Welcome to Donald Trumps america, or what soon will be anyway. Im Samira Hussain and on this Special Edition of World Business report, were taking a look at the president elects plans for america, in particular what he wants to do with the us economy. Here on wall street, Donald Trumps selection triumph was met with high spirits. Us markets have soared. Now with his inauguration approaching, people are asking, what will mr trump do for us growth . In his campaign he promised big in best mans in americas infrastructure. Michelle fleury took a look at how that might work. Investment. Mid morning in allentown, pennsylvania. Traffic is flowing smoothly over this bridge built in the 1920s but underneath its not ageing gracefully. This bridge was built in 1929, almost 90 years old, this is an open arch the ridge. Engineers tasked with checking the strength are worried. This is the worst case, the joint area. Thats where the most erosion happens. This bridge, like many of americas roads, ports and airports are starved of funds. Lack of funding is a problem in the sense that there is so a problem in the sense that there is so much money so you have to decide which bridges go first. Money isnt the only problem when it comes to building the countrys roads, bridges and pipes even. Under barack 0bama, the Republican Controlled Congress was opposed to spending on infrastructure projects. When they will they change that position now they hold the white house . Will they. Their man made a point of mentioning infrastructure in his Election Night victory speech. Were going to rebuild our infrastructure, which will become, by the way, second to none, and we will put millions of our people to work as we rebuild it. Mr trumps pitch is to spend 1 trillion. Notjust using government money. Hes also hoping to get the private sector to fund these projects with tax credits. In 1976, mrtrump these projects with tax credits. In 1976, mr trump successfully used this model to rebuild this ice rink in new yorks central park. Doing thejob cheaper, in new yorks central park. Doing the job cheaper, faster and in new yorks central park. Doing thejob cheaper, faster and better than the public sector. And experience he hasnt forgotten. So is the private Public Partnership a lwa ys is the private Public Partnership always the right tool . That depends an experienced. Always the right tool . That depends an experienced. Its not the best for every project, it is best suited to large, complicated projects and the reason for that is those other projects that give you an opportunity to really drive innovation so the net result is more bang for the taxpayer but. In pennsylvania, the need for repairs is urgent. Americans want to update their nation, but as donald trump will find, the overwhelming Sticking Point is likely to be how to pay for it. Aside from infrastructure, one of Donald Trumps Signature Policies is a rejection of Americas International trade agreements. He blames trade deals for Encouraging Us Companies to move jobs abroad. Heres michelle Donald Trumps move away from free trade. Donald trump turned up in person at Carrier Corporation to claim victory that he kept Manufacturing Jobs in america, a Campaign Trail promised cheered by the Working Class who helped elect him. He said he would helped elect him. He said he would help us and he actually did. If hes done this for us here in indiana before even been elected, my gosh, i cant wait till he gets in office to see what hell do for the country. But how good was the deal . Carrier will collect millions of dollars in tax breaks for keeping 100 jobs in the heartland and donald trump got to use carrier aint part of his crusade. Companies are not going to leave the United States any more without consequences in part of. Its not going to happen. Donald trump frequently bashes free trade, but how far is he prepared to go . This man was an adviser to mitt romney when he ran for the presidency in 2012. Just going from lets expand free trade to let stop expanding free trade is already a huge shift. How much further he goes beyond that to constrain free trade is what people arent sure about lets stop. Donald trumps Antitrade Rhetoric captured what many in the nation felt, that free trade hasnt been good for all workers. The fear now among companies who rely on global trade is that Donald Trumps new approach could be bad for business. 0ne firm that might suffer if ta riffs 0ne firm that might suffer if tariffs were introduced on goods imported to the us is this cargo company. Immediately it would be a ghost town. When you have an antitrade policy, youre going to make it that much harderfor companies to do international trade, which means your goods are not going to be as Cost Effective overseas and youre going to out price yourself because of duties and they will look elsewhere. Its not clear if mr trump will follow through on some of his Antitrade Rhetoric, but he has put Corporate America on notice. Browbeating us firms into keeping jobs at home. Michelle fleury. Mr trumps approach to free trade has caused alarm among some economists, but theres no doubt that some of his plans can be seen as doubt that some of his plans can be seen as progrowth. I sat down with the chief us economist at Deutsche Bank and asked him what impact Donald Trumps Infrastructure Plans will have. Improving infrastructure for transportation, for electronic communication, this is certainly an area that we need more of in the us. I think it will help productivity, i think it will help getjobs going as well. The Incoming Trump administration seems to be reversing administration seems to be reversing a lot of barack 0bamas policies with regard to trade. Im wondering what kind of an impact that will have on the us economy. A lot was said during the campaign. If we followed through with that it would bea followed through with that it would be a significant concern, no question. My sense is that the new administration is going to have its primary objective to be to raise growth in the economy from whats been a very sluggish 1. 5 2 into the 3 plus range, which will be very important i think for raising productivity and standard of living down the road. If we go down the road seriously of some of the protectionist elements talked about, that could be counter productive. Weve seen our first and pretty much only Interest Rate rise for this yearin only Interest Rate rise for this year in 2016. Im wondering what you think the Federal Reserve will do under a think the Federal Reserve will do undera trump think the Federal Reserve will do under a trump administration. So far our house call is for two more Rate Increases in 2017. Even though the f1 see how is increased their guesses to about three. The Labour Market is already beginning to tighten in the us. We are at very close to full employment. Its going to ta ke close to full employment. Its going to take a while for increases in Business Spending to raise productivity, to raise the growth of the supply side of the economy, so for a while were going to see a further tightening of the Labour Market. Were already beginning to see some pressure on wages and we expect to see inflation move up further. There is room, and this is a desirable development up to a point but it also means the fed is going to get back to a more normal level of Interest Rates somewhat faster than previously. While our official forecast is two, i think the risks are going towards three or even four in the year ahead. Peter hooper of Deutsche Bank. Donald trumps Shock Election victory reset many assumptions about us politics. We were about to find out if a Trump Presidency can remake the us economy. For the first time in nearly 30 yea rs, for the first time in nearly 30 years, Queen Elizabeth has missed the Christmas Day Church Service at sandringham. Buckingham palace says she is still recovering from a heavy cold. 0ur royal correspondent Nicholas Witchell reports. While other members of her family, including the duke of edinburgh, gathered at the church, the queen remained at sandringham house, continuing to cover from what Buckingham Palace described as a heavy cold. In a short statement the palace said she would take part in the familys christmas celebrations. Her absence from the Church Service, the first time in many years she hasnt attended, is understood to be a precautionary measure and theres no sense of undue concern. Also absent from sandringham are the duke and duchess of cambridge and their children, george and charlotte. They attended church in the Berkshire Village of bucklebury where theyre spending Christmas Day with the duchesss family, the middletons. In her Christmas Day broadcast recorded at Buckingham Palace several weeks ago, the queen talks about inspiration. She reflects on the achievements of olympic and paralympic athletes from britain and the commonwealth, many of whom she met at a palace reception in 0ctober. And this year when the queen marked her 90th birthday, she will revert to the International Work of the Many Charities with which shes been associated during her reign. She will also talk about the work of many Unsung Heroes the meets around the country, carers, community leaders, and neighbours, ordinary people, as she put it, doing extraordinary things. Back at sandringham, the royal family, doing extraordinary things. Back at sandringham, the royalfamily, minus the queen, left church to be met. Then to settle down to watch the queens broadcast. Nicholas witchell, bbc news. The top stories this hour the british pop singer george michael, who shot to fame in the 1980s with the pop group wham, has died, he was 53. His publicist said he died peacefully at home. Wanna achieved worldwide success with hits like Wa Ke Worldwide Success with hits like Wake Me Up Before You Go go and careless whisper. Russia is beginning a national day of mourning for the 92 passengers and crew who died when a Military Plane taking them to syria crashed into the black sea shortly after takeoff. A huge Search Operation involving 3000 Rescue Workers continued through the night over a wide area. A powerful typhoon, nock ten, is continuing to batter the philippines with strong winds and heavy rain. The storms struck two central provinces causing power cuts and travel disruption. Its moving slowly westward and is expected to reach the countrys most densely Populated Areas later on monday. Coming up next on bbc news, its time for reporters. Welcome to reporters. Im Phillipa Thomas here at the bbcs headquarters in london. In this Special Edition of the programme, were looking at some of the best reports of this year from our network of correspondents from around the world. Coming up stand off in the skies above the south china sea. Rupert Wingfield Hayes flies over one of the most contested areas in the world, incurring the wrath of the chinese. Ian pannell reports from barack 0bamas former hometown and finds gun crime is out of control. The bbc went to extraordinary lengths this year to get a rare glimpse of chinas determined expansion in the south china sea, one of the most contested areas anywhere in the world. Beijing is building huge artificial islands on the Spratly Island chain, which the americans and others insist are illegal. The area is difficult to get to, but rupert Wingfield Hayes flew in a small Civilian Aircraft into chinas self declared Security Zone 200 kilometres off the coast of the philippines. This is what he found. Its just before dawn on the philippine island of palawan. Even at this hour its hot, but theres no sign here of the trouble brewing a few hundred miles out to sea. Im about to take off on a trip the Chinese Government has tried to stop. This place is called mischief reef. Until a year ago there was nothing here, just a submerged atoll. Now look at it. Millions of tons of material have been dredged up to build this huge new island. Then as we close to 12 nautical miles, this
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