The worlds biggest Trade Blocs is deepening with china announcing new tariffs on Brandy Imports from the european unIon. It follows last 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 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 Hinrich FoundatIon in singapore. It describes itself as a philanthropic organizatIon that works adavance sustainable trade. So the
In terms of iran and the risk to exports directly out of iran, thats about 1. 7, 1. 8 million barrelS Per day. And obviously those, the Export Facilities in iran, are those probably at greatest risk in the aftermath of what happened on tuesday night. But i think, you know, weve had a muted reaction, partly because markets are still focussed on a comparatively weak chinese economy and expectations that the Oil Market more broadly next year is looking like it may head into surplus. So, you know, very much mixed messages at the moment coming out of the crude market. Lets go straight to New York and get the latest from our correspondent there, ritika gupta. We saw there prior to starting to rise once again, particularly off the back of those comments by president biden. Explain what he said. We are seeing biden. Explain what he said. Are seeing Oil Prices spiking after the back of president biden s comments, saying they are considering the possibility of israel launching a counterattack on
British for now, but after todays agreement, not for much longer. The islands are all uninhabited, save for one. An important one. DieGo garcia. It is home to a vast and secretive american Military Base, used to refuel bombers during the wars in iraq and afghanistan. Foghorn but for years, the Island Nation of mauritius has been staking claim to the ChaGos Islands, planting their flag on one of the tropical atolls here and demanding that britain give up what some have called the uks last colony in africa. Back in the 1960s, the people living on the archipelaGo were forcibly removed by britain, which kept hold of the islands while giving mauritius its independence. A secret deal was already in place to let the americans set up their Military Base on DieGo Garcia. Chapter ii of the charter. But in recent years, international opinion has turned against britain. That the united kingdom is under an obligation. The uns top court ruled here that the islands do indeed belong to mauritius and s
In cutting the cost of borrowing for the first time in overfour years. The Federal Reserve have dropped the main Interest Rate in the worlds biggest economy by half a percentage point, bringing it down to between 4. 75 and 5 . A drop larger than many expected, with some wondering now if this reflects the scale of the problems facing the american economy or the success in getting the pace of price rises, inflation, close to the banks targets. The governor of the fed, Jerome Powell says the us economy is in good shape and they intend to keep it that way. Our North America Business correspondent Ritika Gupta has the details. The Federal Reserve has delivered a super sized Interest Rate cut aimed at bolstering the us Labour Market. The 0. 5 percentage cut, the first in over four years, brings its key Interest Rate, the federal funds rate, down to between 4. 75 and 5 . It comes amid Signs Inflation in america is continuing to fall, while the Job Market remains strong, even as unemployment h
Change Interest Rates from five percent. The decision, expected at midday, comes after inflation, showing the rise in consumer prices, remained at 2. 2 Per Cent last month. The Central Bank in the united states lowered Interest Rates by half a Percentage Point Yesterday the first cut for more than four years. Lets speak to our Business Correspondent peter ruddick. What is the expectation with the Bank Of England . I knew you will ask me that. I am not a betting man but the one thing we can predict is it is going to be a close decision. The last time the nine Person Committee voted five to four, as close as you can get to cut Interest Rates last time to the 5 level they are now, a quarter of a Percentage Point change. Why will it be so although there is disagreement really among the committee and economic experts about how sticky, how stubborn Inflation Price rises are, there is agreement that the trend is Price Rises and the rate of inflation is coming down but relatively slowly, relat