And what would you do with a spare 25 Billion Euros . Thats the question facing the irish Government Today as it delivers its budget following a huge Tax Windfall from Tech Firms. Live from london, this is business today. Im lukwesa burak. We start in the us where in the last 30 minutes tens of thousands of East And Gulf Coast Port workers have started striking for the first time in nearly 50 years. This comes after the international longshoremen s association and the us Maritime Alliance were unable to reach an agreement on the terms of their contract. The strikes will halt trade in a wide range of goods and disrupt the Countrys Economy just as we enter the final weeks before the president ial election. Our North America Business correspondent Ritika Gupt the two major sticking points between international longshoreman s association and the us Maritime Alliance are wages and automation for the workers are unhappy with the current contract which spanned the pandemic and dockworkers stayed on the job and endured months of soaring inflation. On automation, the Union Boss has been Warning Dockworkers at their jobs been Warning Dockworkers at theirjobs could be replaced by machines. In response, the us Maritime Alliance says it is offering to keep the current ban on fully automatic with rent. A strike would cost the us economy 5 Million a day according Tojp Morgan according to Jp Morgan analysts. According Tojp Morgan analysts. A range of Goods Flow through the eastern gulf Coast Ports, everything from raw materials and pharmaceuticals clothes and toys, with the ports accounting for more than half of containerised imports. While consumers may not feel the impact of the strikes right away, if it extends four weeks, it could lead to shortages and higher prices ahead of the president ial election. That is something you your governor Cathy Hogan weighed in on. The otential Cathy Hogan weighed in on. The potential for Cathy Hogan weighed in on. Tue potential for disruption Cathy Hogan weighed in on. Tte potential for disruption is significant. We have not had an event like this in our ports since 1977, and that lasted 12 days. We are deeply concerned about the impact that a strike would have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the 19117 act, President Biden has the authority to order striking dockworkers back to work, by the current administration has said it will not intervene and encourages all parties to keep negotiating in good faith. Well, lets discuss this in more details. Im joined now by tad dehaven, Policy Analyst at the Free Market think tank the cato institute. Hello. Welcome to the programme. T hello. Welcome to the programme hello. Welcome to the programme. Hello. Welcome to the rouramme. , programme. I wonder if i could ask ou, programme. I wonder if i could ask you. It programme. I wonder if i could ask you, it has programme. I wonder if i could ask you, it has taken programme. I wonder if i could ask you, it has taken 50 programme. I wonder if i could ask you, it has taken 50 years| ask you, it has taken 50 years to get to this point. This give us some of indication just how serious matters are . Well, it is an Nic White the powerplay and it is not a coincidence that we are just a little bit over a month away from the election, so you have the administration, they are proud of its organised Labour Record and by Extension Vice President harris is running on the same platform. Then you have the wildcard of the republican ticket with President Trump who is also trying to siphon off union support, so this is a headache for the biden administration by Extension Vice President harris because they really dont want to have to step in this situation, the unions are very important for such things, at the same time the american people dont have short memories when it comes to inflation and higher prices, the longer this goes on, the likelihood of higher prices and perhaps shortages grows, and thatis perhaps shortages grows, and that is obviously a headache that is obviously a headache that they dont want coming to the election from the White Houses perspective. Tt is the election from the White Houses perspective. It is an indefinite houses perspective. It is an indefinite striking. Houses perspective. It is an indefinite striking. In houses perspective. It is an indefinite striking. In terms| indefinite striking. In terms of timing, yes, we talk about the election, but how long would it take for the impact of these strikes to filter through to the us consumer . We have also got really the big, big cost for america coming up, thanksgiving, and of course christmas. Good things possibly be resolved by then . T christmas. Good things possibly be resolved by then . Be resolved by then . I would like to think be resolved by then . I would like to think that be resolved by then . I would like to think that Something L like to think that something will be resolved. Again, i dont think the Administration And Vp harris wants to come into the Election Day with this for weeks out because the longer this goes on, yes, the likelihood of price increases, shortages, all sorts of problems, even after a week you are going to have ships sitting there, so even if this does resolve itself after a week, you are still going to have this backlog, so you compound that as we get one week, two weeks in three weeks and so forth. ~.. weeks in three weeks and so forth. ~.. forth. What are the alternate routes to forth. What are the alternate routes to lessen forth. What are the alternate routes to lessen mitigate forth. What are the alternate j routes to lessen mitigate the negative impact of all this . That is kind of the problem is we have a ready seen a lot of importers of taking actions in anticipation of a shutdown, and i think a good example that i read about was an order of asparagus in florida. Traditionally they import asparagus from the miami port. Info this week you had deflating from paroo and whose translation costs, and as he said, that will be, if he has to pass it onto the stores, it will be up to them to eat it or pass it to consumers. Either way, that is not good for the us economy. Way, that is not good for the us economy way, that is not good for the us econom. ~ ,. us economy. 0k. Thank you very much for that. Us economy. 0k. Thank you very much for that. Thank us economy. 0k. Thank you very much for that. Thank you. Us economy. 0k. Thank you very much for that. Thank you. Thank | much for that. Thank you. Thank ou. Staying in the us, and a more positive note for the us economy, courtesy of the chair of the Federal Reserve. Speaking On Monday at a conference in nashville, Jerome Powell said the Countrys Economy seems poised for a continued slowdown in inflation that will allow the fed to cut its benchmark Interest Rate and over time reach a level that is no longer holding back activity. Analysts have interpreted the comments as a signal that the us Central Bank would consider reverting to its more usual Quarter Point Cut in november if economic data remained robust. Lets go live to jane foley, head of Fx Strategy at rabobank. Good morning to you. Lovely to have you with us. What really struck well with investors and economists from whatJerome Powell had to say . We economists from what Jerome Powell had to say . Economists from what Jerome Powell had to say . We have to remember powell had to say . We have to remember that powell had to say . We have to remember that only powell had to say . We have to remember that only A Powell had to say . We have to remember that only a few powell had to say . We have to l remember that only a few weeks ago the Federal Reserve cut Interest Rates by a huge 50 Basis Points, and there has been circulation in the market that they might do that again, so maybe another 50 Basis Points potentially in november when it is their next meeting. But what we had yesterday from Jerome Powell was indication they will properly stick to 25 Basis Points, a quarter of 1 rather than half of 1 , and he said the central method is they will go perhaps twice more this year. So again in december by another 25 Basis Points. The markets had to downplay the expectations of how much easing will get between now and The End of the yearjust will get between now and The End of the year just to will get between now and The End of the yearjust to touch, and because you have to remember while the fed has indicated it is now looking more at the Employment Side rather than the inflation side, the news you have been discussing for instance with the dockworkers strike, it does adjust there is still potential inflation shocks out there in the Federal Reserve will have two take into account. So that the another factor going into the another factor going into the decision in november two moved by 25 Basis Points rather than 50. A , moved by 25 Basis Points rather than50.~., moved by 25 Basis Points rather than50.~. i, than 50. Many analysts say the us could well than 50. Many analysts say the us could well achieve than 50. Many analysts say the us could well achieve this than 50. Many analysts say the us could well achieve this soft| us could well achieve this Soft Landing that we have been hearing so much about. It comes to the us, what do you mean by a Soft Landing . Tt to the us, what do you mean by a Soft Landing . A Soft Landing . It means managing a Soft Landing . It means managing to a Soft Landing . It means managing to slow a Soft Landing . It means managing to slow the i a Soft Landing . It means managing to slow the economy down, get inflation lower, towards the 2 target but without causing a recession. A recession would neither have mean a hard landing. New data last week said there wasnt a revision for the second Quarter Output and that was very much an encouraging factor. The market is of course still looking at the forward looking data, and this week we have the key us Labour Report on friday and we saw that today, a number of other indications which will give a fresher flavour about how the economy is doing right now. ~ how the economy is doing right now. ~ ,.. Now. 0k, thank you very much indeed. To japan now, where the new Prime Minister will shortly be sworn in in a ceremony at tokyos imperial palace. On monday, Shigeru Ishiba announced plans for a Snap Election on october 27. After winning the leadership election, Mr Ishiba said he would revitalise Japans Economy and Address Security threats. He has also hinted at supporting raising the bank of japans Interest Rates and looking at raising corporate taxes. But tokyos Nikkei 225 Index fell nearly 5 on the news. Im joined now by Professor Seijiro Takeshita from the Graduate School of management informatics and innovation at the university of shizuoka. Professor, welcome to the programme. What is it then about the new Prime Ministers and economic policies that people are not happy with . Actually, many were expecting him to be the Prime Minister, who basically were giving Warning Signs for further rate rises. Obviously they expected recently a much more buoyant stock market, but that wasnt to be. Mr Shigeru Ishiba in my opinion is saying a very rational thing, which is get some discipline into our Fiscal Policy and we may have two raise taxes as well. Something that many other politicians should have said but did not, but the real worrying thing that i got today as when he announced his cabinet members, you are asking for a division within the ldp and this is pretty bad news, especially considering that we have two major elections coming up next year as well. Major elections coming up next year as welL Year as well. Yes, a lot of Volatility Year as well. Yes, a lot of volatility there. Year as well. Yes, a lot of volatility there. What year as well. Yes, a lot of volatility there. What is L Year as well. Yes, a lot of I Volatility there. What is the feeling about what would happen next . Tt feeling about what would happen next .... next . It is going to be a very Rocky Road next . It is going to be a very Rocky Road because, next . It is going to be a very Rocky Road because, for Rocky Road because, for example, for the ministry members, he appointed the minister of internal affairs, who basically called the then Prime Minister a traitor and was expelled from ldp for more than a year. Making him the internal Affair Communication Minister and many others and not one coming from his faction. I am not one coming from his faction. Iam not not one coming from his faction. I am not an advocate of factual basis politics, but you are asking for division you are not really trying to include the biggest faction members into your group, and you can see this by the reaction of the adviser, and he didnt evenjoin for a reaction of the adviser, and he didnt even join for a photo session. You can imagine that this is going to be very difficult. If you have an internal crack, how will you cope with external factors . Letter about the external factors, and what does Japans Economy need . What measures could give it the best they need . ~. could give it the best they need . ~. , could give it the best they need . ~. , need . What it really needs is the corporations need . What it really needs is the corporations which the corporations which basically is to invest a lot more on economic and multiplying type of investment rather than backpedalling pipe of sustaining women resource, etc. But this is a mindset that has to change, and in my opinion, the government has to really start becoming a lot more selective in who they want to save andrew they dont, little more of a western type i wouldnt say draconian, but at least a lot more fairer type of transitional type of economy, which induces and kicks the ceos to actually start making a positive move rather than sitting down and waiting and complaining to the government. Professor, thank you very much indeed. Thank you. Lets get some of the days other news now. Businesses in the uk have been banned from Withholding Tips or service charges from their staff under new rules which have come into force today. All tips, whether in cash or by card, must be shared between workers by law, with millions working for cafes, pubs, restaurants, Taxi Companies and hairdressers most likely to benefit. If an employer breaks the law and retains tips, a worker will be able to bring a claim to an employment tribunal. Qatar airways has announced that it plans to buy a 25 stake in Virgin Australia. The Middle Eastern Airline has been trying to increase flights from australia and was blocked by the Canberra Government last year. As part of the deal, Virgin Australia plans to launch flights from major australian cities to doha by 2025. The purchase is still subject to regulatory approval. Around the world and across the uk, this is bbc news. Now, to canada. From today, a 100 tariff on chinese made evs comes into force in a move similar to those of the United States and european union. All of them are concerned that chinas cheap cars are unfairly distorting the global market for what is still an emerging technology. Canadas international Trade Minister has told the bbc that she hopes her country is not entering a Trade War with china. Heres our business reporterjonathanjosephs. Chinese Car Companies are producing and exporting record numbers of electric vehicles stop theyve had huge financial support from the government, which says canadas tariffs are against global trade rules. The low prices might mean tackling climate change more affordable, but canadas Trade Minister told me that is not enough. Irate told me that is not enough. We know that told me that is not enough. Know that china has an intentional state directed policy of more capacity, and that they generally dont have, bird me the same Environmental Labour Standards as canadian producers do, so these tariffs are a necessary measure to counter those practices, and that really distort competition, and i think what you are seeing in Canadas Decision is a decision that will ensure that we stand up for our workers and our manufacturers and that we are building those Evs Of The Future and also standing up for Fair Trade. future and also standing up for Fair Trade Fair Trade. China has already started the Fair Trade. China has already started the process Fair Trade. China has already started the process of started the process of retaliating against these tariffs. Your Canola Oil producers look like they are in the firing line. Can you afford to win a Trade War against the world was my second biggest economy . T world was my second biggest economy . World was my second biggest econom .. economy . I hope we are entering a Trade War economy . I hope we are enterin