this is business briefing. i'm samantha simmonds. president trump has defied fears of a trade war, signing plans for steep new tariffs on steel and aluminium imports to the us. mexico and canada are exempt, for now. up, up... and away. is the dream of the flying car finally set for takeoff... 7 and on the markets: asian stocks rally as investors welcome news that donald trump is to meet kimjong—un to discuss north korea's nuclear programme. president trump has followed through on his campaign promise and signed an order putting steel and aluminium tariffs in place. the decision is the most significant set of us import restrictions in nearly half a century.

whatever the outcome, it will have huge consequences for the global trading order. the united states is the world's biggest steel importing nation, buying 35.6 million tonnes of the building raw material in 2017. kim gittleson in new york explains how the sanctions will work. you have been hearing about these ta riffs you have been hearing about these tariffs for over a week now... we have to protect and build our steel and aluminium industry. they make these tariffs are reality so what do you need to know? the first thing is that they provide a key campaign promise that president kagame made to american steelworkers. at only 5% tariff on steel and 10% on aluminium. —— president trump. mexico and canada will be exempt because the us is currently negotiating as part of the nafta

agreement and in a white house that likes a bit of a show, it has also invited countries around the world to apply for exemptions. countries must first show they are not a threat to national is at the to it but it pays to remember that these ta riffs but it pays to remember that these tariffs are not quite popular. key foreign allies, many members of the republican parties and many in the industry is that president trump has said he wants to help do not approve. we import a lot of speciality steel from europe and we will have to continue doing so because it is not available in the us so that steel is going to cost us 2596 us so that steel is going to cost us 25% awful lot so why should the rest of the world care? the significant ta riffs of the world care? the significant tariffs mark a significant departure away from decades long policies towards free trade in favour of a more protectionist stands. they

could be the first shot in an ongoing global trade war. and we have already heard that countries like japan, south korea and australia will seek exceptions from the tariffs. the european union, brazil and argentina has said they should not be targeted or they would seek exemptions as well. as you've been hearing, us president trump has agreed to meet with north korean leader kimjong un in order to defuse the nuclear threat. let's go to our asia business hub where rico hizon is following the story. rico, how are the markets reacting to this? investors are relatively excited. news that trump has agreed to meet kim said asian markets surging and the japanese yen falling. dealers we re the japanese yen falling. dealers were also optimistic. hopes that kim

and trump could reach some sort of agreement when they meet in may is also leading to a plunge in the yen which is considered a gate to currency in times of uncertainty and volatility. an air of caution set in as the day progressed and investors put progress on the sharp gaining stocks. still, some enjoying one of the best days since may. eyes an hour on the conclusion of the bank of japan meeting. releasing job growth providing a better idea about interest rates. it took 12 years to make and a lot of negotiations.

and then it was finally signed on thursday: the trans—pacific trade deal. this is a commercial pact that will lift 98% of trade barriers amongst 11 nations that account for 13% of global output and half a billion of its population. it sounds big but it could have been almost twice that size had the world's greatest economy not backed out of it last year. daniel gallas reports from santiago, in chile. some countries do not think trade was a good or easy to win. these 11 economies, some of the biggest in the planet, like japan, economies, some of the biggest in the planet, likejapan, canada, mexico and australia, are coming together to make local prices easier. they signed the agreement in chile, half a billion people will have morejobs chile, half a billion people will have more jobs and chile, half a billion people will have morejobs and better incomes chile, half a billion people will have more jobs and better incomes at the countries will now be free to sell their products virtually

without tariffs. it is not a vision the greatest world economy shares any more. it was only a little over 12 months ago that the tpp was dead. there was a really strong commitment bya number of there was a really strong commitment by a number of us to make sure it was not dead and it will see more economic activity, more trade taking place between the ii of us and that ultimately will be very good economic growth and jobs. now it is about convincing those at home. politicians must take the deal they signed here out onto the streets and approved in each respective parliament. that is not going to be easy. trade unions and opposition parties in chile is an other countries resist the ideas. translation: we believe these agreements profoundly break the agreements profoundly break the agreement all our people, our rural people. all rights would be violated

because these agreements are something like a supernatural entity of exploitation. ministers say the door is open for other nations, even the us tojoin door is open for other nations, even the us to join the agreement but it could still be another year before they can convince their own voters that free trade is a good idea for all. now let's brief you some other business stories: china's consumer price index rose to 2.9 percent in february, well above forecasts and flirting with the government's newly set 2018 goal of around 3 percent. it was the fastest pace of consumer inflation since november 2013, though analysts had warned february data was likely to be distorted by the timing of the long lunar new year holidays, when food and transportation costs briefly climb. former us president barack obama is in advanced talks with netflix to produce a series of high—profile shows, according to a new york times report. under the terms of a proposed deal, netflix will pay obama and former first lady michelle obama

for exclusive content on the video streaming service. when you're sitting wasting your life in a trafficjam, it can sometimes be tempting to dream about your car sprouting wings, taking to the skies, and soaring above the frustrated masses below. well perhaps that dream isn't so far fetched, because one of the cars on display at this week's geneva motor show really can take to the skies. not only that — it has also gone on sale, the first flying car ever to go into commercial production. our man at the show, theo leggett reports: at the airport, drivers sprout wings and become pilots. the wings unfold toa span and become pilots. the wings unfold to a span of 12 yards and, presto, it isa to a span of 12 yards and, presto, it is a plan. people have been

designing flying cars the years but commercially they have never made it off the ground. airspeed is over 12 100 miles an hour. but not any more because of this flying car is actually in production. yes, you can buy one. it is carbon fibre shell, and the blades provide the lift. they open up like a helicopter but rotate under their own momentum. power is provided by the two engines at the back, one views the driving it on the road. it can do 160 kilometres on the road and 180 kilometres on the road and 180 kilometres in the air. so why which you want to fly? to get above all those pesky traffic jams, you want to fly? to get above all those pesky trafficjams, of course. it takes from five to ten minutes to convert the liberty from a car to an aircraft and it doesn't need a ru nway to ta ke aircraft and it doesn't need a runway to take off and land, so what

exactly is the point of it? because aviation goes from a place where you do not want to live to a place where you want to be. that is what we offer. 3d immobility. it is fully certified and meets all european safety requirements but it does not come cheap. half 1 safety requirements but it does not come cheap. half1 million euros per this one, the cheapest version about 300,000 euros, all you need up either licence so it really is not for everybody. me, iam either licence so it really is not for everybody. me, i am off to get some flying lessons. that's it for business briefing this hour — but before we go — here are the markets —asian markets rallied on the back of peace hopes — there was already some optimism on the markets after mr trump ealier lef the door open for possible exmeptions on us tariffs on steel and aluminium. pressure is mounting on

counterterrorism police to identify the assailant of sergei and yulia skripal sergei and yulia skripal who remained critically ill. the policeman who rushed to the aid is inert serious but stable condition. police cordoned off and set a guard in the cemetery. this is the spot where his sons bashers are in turn. detective sergeant nick that it was not the first to help as they fought for their lives. he is said to be in

a serious condition but recovering. he isa a serious condition but recovering. he is a great character, he is a huge presence in welsh police, well liked, well loved, massively dedicated officer. he has clearly received great medical help. a high level of treatment. in russia, state dominated media made fun of boris johnson and joked about what happened to former roman spies. if you are a professional traitor, he says, my advice is not to move to england. something is not right there, the climate perhaps, too many bad things go on there. sergei and yulia skripal sergei and yulia skripal still critically ill. the bbc has been told the nerve agent was not sarin or vx but something much rarer. the british government says it knows what that substance

was but is not naming it at the moment. coming up at six o'clock on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: president trump has accepted an offer to meet the north korean leader, kim jong—un for what would be the first ever talks between leaders of the two states. a south korean envoy — just returned from pyongyang — confirmed the meeting would take place, during a white house conference. south korea also confirmed that pyongyang has agreed to halt all nuclear and missile tests, while talks go on, and to consider denuclearisation. after months of missile tests, brinkmanship, and bloodcurdling threats from pyongyang and the us, it could be an historic breakthrough. major trading partners of the us have condemned president trump for agreeing to new tariffs on steel and aluminium imports. the tariffs — of 25%

on steel imports and ten per cent on aluminium, will come into force in fifteen days. china described it as a serious attack on global trade. now it is time look at the stories that are making the headlines in media across the world: we begin with the washington post and south korea which made the surprising announcement us president donald trump has agreed to meet kim jong—un sometime in the next 2—3 months. no serving american president has ever met a north korean leader the ft leads with president trump who has decide to formally adopt sweeping tariffs on steel and aluminium imports while allowing some us allies to apply for exemptions, namely canada and mexico. meanwhile the telegraph says according to president trump the uk would also face a better prospect of avoiding us tariffs on steel and aluminium once britain had completed leaving the european union. the independent asks whether poisoned spy, sergei skripal, could have been working in a freelance capacity. the paper says the russian double

agent may have become a target after working on behalf for private security firms. and finally also in the independent it's a question of not having your cake and eating it. uk health authorities want employers to consider swapping "cake days" for healthier alternatives, in a countrywide push aimed at tackling unhealthy habits at work. so let's begin. with me isjonathan charles, who's managing director of communications for the european bank for reconstruction and development. very good to see you. let's begin with this surprise announcement that president trump was invited to