this is business live from bbc news with alice baxter and maryam moshiri. us farmers warn they'll be badly hurt by china's retaliatory tariffs on agriculture, but president trump insists this is not a trade war. live from london, that's our top story on thursday, 5th april. it took beijing just 11 hours to respond, with retaliatory tariffs affecting $50 billion dollars worth of goods traded between the world's two biggest economies. the question is, can both sides back down? also in the programme, australia launches an investigation into facebook as the social media giant admits the personal information of up to 87 million users may have been improperly shared with a political consultancy firm.

markets, and european stocks have opened higher sharply today, following a relief rally on wall street and asian markets. and insuring the uninsurable — we'll hear from one man whose business works to provide coverage for the people big firms just won't touch. as the scale of facebook‘s data scandal is revealed, today we want to know, is it making you re—think your use of social media? just use #bbcbizlive. hello and welcome to business live. a busy show coming up. us farmers are warning they'll be badly hurt by china's retaliatory tariffs which hit agriculture, including soybeans, orange juice and even the aerospace sector. the measures are a response to us plans to tax hundreds of chinese imports.

but despite the tit—for—tat measures, president trump says the us is not in a trade war with china. china says it won't be intimidated and it's referred the us to the world trade organisation. the us is china's biggest trading partner, with over 18% of all chinese exports going to the us. but there isn't the same value of goods moving in the opposite direction. the us imports nearly $350 billion more than it exports from the world's second largest economy. meanwhile, us farmers say they're worried that this isn't the way to resolve a dispute over trade imbalance. this country is half $1 trillion deficit in trade and that is responsible for millions ofjobs that are outsourced in about a 3%

drug in our economy so it needs to be dealt with, the question is how you go about it, how do you do it in a fashion that begins to deal with the trade deficit and does not have all this negative spill—over impact on agriculture which is entirely predictable? we all knew that if the ta riffs predictable? we all knew that if the tariffs will be implemented, agriculture will be the first place it will be hit and it will be hit the hardest. with me isjinny yan, chief china economist at icbc standard bank. it is cooked to get a chinese perspective on this —— it is so good to get a chinese perspective on this. what are the media in china making of this? the media in china are most concerned about the consumers in china, number one out of the latest news is that food inflation may be impacted on tariffs imposed on soy bean imports. in china, people consume a lot of pork so china, people consume a lot of pork so it has implications for pig

feeds. that is the biggest thing the china media is picking up on. secondly, what we have to get clear is these are warning shots being fired, we are not yet at full—blown trade war. there was no sign of when the tariffs will be imposed, so so far, it is more likely we will get the negotiations. what about the inflationary concerns within china, especially with respect to some of the tit—for—tat tariffs being suggested by the chinese government? asi suggested by the chinese government? as i said, the food inflation pressures will be key concern for policymakers. whatever happens in the next few days, chinese policymakers will have at the top of the agenda to protect the interests of the chinese population and number one is to ensure food inflation does not rise up. that is why any kind of negotiations will concentrate on that factor. nothing has happened, as you said, tariffs have not been imposed, there will be a period

where we have time to manoeuvre. what do you think china's next move could be? clearly there will be lots of envoys to the us to discuss what may happen, what china is very, very significantly looking at is china needs to play by the rules. i think that will be the... has it not been playing by the rules up to now? there have been lots of disputes about... the chinese have set a global standard and china has the opportunity at this time, especially as the second largest economy right now, china has more of a responsibility, more than ever, to set global standards. thank you. very good to have you on. good to get that perspective. let's take a look at some of the other stories making the news... the final gender pay gap figures in the uk have revealed than men are paid on average 9.7% more than women. the deadline for companies to reveal their pay figures expired on wednesday evening. overall, more than 10,000 companies reported their numbers,

which indicate 78% of firms pay men more than women on average. the us private equity firm carlyle group is buying australia's biggest wine producer — accolade wines — for $770 million. the deal comes amid a boom in australia's wine sector which is benefiting from surging exports to china. broadcom says it has completed its move back to the us from singapore, weeks after president donald trump blocked its $117 billion offer to buy qualcomm on national security grounds. the move could allow the firm to buy american companies without coming under the same scrutiny from regulators. australia's privacy commissioner has opened a formal investigation into social media giant facebook. it comes after the firm said it believes the data of up to 87 million people was improperly shared with the political

asia leisha santorelli has more from singapore. how badly have australian facebook users been impacted by the data breach scandal? more than 300,000 australian users had their day to improperly shared with cambridge analytica. —— their data. the tenth largest country affected. the largest country affected. the largest of courses the us followed by the philippines, indonesia, uk. india and vietnam were also among the top ten countries with the most number of users affected. australia is just the latest to launch an investigation into facebook and whether it broke any privacy laws. australia prospect privacy commissioner said she will have to compare with other international regulators given the noble nature of the case —— australia's privacy

commissioner. facebook could face a big financial penalty because each breach of australia's privacy act and involve a $323,000 fine, that will add up, given the number affected. staying in the region. asian shares bounced back on thursday, recovering from the sell—off triggered by the escalating tensions with china, investors hoping that a full—blown trade war can be averted. the markets in china and hong kong and taiwan, closed for and hong kong and taiwan, closed for a public holiday on thursday and friday. the states, both ended solidly higher after a roller—coaster session clawing back heavy losses of more than 1.5% from earlier in the day after the us expressed a willingness to negotiate resolutions to the trade fight. in europe, following the relief rally we saw in the us and in asia, markets have opened fire.

investors are bracing for more volatility on thursday. the us commerce department is set to release after the month of february, most analysts are expecting the figures to show a widening trade deficit which already hit a record high in january. part deficit which already hit a record high injanuary. part of the reasoning is the fact that americans simply have more money to spend. us wages have increased slowly over the last few months, pumped along by a growing us economy, meaning many people in the us are now able to purchase more expensive international goods. but that might be cold comfort for the white house thatis be cold comfort for the white house that is determined to put america first. joining us is jeremy cook, chief economist at world first. not a lot of belief on the markets

that this will turn into a full—blown trade war. for now, it looks like a lot of rhetoric and proposals and that is having an impact on how investors are seeing it. absolutely. the big swings we saw yesterday, the main companies hit, people like boeing who depend on huge contracts out to countries like china, the fact that both the white house and the chinese late last night started to talk about negotiations, that is something that has brought relief. there was not too much fear that it will escalate into a full—blown trade war because all of the tariffs at the moment are proposed and have not been put in place. because of that recovery, it has helped to boost the dollar. yeah, the dollar up against the yen, donna made gains —— dollar made gains yesterday. a little bit uneasy. going behind the prices at

the moment, we're not seen investors hedge risk too much, they are not worried. why not? i do not think they believe at the moment that the situation is perilous enough for them to stop paying the insurance premiums you would for additional falls in equities. good to talk to you, thank you. you will talk to us about some of the business stories in the papers. still to come... insuring the uninsurable. we'll hear from one man whose business works to provide coverage for the people big firms just won't touch. you're with business live from bbc news. the work and pensions select committee has made a raft of recommendations following their investigation into the current pension system. one of the key suggestions from the pensions freedom report is for the creation of a single pension dashboard by 2019, which would allow savers to see their pension pots in one place. for more on this, we're now

joined by nathan long from hargreaves la nsdown. what do you make about this report? it isa what do you make about this report? it is a really important report out today because it is principally involved with making sure people do not run out of money in retirement, it stems from three years ago as having a big change in pension laws giving people more freedom and flexibility in how they take their money from their pension. no longer are we expected to have a secure income in retirement, it is more likely we will draw ad hoc from our pension to suit a more flexible needs. these changes have been pretty popular among people who are coming up to retirement but the risk 01’ coming up to retirement but the risk or worries are that people might not manage to get their pension to last for the whole of their retirement. 0ne for the whole of their retirement. one of the issues being pushed by their work and pensions select committee is the idea of greater engagement earlier in life with your

pension is the best thing to aim for and is the hope that the creation of this dashboard making it far simpler to see where your money is being allocated will help to engage people earlier on in their careers? absolutely. pensions traditionally have been something people do not really engage with but that is a problem because after your house, normally your pension is your largest asset, when you get to retirement. anything that can help to drag people thinking about retirement planning earlier is good. it is all well and good getting advice and guidance when you get to retirement, but it does not allow you to influence how much you may be able to draw when you get there. many thanks. nathan long joining us from bristol. the bristol live pages very —— the business live pages very

busy. a record rise in march last year, we have heard from the chief executive of that trade body saying it is still a relatively strong market, but a big drop in demand for diesel vehicles. all of that 0n market, but a big drop in demand for diesel vehicles. all of that on the website. you were watching business life. 0ur top story... us farmers are warning they'll be badly hurt by china's retaliatory tariffs which hit agriculture — including soybeans, orange juice and even the aerospace sector. the measures are a response to us plans to tax hundreds of chinese imports. a quick look at how markets are faring. a slight, followed by a swing recovery. 0vernight, we see how that is reflected in european markets,

london, frankfurt, paris, all the indices. and now let's get the inside track on insurance. it's not always an easy business. bought by many is an insurance technology business that aims to find the right insurance for people in niche situations that big insurers won't touch. it analyses millions of online insurance searches to identify gaps in the market. it then creates products to fulfil the unmet demand or negotiates exclusive deals with partner insurers for its members who have specific needs. bought by many currently has 460,000 members and more than 300 groups and in the last few weeks the company has launched a travel insurance product specifically for people with cancer and other serious health conditions to improve access and reduce costs. with me is steve mendel, chief executive for bought by many, an insurtech startup that uses social media and search data to sell insurance. explained to the viewers how this

works, are you a broker? you are right, we are technically a broker but that is not how people should think about us, they should think about us as a full—service insurers business, we use hundreds of mini and is of lines of data, to really understand what consumers are looking for. —— hundreds of millions of lines of data. and we better construct these particular needs.“ i have a niche need, for insurers, how do i go about it? let's say that i have a very old pet. you go onto a search engine, you would type in, pet insurance for older pets, and you would find one of our communities, we have over 300, you join one of our communities, that would give you access to the underlying insurance offering we have created by better understanding the needs of the consumers. this idea of negotiating as part of a community, if you have this individual niche need, that is based

on your belief that when it comes to insurance, you are far better negotiating a deal as part of a group, and that is borne out by your own experience. we genuinely believe that using the buying power of multiple groups of individuals gives us multiple groups of individuals gives us the ability to bring consumers, a better insurance arrangement than they can have. the difference in costis they can have. the difference in cost is staggering. when i was leaving my last corporate job cost is staggering. when i was leaving my last corporatejob i cost is staggering. when i was leaving my last corporate job i was looking to buy medical insurers for myself and my family, as an individual it turned out to be four times the price. quite a lot of money, really was. what kind of people are using your business right now? we have communities for individuals, pet insurance for labrador owners, travel insurance for diabetics and cancer sufferers, as you were saying, we recently launched a set of communities for individuals working in the beauty space, professional and public liability insurance for mobile hairdressers, for example. how are

you able to reduce the cost, that is, for instance, people with cancer getting travel insurance, how are you able to secure a better deal? the provision of better insurance is partly about price, it is about really understanding the consumer, building a product to the need. howdy do that in a group setting?“ is amazing to think that people who joina is amazing to think that people who join a community feel they are individuals and are alone, one of the benefits of joining individuals and are alone, one of the benefits ofjoining one of our communities usually find you are not alone, what you thought was a specific need to you turns out to be a specific needs to a community, for us, better insurance is about better understanding that need, and delivering a better level of coverage, as well as a better customer experience end to end. you're quickjourney in the start—up, you started it in 2012. five and a half years. the turning

point with 2014, when the sch launched the innovation hub, why was that important to you? would have been a traditional broker, regulated asa been a traditional broker, regulated as a traditional broker, and we found it difficult to provide capability. the innovation hub enabled us to do that, we became fully directly organised in ten weeks, fantastic step forward for us and a great experience working with the sch over that. thank you very much joining the sch over that. thank you very muchjoining us. the uk international trade secretary, liam fox, is on a trade mission in thailand where there is, he says, "a huge untapped demand" for british goods and services. dr fox has been talking to our south east asia correspondentjonathan head, we have discussed areas on e—commerce, on data, on the digital economy, today, on cyber security, a lot of areas where there are a numberof lot of areas where there are a number of skills in the uk that we can actually help thailand in a

direction we think is mutually beneficial. what you say to a large number of people in britain who feel still, well over a into this process , still, well over a into this process, that this is effectively a massive leap into the unknown? we we re massive leap into the unknown? we were told that if we voted to leave the european union, not left but voted to leave, unemployment would rise by half a million, the economy would tip into recession, and our investors would abandon us but what has happened ? employment investors would abandon us but what has happened? employment is at an all—time high, last year, the highest foreign direct investment into the uk in our history. exports we re into the uk in our history. exports were up 12.1%. britain's economic fundamentals are strong and it is time we stopped talking britain down and had confidence and optimism in oui’ and had confidence and optimism in our own economy. that is the trade secretary, liam fox, in thailand, drumming up plenty of business for the uk. we have asked you early in the uk. we have asked you early in the programme to tweet us about a question of the day, in light of the

issues with facebook and data protection, has all of this put you off using social media? we have had a lot of response. the mistake of facebook has been accepted by its founder, so there it ends, and continues towards corrective action, says belaji. and another says, if i give up social media i lose my contact with the world. that is the problem, you end up that social media is the way to keep in touch with family and friends. that is a fine balance between having that and having worries about data protection. another tweet from a business leader, lead by month, i only have a facebook account because i need to run it for my business, if it wasn't for that i would not even be on facebook. —— lee beaumont. jeremy ross back now, and we are going to go through some business pages but interestingly, what are your thoughts on this, have you...

are you on facebook?” your thoughts on this, have you... are you on facebook? i am. but you're not my friend! is your friend? i'm not particularly professional... that's probably it, thatis professional... that's probably it, that is why i am not on that one! as soon as that is why i am not on that one! as soon as this came out, i went into my settings. i looked at the amount of apps my settings. i looked at the amount ofapps and my settings. i looked at the amount of apps and websites that i allowed onto my facebook, just by looking in, over260. so much onto my facebook, just by looking in, over 260. so much easier when you need to login to somewhere, instead of thinking of a new password. it has my credit card details... it is horrifying, thinking about it, date of birth, credit card details, all of that, so i disabled all of that. you can go into those settings and disable them, but... it was only a couple of clicks, but certainly... it horrified me how lax i may have been. that hashtag, boycott

facebook, leave facebook, did not read it kicked off. the founder of whats app trying to do that. i'm using it now... i feel offended you are not my friend. the first saudi cinema in 35 years, on april 18, this is the latest in what seems to bea this is the latest in what seems to be a sort of raft of reforms happening in the kingdom. westernisation of saudi arabia, some would say, the modernisation. while we are seeing a big move politically and obviously towards the end of last year, certain moves that may have raised eyebrows about how they we re have raised eyebrows about how they were being done, we are seen more and more of the saudi arabian economy and the lifestyle within saudi arabia shifting to something much more open, women able to drive and vote. men and women sitting

together. not just and vote. men and women sitting together. notjust about the social aspect, there is a business aspect, because i was just reading about the fa ct because i was just reading about the fact it will be creating thousands ofjobs, tens of thousands ofjobs, bringing millions into the economy as well, because it creates a whole new economy. this is the first cinema, they are planning on opening 350 around the country. it is all about the emergence of the middle class, because the middle—class want to see films, notjust big blockbusters, it will be arthouse films, it is about their educational prospects. it is interesting that saudi arabia is trying to bring consumer spending higher, not just having people saving money, and increased leisure sector. having people saving money, and increased leisure sectorlj having people saving money, and increased leisure sector. i don't think we have mentioned the word brexit all show, and is... that could be a record! i think it is time that we talk about it. and the show just time that we talk about it. and the showjust ends! the story in the ft

now, peugeot has agreed to expand its production in the uk, despite concerns and questions over what will happen regarding brexit. interesting proposition, a lot of it seems to be as a result of the fact that the facilities needed for the new model of van were already in place in luton, if they were going to move production from luton to somewhere in germany, or other parts of the eurozone and the european union, they would have to invest a lot more than they are now. creation ofjobs, lot more than they are now. creation of jobs, customs union, lot more than they are now. creation ofjobs, customs union, still need to be sorted out. always good to have you on talking to us on the programme. that is it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. we'll see you again tomorrow. very different day on the way today

than what we saw yesterday, yesterday was rain and snow in the north and heavy thundery showers, today after a chilly start with patches of ice in the north, plenty of spring sunshine, that cloud having cleared its way south and east overnight, lingering for a time in the south—east first thing this morning, when that is cleared, dry and bright day, plenty of spring sunshine, blue skies, fairweather cloud bubbling up at points, risk of one or two wintry showers in the north and west. cloud in the west tending to increase, turning sunshine hazy, light wind, looking at highs of around 13 degrees. touchdown on what we saw yesterday, highs of 15 degrees in norfolk. does not look set to last, that brief ridge of high pressure pushed out by low pressure, moving in from the west, more in the way of cloud and outbreaks of rain into northern ireland, and later into the early hour was, the west of scotland as

well, dry weather through tonight, particularly for eastern parts, clear skies holding on, and the wind will start to strengthen as well as we move through tonight, temperatures cold is in the east, three to 7 degrees in the west. tomorrow we will see cloud and outbreaks of rain for the north and west, heavy bursts for scotland, northern ireland, gradually working its way east as we move through the day, into wales and parts of south—west. dry and bright weather, best of the brightness in the east, for central and eastern parts, temperatures at a maximum of 15 degrees. as we move into saturday, bit of uncertainty, looks like we will see a pulse of rain coming up from the south, at the moment looks like it will be in the west, and that will allow for milder air to come in. good sea temperatures reaching as much as 17 degrees on saturday, some uncertainty, if we seem saturday, some uncertainty, if we seem mild temperatures, will bring with it a risk of heavy, possibly thundery shower, milder air, fairly

short lived, certainly not across the entire country, working east as we move into sunday. sunday will be some showery outbreaks, a lot of dry weather around, plenty in the way of cloud. amp ridges on sunday touchdown on what we could see on saturday, maximum of 14 celsius. —— temperatures on sunday they touch down. —— temperatures on sunday a touch down. hello, it's nine o'clock, i'm victoria derbyshire, welcome to the programme. our top story today... another young man murdered on the streets of london last night — this time in hackney and two miles away from that,

a man in his 50s died after reports of an assault. we'll bring you the latest, and we hope to hear from shadow home secretary and hackney mp dianne abbott. 24 hours before britain's sugar tax comes in, new research today suggests evidence from around the world shows such taxes do change unhealthy habits. when it gets so bad, and we are there right now, you need to change there right now, you need to change the rules of the game and that is now. will it be obesity or shopping bills which are most affected? are you going to change your habits asa are you going to change your habits as a result of the sugar tax?