sector growth in august. The purchasing managers index, that is the official one, it is a gauge of the official one, it is a gauge of the help of the manufacturing sector, and it came in at 51. 7, crucially above the 50 point mark that separates growth from contraction. Analysts had expected it to actually be fairly little change from july. So chinas resilience is giving something of an extra boost to the global recovery, especially, like you said, at a time in the us economy also seems to be bouncing back. You just said us growth would be revised up to register growth, the fastest pace in more than two years. China has had to manage its economy much more carefully, because it has cracked down on riskier lending, it has put in place tough curbs to get its Housing Market under control, and we saw a growing by a better than expected 6. 9 saw a growing by a better than expected 6. 9 in saw a growing by a better than expected 6. 9 in the first half. Saw it growing. So we have seen this better data, but the Services Sector has not shown as much growth. Thank you, Sharanjit Leyl we are also talking about oil. The industry has got used to lower prices, but the boss of shell, ben van beurden, has told the bbc that prices could start rising soon, as underinvestment reduces the supply of crude. Good news for oil companies, you might think. But not necessarily, as he told our Business Editor simonjack. If you look at it in the slightly longer term, i think the fundamentals are such that supply is going to be a little bit tight. Not necessarily next quarter, not necessarily next quarter, not necessarily very predictably. There might be seasonal effects, there might be seasonal effects, there might be seasonal effects, there might be other effects. But i think the market is actually in balance, and it will tighten a bit more. So there is probably more propensity for the oil price to drift higher than lower. But you have to bear in mind come in the short term, it is driven by sentiment, so it can go in any direction. That is interesting. You are saying that underinvestment in bigger projects over the last couple of years, because of the low oil price, is so is selling pcs for a potential Oil Price Spike knowing forward . For a potential Oil Price Spike knowing forward . For a potential Oil Price Spike knowing forward . Selling in the seeds. Sowing. Knowing forward . Selling in the seeds. Sowing. Ithink that is knowing forward . Selling in the seeds. Sowing. I think that is a risk, and nobody would benefit from that. You would. I dont think so. It isa that. You would. I dont think so. It is a popular belief, that this is good for oil companies, but i can tell you that it isnt. What is important to us as a relatively predictable market, a relatively predictable market, a relatively predictable outlook for supply and demand, prices, et cetera. Because look at what happens, if Oil Prices Drop down from over 100 to less than 30, you know, there in mind every 10 in the oil price is like 5 billion of cash per year for me. 10 in the oil price is like 5 billion of cash per yearfor me. Bearin billion of cash per yearfor me. Bear in mind. So the amount of impact on our operations is massive. We cannot, as an industry, have a predictable and efficient way of running our business, when you have so much disruption and so much cycling. Of course, we can take costs out of a weak and simple by projects, but also you have to put people out of business because you cant afford it any more, or you are not going to build as much as you would like to build. And next time around, you know, it all reverses again. That is a very inefficient way of actually running the industry, and nobody benefits from that. Least of all customers, but definitely also not us. That was the boss of shell, speaking to simonjack. That was the boss of shell, speaking to simon jack. Looking that was the boss of shell, speaking to simonjack. Looking at markets now, the price of oil has declined, but gasoline is going up and up. This has to do with Hurricane Harvey pounding the energy rich gulf of mexico coastline. Mixed markets, slightly down for hong kong. 0verall, sentiment is positive, thanks to the news from china and also the gdp figures from the us the night before. I will see you again shortly. From tomorrow, working parents across england will be able to get 30 hours of Free Childcare a week, and the deadline to apply is today. But a new survey suggests almost half of childcare providers plan to increase how much they charge parents for additional hours because of a funding shortfall. Sima kotecha reports. A promise from the government. 30 hours of Free Childcare a week for three year olds and four year olds. Three year olds and four yearolds. It makes you feel more empowered to action ago and work full time because you have got the help from the government for that 30 hours. It would actually be beneficial to parents that are trying to go back to work, we just wa nt trying to go back to work, we just want the minimal support, just so that we can work, and it is in such a financial strain. Tens of thousands of parents are entitled to this childcare, which is double the number of hours they used to get. But some parents have told us that ever since they have enabled to sign up ever since they have enabled to sign up to the scheme, there have in problems. At one point its website wasnt working properly and that stopped parents from receiving a code which is needed to get the childcare. There have also been concerns about our nurseries will pay for the service, with some saying the money that ministers are providing is not enough. Here they say that they are struggling to stay afloat. We cant afford to offer any totally free 30 hours schalke places. What we can do is offer the subsidised elements and a ramp that up, what we charge for meals and the extras that we provide here like french and drama and yoga and all the rest of it. The government says the rest of it. The government says the policy is are already having a positive impact in the areas that have trialled it since last year, and that independent Analysis Shows most providers were willing and able to offer the extra hours. But a survey out today suggests 40 of nurseries are worried they will have to close down, because the cash they are given, they say, is not enough to keep them in business. You are watching bbc news. The latest headlines the governor of texas has said the worst is not over for some parts of the state, with Tropical Storm harvey still bringing torrential rain. At least 31 people are now known to have died. The authorities in libya have confirmed that the brother of the manchester bomber will go on trial for his role in the attack which killed 22 people in may. 20 years ago today, diana, princess of wales, died in a cloud crash in paris, as she was being pursued by photographers. Her two sons, paris, as she was being pursued by photographers. Hertwo sons, Prince William and prince harry, will mark the anniversary privately. Died ina car the anniversary privately. Died in a car crash. 0k, the anniversary privately. Died in a car crash. Ok, now it is time for a newspaper review, and we will look at what is making headlines around the world. And we will start on that story. Remembering the peoples princess many front pages in the uk, and, indeed, across the world, pay tribute to diana, on the 20th anniversary of her death. The Daily Telegraph with a picture of Prince William and harry under the headline all of us lost somebody that day