Transcripts For BBCNEWS Business Today - NYSE Opening Bell 2

The worlds biggest Trade Blocs is deepening with china announcing new tariffs on Brandy Imports from the european unIon. It follows last Ion'>Weeks DecisIon by the eu to push ahead with Import Taxes of its own on Electric Vehicles from china. Last Year China imported about 1. 8bn of brandy from the eu with the vast majority coming from france. From Friday Companies that import will have to pay a tariff of up to 39 to the chinese government after they decided their own producers were being unfairly harmed. It follows the eu pushing ahead with tariffs of up to 45 of chinas Electric Vehicles which it says have benefitted unfairly from government help. Last Year Trade between the Eu And China was worth about Ion'>811 BillIon after it fell last year. With more tarfffs under consideratIon, it could fall further. Im joined now by Dr Deborah elms, head of Trade Policy at the Ion'>Hinrich FoundatIon in singapore. It describes itself as a philanthropic organizatIon that works adavance sustainable trade. So the Brandy Industry finds itself as Collateral Damage in a Tit For Tat over tariffs . This is the way it is supposed to work, so basically you retaliate in a sector that is different from the one that has been hit, and the idea is that the brandy produces in this case will start screaming bloody murder to their officials, and their officials will engage in more comprehensive negotiatIons than might have first appeared. This is a common tactic, to have one country have a Trade Effort in Ion'>One DirectIon and then you retaliate it with a different sector. ,. , sector. Given we are seeing tariffs employed sector. Given we are seeing tariffs employed more sector. Given we are seeing tariffs employed more and l sector. Given we are seeing tariffs employed more and more, does it end up being a Arms Race of raising and raising . Who is the first to try and De Escalate . Who is the first to try and deescalate . Deescalate . That is the Challenge Deescalate . That is the challenge right deescalate . That is the challenge right now, deescalate . That is the I Challenge right now, tariffs have become a Weapon Of Choice in a way they did not used to be, and the global Trading System where we could manage many of these disputes is not working like it used to, and in particular the Dispute Settlement System where you used to bring these cases has been dysfunctIonal now for several years, and so now we are seeing the colliding of those problems, the use of tariffs and a non functIoning Dispute Settlement, which leads to bilateral disputes that can quite easily spiral Out Of Control. Quite easily spiral Out Of Control quite easily spiral Out Of Control. ,. , control. You are referring to The World control. You are referring to The World trade control. You are referring to | the Ion'>World Trade OrganizatIon there. What is the short term aim of china regarding the eu . They have a couple of objectives, they would like to have discussIons and a row back of the tariffs on Electric Vehicles and they would like to make sure no further tariffs are placed on green technology products which china has a very strong competitive edge and they would like the eu in particular to think harder about whether they want to tackle china in this way and then i suppose a fourth reason would be, making sure that other countries do not find this an easy solutIon for themselves. In other words, this an easy solutIon for themselves. In otherwords, use it as a Test Case for Anyone Else who thinks they might be able to apply Electric Vehicle tariffs against china or any other tariffs. If tariffs against china or any other tariffs. Tariffs against china or any other tariffs. If you listen to the rhetoric other tariffs. If you listen to the rhetoric on other tariffs. If you listen to the rhetoric on the other tariffs. If you listen to | the rhetoric on the Campaign Trail in america, during the president ial electIon, there is a lot of talk about tariffs so if anything we seem to be heading towards more and not less. ,. ,. , less. That is true. That is a word we less. That is true. That is a word we have less. That is true. That is a word we have not less. That is true. That is a word we have not been less. That is true. That is a word we have not been in l less. That is true. That is a L Word we have not been in for most of our lifetimes, and it will be interesting to see how much of that is rhetoric and how much is reality, and in terms of the us, the Donald Trump in particular, he is very serIous about his plans to impose tariffs, and companies that have deluded themselves into thinking this is just about negotiatIons should be prepared for much higher tariffs. That creates real competitive challenges for companies who have do suddenly absorb Io , 20 , in the case of china, the us is claiming 60 , increases in prices, and that is a real shock for both companies who are trying to compete but also consumers who are trying to consume. Are trying to consume. Thanks forjoining are trying to consume. Thanks forjoining us. Staying with china and its Electric Vehicles. And the boss of Ride Hailing Giant Uber has told the bbc that tariffs on thise chinese built evs are delaying its plans to have more Electric Vehicles in its fleet. Thats because as well as the eu, canada and the us have also imposed tariffs on them. Theyre also concerned that unfair financial help from the chinese government is making those cars cheaper than they otherwise would be. Uber� s chief Executive Dara khosrowshahi spoke to our business editor simonjack. I think cheap chinese vehicles are a good thing for the environment. And i will tell you, that china is transitIoning from notjust being cheap, but also being high quality as well. And for us, we want to electrify our fleet, and we want to make sure that it is affordable for our drivers to switch over to evs. Now, the political consideratIons of tariffs, etc, are not something that we can comment on, etc, but our focus is on the environment and we think chinese vehicles that are low cost, that are high quality, could be a very important part of the switchover to evs. Do you have a view on tariffs . Good thing or bad thing . I dont have a view on tariffs. But they make these cheap cars and these high quality cars more expensive in some of your key markets. By what youve said so far, it would follow you think thats a bad thing. I think if im taking a pure climate view it would be a negative, just being honest. Are we just at a moment of Ion-and-disruptIon'>RevolutIon And DisruptIon and that in all of these cases, where you have disruptIon, you have some people, some legacy players who dont make it . And are we at that moment right now . Listen, thats a definitIon of disruptIon, right . Every Ion-change'>RevolutIon Change over in platform usually starts with a huge amount of momentum. And then youve got to keep pushing. Itll go through a perIod of difficulty, which i do think we are in evs, and youve got to keep pushing through. And the fact is that change can affect some players negatively, but this is a change In The Name Of climate and emissIons. And i believe we have to keep pushing forward. What do you say to the consumer, the Uber Consumer . Youre saying that you should be able to have a preference for an ev vehicle. Are you telling consumers, just be a bit more patient and wait for an ev . Well, were setting actually a new product that we are offering for riders is, for them to set an ev preference, but we will only dispatch an ev if the difference between the dispatch is only a couple of minutes. So were not saying, hey, wait 15 minutes, but if you have to wait another 2 3 minutes to help the environment, why not make that investment in terms of your own time . So be more patient to help the environment . A couple of minutes isnt going to kill anyone. The ceo of uber their talking to simonjack. In the last few hours weve had some disappointing numbers from the us Soft Drinks and Snacks Giant pepsi. The company said it was suffering from subdued performance in North America and it would invest in making some of its products cheaper in the year ahead. It sales also fell in most of the rest of The World as consumers pushed back against price rises. Jan Van Eck is the Chief Executive of the Global Investment Firm Van Eck and joins us from new york. What does pepsi tell us about us consumers . Pepsi is a high quality company, it has competitive advantages, and i dont think we can read too much into the earnings this quarter, because sales were actually up in the us and europe, that is the kind of performance you expect from pepsi, low growth but expanding profit margins, but it is the rest of The World, the falloff has been more interesting to me, and maybe we could talk about china and the rest of The World. As far as the us market is concerned, Pepsis Stock is fairly priced and i think it might be up a little bit now. The market is taking this in stride. In terms of us consumers, the way we look at it from a macro perspective, the last Stimulus Plan in the us was about 2 trillIon but it is already 2021, a long time from now, so it makes sense to look at the consumer because the government stimulus is Rolling Off. L115 the government stimulus is Rolling Off Rolling Off. Us markets are rebounding Rolling Off. Us markets are rebounding after Rolling Off. Us markets are rebounding after losses i rebounding after Losses Yesterday but if you look at what is happening in china, the rally is coming to an end, so what is happening . We rally is coming to an end, so what is happening . Rally is coming to an end, so what is happening . We had the chinese holidays what is happening . We had the chinese holidays coming what is happening . We had the chinese holidays coming to what is happening . We had the chinese holidays coming to an l chinese holidays coming to an end and we had a Government Announcement that was a bit disappointing to the markets and it was not a Government Agency that normally announces big fiscal stimulus is so this is a bit of a normal correctIon and i think the market from a big picture perspective, looking at china, as if this is ajapan multi year looking at china, as if this is a japan multi Year Property induced recessIon, deflatIon, and so the market wants as much stimulus as possible and was a bit disappointed today. In our portfolIos we did overweight china little bit but we will hold onto that positIon, given The Big Picture of the two largest economies in The World, the us and china, providing monetary stimulus at this point in time with the Fed Rate Cuts and a big monetary boost in china. ~ , china. We will get the minutes from their china. We will get the minutes from their last china. We will get the minutes from their last meeting from their last meeting tomorrow. Thanks forjoining tomorrow. Thanks for joining us. In other news. A Uk Engineering firm has announced it is cutting jobs and furloughing staff after being hit by the ongoing strike at boeing. SenIor, which makes high tech components for Aerospace And Defence companies told shareholders that the commercial Aerospace Manufacturing Industry is facing significant headwinds, which are hitting demand for its products. A short time ago shares in senIor were down nearly 13 in london. Social media users in the eu will be able to challenge decisIons by platforms to remove posts and videos for breaking their rules or leave up others that may vIolate them. An out of court Dispute Settlement body called the Appeals Center has been certified by irish regulators to act as a referee on Ion'>Content ModeratIon disputes across the eu. It will start with cases involving facebook, youtube and tiktok, with plans to add others later. Stocks largely rebounding as Oil Prices ease. That is it from us. Stay with us here on bbc news. Hello from the bbc sport centre. Im delyth lloyd. England are 96 for1 at the close of play on day two of the Opening Test against pakistan in multan. Its in reply to pakistans first innings 556 all out. Salman agha finished unbeaten on 104 the third Pakistan Player to score a century in the match. England Spinnerjack Leach finished with 3 for 160. Not the best start for england in reply, as Captain Ollie Pope was out for a duck. But Zak Crawley and Joe Root will resume at the crease on wednesday. Manchester uniteds executives are meeting today with manager erik ten Hags Future likely to be a talking point. Its a regular diary appointment, but with United Currently 14th in the Premier League Table after three defeats and no goals in three games, ten Trade Blocs<\/a> is deepening with china announcing new tariffs on Brandy Imports<\/a> from the european unIo<\/a>n. It follows last Io<\/a>n'>Weeks DecisIo<\/a>n<\/a> by the eu to push ahead with Import Taxes<\/a> of its own on Electric Vehicles<\/a> from china. Last Year China<\/a> imported about 1. 8bn of brandy from the eu with the vast majority coming from france. From Friday Companies<\/a> that import will have to pay a tariff of up to 39 to the chinese government after they decided their own producers were being unfairly harmed. It follows the eu pushing ahead with tariffs of up to 45 of chinas Electric Vehicles<\/a> which it says have benefitted unfairly from government help. Last Year Trade<\/a> between the Eu And China<\/a> was worth about Io<\/a>n'>811 BillIo<\/a>n<\/a> after it fell last year. With more tarfffs under consideratIo<\/a>n, it could fall further. Im joined now by Dr Deborah<\/a> elms, head of Trade Policy<\/a> at the Io<\/a>n'>Hinrich FoundatIo<\/a>n<\/a> in singapore. It describes itself as a philanthropic organizatIo<\/a>n that works adavance sustainable trade. So the Brandy Industry<\/a> finds itself as Collateral Damage<\/a> in a Tit For Tat<\/a> over tariffs . This is the way it is supposed to work, so basically you retaliate in a sector that is different from the one that has been hit, and the idea is that the brandy produces in this case will start screaming bloody murder to their officials, and their officials will engage in more comprehensive negotiatIo<\/a>ns than might have first appeared. This is a common tactic, to have one country have a Trade Effort<\/a> in Io<\/a>n'>One DirectIo<\/a>n<\/a> and then you retaliate it with a different sector. ,. , sector. Given we are seeing tariffs employed sector. Given we are seeing tariffs employed more sector. Given we are seeing tariffs employed more and l sector. Given we are seeing tariffs employed more and more, does it end up being a Arms Race<\/a> of raising and raising . Who is the first to try and De Escalate<\/a> . Who is the first to try and deescalate . Deescalate . That is the Challenge Deescalate<\/a> . That is the challenge right deescalate . That is the challenge right now, deescalate . That is the I Challenge<\/a> right now, tariffs have become a Weapon Of Choice<\/a> in a way they did not used to be, and the global Trading System<\/a> where we could manage many of these disputes is not working like it used to, and in particular the Dispute Settlement System<\/a> where you used to bring these cases has been dysfunctIo<\/a>nal now for several years, and so now we are seeing the colliding of those problems, the use of tariffs and a non functIo<\/a>ning Dispute Settlement<\/a>, which leads to bilateral disputes that can quite easily spiral Out Of Control<\/a>. Quite easily spiral Out Of Control<\/a> quite easily spiral Out Of Control<\/a>. ,. , control. You are referring to The World<\/a> control. You are referring to The World<\/a> trade control. You are referring to | the Io<\/a>n'>World Trade OrganizatIo<\/a>n<\/a> there. What is the short term aim of china regarding the eu . They have a couple of objectives, they would like to have discussIo<\/a>ns and a row back of the tariffs on Electric Vehicles<\/a> and they would like to make sure no further tariffs are placed on green technology products which china has a very strong competitive edge and they would like the eu in particular to think harder about whether they want to tackle china in this way and then i suppose a fourth reason would be, making sure that other countries do not find this an easy solutIo<\/a>n for themselves. In other words, this an easy solutIo<\/a>n for themselves. In otherwords, use it as a Test Case<\/a> for Anyone Else<\/a> who thinks they might be able to apply Electric Vehicle<\/a> tariffs against china or any other tariffs. If tariffs against china or any other tariffs. Tariffs against china or any other tariffs. If you listen to the rhetoric other tariffs. If you listen to the rhetoric on other tariffs. If you listen to the rhetoric on the other tariffs. If you listen to | the rhetoric on the Campaign Trail<\/a> in america, during the president ial electIo<\/a>n, there is a lot of talk about tariffs so if anything we seem to be heading towards more and not less. ,. ,. , less. That is true. That is a word we less. That is true. That is a word we have less. That is true. That is a word we have not less. That is true. That is a word we have not been less. That is true. That is a word we have not been in l less. That is true. That is a L Word<\/a> we have not been in for most of our lifetimes, and it will be interesting to see how much of that is rhetoric and how much is reality, and in terms of the us, the Donald Trump<\/a> in particular, he is very serIo<\/a>us about his plans to impose tariffs, and companies that have deluded themselves into thinking this is just about negotiatIo<\/a>ns should be prepared for much higher tariffs. That creates real competitive challenges for companies who have do suddenly absorb Io<\/a> , 20 , in the case of china, the us is claiming 60 , increases in prices, and that is a real shock for both companies who are trying to compete but also consumers who are trying to consume. Are trying to consume. Thanks forjoining are trying to consume. Thanks forjoining us. Staying with china and its Electric Vehicles<\/a>. And the boss of Ride Hailing Giant Uber<\/a> has told the bbc that tariffs on thise chinese built evs are delaying its plans to have more Electric Vehicles<\/a> in its fleet. Thats because as well as the eu, canada and the us have also imposed tariffs on them. Theyre also concerned that unfair financial help from the chinese government is making those cars cheaper than they otherwise would be. Uber\ufffd s chief Executive Dara<\/a> khosrowshahi spoke to our business editor simonjack. I think cheap chinese vehicles are a good thing for the environment. And i will tell you, that china is transitIo<\/a>ning from notjust being cheap, but also being high quality as well. And for us, we want to electrify our fleet, and we want to make sure that it is affordable for our drivers to switch over to evs. Now, the political consideratIo<\/a>ns of tariffs, etc, are not something that we can comment on, etc, but our focus is on the environment and we think chinese vehicles that are low cost, that are high quality, could be a very important part of the switchover to evs. Do you have a view on tariffs . Good thing or bad thing . I dont have a view on tariffs. But they make these cheap cars and these high quality cars more expensive in some of your key markets. By what youve said so far, it would follow you think thats a bad thing. I think if im taking a pure climate view it would be a negative, just being honest. Are we just at a moment of Io<\/a>n-and-disruptIo<\/a>n'>RevolutIo<\/a>n And DisruptIo<\/a>n<\/a> and that in all of these cases, where you have disruptIo<\/a>n, you have some people, some legacy players who dont make it . And are we at that moment right now . Listen, thats a definitIo<\/a>n of disruptIo<\/a>n, right . Every Io<\/a>n-change'>RevolutIo<\/a>n Change<\/a> over in platform usually starts with a huge amount of momentum. And then youve got to keep pushing. Itll go through a perIo<\/a>d of difficulty, which i do think we are in evs, and youve got to keep pushing through. And the fact is that change can affect some players negatively, but this is a change In The Name Of<\/a> climate and emissIo<\/a>ns. And i believe we have to keep pushing forward. What do you say to the consumer, the Uber Consumer<\/a> . Youre saying that you should be able to have a preference for an ev vehicle. Are you telling consumers, just be a bit more patient and wait for an ev . Well, were setting actually a new product that we are offering for riders is, for them to set an ev preference, but we will only dispatch an ev if the difference between the dispatch is only a couple of minutes. So were not saying, hey, wait 15 minutes, but if you have to wait another 2 3 minutes to help the environment, why not make that investment in terms of your own time . So be more patient to help the environment . A couple of minutes isnt going to kill anyone. The ceo of uber their talking to simonjack. In the last few hours weve had some disappointing numbers from the us Soft Drinks<\/a> and Snacks Giant<\/a> pepsi. The company said it was suffering from subdued performance in North America<\/a> and it would invest in making some of its products cheaper in the year ahead. It sales also fell in most of the rest of The World<\/a> as consumers pushed back against price rises. Jan Van Eck<\/a> is the Chief Executive<\/a> of the Global Investment Firm<\/a> Van Eck<\/a> and joins us from new york. What does pepsi tell us about us consumers . Pepsi is a high quality company, it has competitive advantages, and i dont think we can read too much into the earnings this quarter, because sales were actually up in the us and europe, that is the kind of performance you expect from pepsi, low growth but expanding profit margins, but it is the rest of The World<\/a>, the falloff has been more interesting to me, and maybe we could talk about china and the rest of The World<\/a>. As far as the us market is concerned, Pepsis Stock<\/a> is fairly priced and i think it might be up a little bit now. The market is taking this in stride. In terms of us consumers, the way we look at it from a macro perspective, the last Stimulus Plan<\/a> in the us was about 2 trillIo<\/a>n but it is already 2021, a long time from now, so it makes sense to look at the consumer because the government stimulus is Rolling Off<\/a>. L115 the government stimulus is Rolling Off<\/a> Rolling Off<\/a>. Us markets are rebounding Rolling Off<\/a>. Us markets are rebounding after Rolling Off<\/a>. Us markets are rebounding after losses i rebounding after Losses Yesterday<\/a> but if you look at what is happening in china, the rally is coming to an end, so what is happening . We rally is coming to an end, so what is happening . Rally is coming to an end, so what is happening . We had the chinese holidays what is happening . We had the chinese holidays coming what is happening . We had the chinese holidays coming to what is happening . We had the chinese holidays coming to an l chinese holidays coming to an end and we had a Government Announcement<\/a> that was a bit disappointing to the markets and it was not a Government Agency<\/a> that normally announces big fiscal stimulus is so this is a bit of a normal correctIo<\/a>n and i think the market from a big picture perspective, looking at china, as if this is ajapan multi year looking at china, as if this is a japan multi Year Property<\/a> induced recessIo<\/a>n, deflatIo<\/a>n, and so the market wants as much stimulus as possible and was a bit disappointed today. In our portfolIo<\/a>s we did overweight china little bit but we will hold onto that positIo<\/a>n, given The Big Picture<\/a> of the two largest economies in The World<\/a>, the us and china, providing monetary stimulus at this point in time with the Fed Rate Cuts<\/a> and a big monetary boost in china. ~ , china. We will get the minutes from their china. We will get the minutes from their last china. We will get the minutes from their last meeting from their last meeting tomorrow. Thanks forjoining tomorrow. Thanks for joining us. In other news. A Uk Engineering<\/a> firm has announced it is cutting jobs and furloughing staff after being hit by the ongoing strike at boeing. SenIo<\/a>r, which makes high tech components for Aerospace And Defence<\/a> companies told shareholders that the commercial Aerospace Manufacturing Industry<\/a> is facing significant headwinds, which are hitting demand for its products. A short time ago shares in senIo<\/a>r were down nearly 13 in london. Social media users in the eu will be able to challenge decisIo<\/a>ns by platforms to remove posts and videos for breaking their rules or leave up others that may vIo<\/a>late them. An out of court Dispute Settlement<\/a> body called the Appeals Center<\/a> has been certified by irish regulators to act as a referee on Io<\/a>n'>Content ModeratIo<\/a>n<\/a> disputes across the eu. It will start with cases involving facebook, youtube and tiktok, with plans to add others later. Stocks largely rebounding as Oil Prices<\/a> ease. That is it from us. Stay with us here on bbc news. Hello from the bbc sport centre. Im delyth lloyd. England are 96 for1 at the close of play on day two of the Opening Test<\/a> against pakistan in multan. Its in reply to pakistans first innings 556 all out. Salman agha finished unbeaten on 104 the third Pakistan Player<\/a> to score a century in the match. England Spinnerjack Leach<\/a> finished with 3 for 160. Not the best start for england in reply, as Captain Ollie Pope<\/a> was out for a duck. But Zak Crawley<\/a> and Joe Root<\/a> will resume at the crease on wednesday. Manchester uniteds executives are meeting today with manager erik ten Hags Future<\/a> likely to be a talking point. Its a regular diary appointment, but with United Currently 14th<\/a> in the Premier League Table<\/a> after three defeats and no goals in three games, ten Hags Future<\/a> remains uncertain. Here are the thoughts of former united Manager David<\/a> moyes. Well, ive been there and i know that its an unbelievable club with a lot of pressure. Everybody wants to talk about it. For me, its the biggest club in The World<\/a>, which is talked about whatever city you go into","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia600101.us.archive.org\/23\/items\/BBCNEWS_20241008_133000_Business_Today_-_NYSE_Opening_Bell\/BBCNEWS_20241008_133000_Business_Today_-_NYSE_Opening_Bell.thumbs\/BBCNEWS_20241008_133000_Business_Today_-_NYSE_Opening_Bell_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20241009T12:35:10+00:00"}