this is business live from bbc news with alice baxter and maryam moshiri. trading blows over tariffs! the us is primed and ready to impose import taxes on $50 billion worth of chinese goods. live from london, that's our top story on friday 15thjune. the white house is set to issue a revised list of goods that will be hit by tariffs. china says that it will be quick to protect its interests. also in the programme.... the chinese ride—hailing firm didi chuxing is poised to launch in australia. we'll take a look at what this means for uber‘s plans for global domination. plus we will keep you up to date with all the latest on the markets,

and after a wobbly session in asian and after a wobbly session in asian and european markets, they have opened. this week we've seen the us central bank put even more pressure on currencies around the world and a landmark ruling which could pave the way for a major shake—up in the media industry. later in the programme, we'll be getting a review of the week with our economics editor kamal ahmed. following the mcdonald's decision to ditch plastic straws, today we want to know whether the war on plastic has forced you to change your habits? are you using recyclable coffee cu ps 7 how about reusable carrier bags? let us know. just use the hashtag #bbcbizlive. hello and welcome to business live. we start in the us, where president trump has made up his mind to impose significant new tariffs on chinese goods, according to reports. he has vowed to strike back against chinese theft of us intellectual property, and redress the large trade imbalance between the two sides.

the white house is due to publish a revised list later today. mr trump has already warned he would slap import taxes on $50 billion dollars‘ worth of chinese goods a year. an initial list featured around 1300 product categories — including items used in the industrial, transport and medical sectors. there are reports the final list could be shorter, but more focused on high—tech. after meetings between us and chinese officials earlier this month, beijing offered to increase its purchases of us goods and commodities by $70 billion. but it has warned that deal would be off if new tariffs are imposed on chinese goods. on friday the international monetary fund warned of the damage the trade dispute could do to the world economy. kate andrews, news

editor at the institute of economic affairs joins us. what's do you make of the latest in this long—running saga? what's do you make of the latest in this long-running saga? they have been threatening to put on these ta riffs been threatening to put on these tariffs for some time. it looks like trump is pushing with it despite every advice which suggests that trade was lead to economic problems. this could have an impact of $470 billion of loss from the global economy, and he is pushing forward. and pushing more towards industry, medical supplies, tech? is he trying to hit china where it hurts? the preliminary list is quite good about where the tariffs will target that there is talk of bringing in more

areas of the hi—tech sector, trying to hit china where they feel it has been unfair to the us and trying to keep us attack competition out of china. we will see tariffs on madsen, dishwashers, products that hit us consumers. how will they hate the us consumer and how will the us consumer react? it will raise the cost of crucial goods for us consumers. the us has been careful not to the turrets on items like clothes or shoes which are more noticeable, and also back tax foundation in america has estimated it will cost thousands of jobs. it could put thousands ofjobs at risk in the us, there was an impact for americans. and globally? 470 billion could be lost from the uk economy. sorry, the global economy. trump is threatening turrets on his allies as well as china, he is threatening worldwide. you put $50 billion here, $50 billion there, and it escalates.

international monetary fund is one of damage that this dispute could do. —— is warned of damage. what is the role of the imf in this?” do. —— is warned of damage. what is the role of the imf in this? i worry that trump will not listen to the imf or the wto. he always views them as the enemy. if it will change it is because other world leaders he is closer to might have a quiet word. thank you forjoining us. let's take a look at some of the other stories making the news. mcdonald's will replace plastic straws with paper ones in all its uk and ireland restaurants starting from september. the fast food giant is the latest company to opt out of the plastic straws, which can take hundreds of years to decompose. mcdonald's uses 1.8 million straws a day in the uk. at&t has closed its $85 billion deal to buy time warner after a judge ruled it was legal under antitrust law earlier this week. the usjustice department, though, has 60 days to appeal. it says it is considering its options. the trump administration had argued the merger would harm consumers. the bank ofjapan has kept monetary policy steady —

maintaining its negative interest rate of minus 0.1%. the central bank has signalled that it will be in no rush to dial back its massive stimulus programme. china's ride—hailing giant didi chuxing is set to launch in melbourne, australia, from 25thjune as it continues its international expansion. tim mcdonald is in singapore. do you think that didi could knock uber off the top spot in australia? it is difficult to say, if it does it will be some time. at the outset, didi is only launching in melbourne after a trial in nearby geelong, a city of around 150,000 people. it should make foran around 150,000 people. it should make for an interesting contest in

australia, uber dominates but an indianfirm australia, uber dominates but an indian firm hopes to get into the market, there is a local player called go catch and europe's taxify as well. didi is valued at around $56 billion, making it one of the most valuable start—ups. if you're not familiar with it, you might be $0011. not familiar with it, you might be soon. it is the largest right hailing app and perhaps best—known for pushing uber out of china. the uber was so dominant globally once but it faces a broader threat. it has sold out in south—east asia and $0011 has sold out in south—east asia and soon it will have to face didi in its north american home market, starting a northern mexico. —— starting a northern mexico. —— starting in mexico. didi is aggressively expanding internationally. it could be a long—term threat to uber. asian shares wobbling on friday as investors brace themselves for us tariffs against china. unsurprisingly, china stocks led

the losses, with the benchmark shanghai composite index plumbing a 20 month low. japan's nikkei average and australian shares closed up 0.5% and 1.3% respectively. in tokyo, stocks rose largely thanks to a wall street rally — a record high for the tech—rich nasdaq index — and a weak yen against the dollar. meanwhile, here in europe, markets have opened in positive territory while the euro is flirting with two—week lows after a cautious european central bank indicated it would hold off hiking interest rates at least for another year. there was also news that the bank of japan was going to keep rates steady. supriya menon is senior multi—asset strategist at pictet asset management. so good to have you on the programme. let's talk about the markets and their reaction to what has happened this week in particular. lots of the markets seem to be shrugging off trade tensions?

yes, for the moment the markets seem to be shrugging off the rise in trade tensions on the possible escalation. looking through the noise a bit, we have seen gauges of volatility come down. markets rose quite significantly yesterday in europe. for the time being, they seem to be looking through. if we saw a full—blown —— full—blown trade war, things would be different. why is the you wrote heading for a massively bad week? yesterday and the day before, we got the fed ‘s guiding towards more rate hikes than the market had been expecting. meanwhile, in europe we saw the ecb guided down a bit, it pushed back the markets' expectation of the first rate hike. thanks to matt, the euro moved about 1.5% lower at its worst against the dollar. the fall against the pound was a bit less the matter, of course. part of the

reason is because positioning is quite heavy in the euro, that would have played a part. do you see that trend maintaining, this falling euro against these other currencies? yes, we have an expectation that over the short term the euro would continue to fall, we have seen a slowing in economic momentum europe. growth is significantly above trend, but the momentum is negative and that should normally lead to this economic divergences between europe and the us. it would normally lead to a wea ker us. it would normally lead to a weaker euro, we expect that to be the case for the next few months. you will be back any few minutes to talk to some good paper stories, to stay us, thank you so much. still to come... this week we've seen some of the major players in the media industry forced into action as result of the rise of streaming. it's also been a busy seven days for the some of the world's most important central banks.

later in the programme, we'll be getting a review of the week with our economics editor kamal ahmed. you're with business live from bbc news. tesco says its growth plans are on track after it reported a tenth consecutive quarter of rising sales. uk like—for—like sales, which exclude sales from new stores, rose 2.1% in the 13 weeks to 26th may. patrick 0'brien from globaldata is here to tell us more. talk as through what you make of this tesco results? 2.1% like—for—like growth looks pretty impressive, but it is a time of quite high food inflation, so in terms of volumes it is maybe not that impressive. discounters aldi

and little continue to grow so fast, it is probably maintaining market share. this is a marked improvement since the dire performance in 2014. the turnaround that tesco has been implementing is working? the turnaround that tesco has been implementing is working ?|j the turnaround that tesco has been implementing is working? i think it is fairto implementing is working? i think it is fair to say it is definitely working, dave lewis has done a great job over the last four years and it has been about simplification, he has been about simplification, he has sold off some of the foreign businesses that were not performing and has focused on food, as you can see from the recent closure of its online non—food operation, tesco direct. where did this tesco fit in terms of how britain's high streets are looking? it is a good player, it is doing well in convenience outlets like tesco metro and the local players. it has moved in with its wholesale operation, it is supplying

so many local convenience stores throughout the high street. thank you very much, patrick. as always we have the business live website if you want to keep up to date. china is on alert over tariffs. at the moment i cannot get the tablet to work. do you have magic fingers? this potential news out of the us that we will see... yes, china has says it will respond quickly to protect itself if the us hurts its interests, interesting to see what china comes up with. do stay with us on bbc news, plenty more business to come. you're watching business live.

our top story, the white house is due to publish a revised list of tariffs on chinese products later on friday. the us has accused china of abusing intellectual property rights and plans to introduce taxes on $50 billion worth of chinese imports as a countermeasure. a quick look at how markets are faring.... following something of a wobbly session over in asia, the mckay in tokyo ended the session up. in europe's, markets beginning in positive territory. —— the nikkei in tokyo ended the session up. this week we've seen the us central bank raise interest rates — putting even more pressure on emerging markets. we've also seen a landmark ruling which could pave the way for a major shake—up in the us media industry. with us to look at the "week that was" is our economics editor kamal ahmed. first of all, let's talk about what has been a very busy week for central banks in the us and europe?

absolutely. the federal reserve raised rates again, but the important point was that searches the strength of the us economy, the imf report on the us yesterday said they were looking like they would have the strongest period of growth since the 1960s after president trump's cuts. the federal reserve has signalled it will raise rates twice more this year to try to control inflationary pressures. that comes alongside the european central bank suggesting it will bring to an end quantitative easing, the buying of debt. real big moves and tectonic plates across the world. this ten—year economic experiment since the financial crisis, when the markets were flooded with central bank money. both the federal reserve and the ecb, two of the most significant central banks in the world, suggesting a tightening mechanism in some kind of synchronisation. when the fed has

tightened before, both the ecb and the central bank ofjapan tightened before, both the ecb and the central bank of japan have been in expansionary monetary mode. i think this is a really significant moment and shows their some concerns both in the fed and the imf that the american economy could become too heart and its debts could become too high. were you surprised by that ecb announcement, considering recently we have seen the eurozone economy start to cool? no, central bank governors across the world, whether japan, europe, britain, america, wa nt to japan, europe, britain, america, want to normalise the monetary situation. no one is really sure what this monetary experiment we have had for a decade is hiding under the sea of money, what rocks are under there. so i think the ecb under the banks want to normalise and push towards normalisation. let's not forget, incredibly dovish times. negative interest rates across europe and the ecb, no seeming ends to that. these were

meant to be emergency measures when they will put in place in 2008, 2009, 2010. we are still here and not sure exactly how it is creating bubbles in acid values, that we don't really understand how they will and why. i think all the central banks want to get back to normal position and the ecb is trying to do that. let's talk about comcast, we have heard a lot about this. it has launched a hostile bid for fox's entertainment business, challenging a bit already agreed with disney. talkers do this chain of events?m isa talkers do this chain of events?m is a massive distribution —— it is massive distribution companies trying to get together with huge content companies. this battle has been sparked by the growth of netflix, amazon, these big technology companies providing content that people want and are willing to pay for. the more

traditional media companies like fox and disney are trying to find distribution partners to do that. comcast moved after the vertical integration between at&t and time warner was given the go—ahead after it was challenged by the us government department ofjustice. comcast distribution, trying to link up comcast distribution, trying to link up with the entertainment assets of fox. it is all about consolidation and those traditional media companies thinking how can we ready ourselves in the 21st—century to fight the huge and rapid growth of the likes of netflix? where does this leave the deal struck between zist this leave the deal struck between 21st century fox and disney? comcast have offered more money, full cash. they are saying to fox's shareholders that is a better deal for you. fox's owner, shareholders that is a better deal foryou. fox's owner, rupert shareholders that is a better deal for you. fox's owner, rupert don't —— rupert murdoch, it is a better dealfor —— rupert murdoch, it is a better deal for you. —— rupert murdoch, it is a better dealfor you. one —— rupert murdoch, it is a better deal for you. one imagines —— rupert murdoch, it is a better dealfor you. one imagines disney will have to come back to the table

and offer more, maybe some cash. theirs is an all stock merger with fox. it means the battle is not com plete fox. it means the battle is not complete and we do not know yet who will win, but somewhere there will bea will win, but somewhere there will be a new, huge player with a distributor and a content provider coming together. good to talk to you as always, kamal ahmed. the classic video game tetris has been a hit for more than three decades — but it's now heading in a new direction. i still play that on my phone on the tube on the way home! a veteran developer has reimagined the game in virtual reality. he's been speaking to our north america technology reporter dave lee. the music is kind of like a pulsating soundtrack that's getting gradually louder, i think. it's quite hard to hear with the convention, but i can imagine if you were sat at home in a nice, quiet room, this would be very, very relaxing.

you'd be taken to a different place, altogether. it's very unique. it's a very unique games design. it's very simple, but very strong. and anybody can play. tetris theme tune. translation: it's a known fact that as far as computer technology is concerned, not everything is so good here. but as far as programming and computer thinkers go, i think we occupy an honourable place. tetris theme tune. cani

can ijust can i just say that when i play tetris, i play it on silent because i cannot bear the music. it is annoying. what other business stories has the media been taking an interest in? supriya menon is joining us again to discuss. supriya, before we start, we are talking about the world cup. which tea m talking about the world cup. which team are you supporting?” talking about the world cup. which team are you supporting? i had to admit that i have jewel royalties. i am british, of course, isupport that team, but i work for a swiss company and my husband is swiss, so i had to say switzerland, too, which is actually in the world cup. 0h, dear. we have got one of those! switzerland are quite good, aren't they? i think you need more than one tea m they? i think you need more than one team in the world cup. 0bviously england is my number one, i support

a run, being iranian. iwould support italy, having worked there —— having lived there. i would support france, i like spain as well. i have hedge my bets. that is really hedging your bets, that is about five teams! maybe that is not right. let's talk about the world cup, not in terms of how much we adore football, because alice is dying to talk about the offside rule, but it is about the money involved in football. it is the beautiful game, but one of the most lucrative. russia has gone all out in terms of what it has spent on preparing these stadiums, spread across this vast country. the biggest in the world. will they get that money back? there is an interesting article today inside the business times just talking about the sort of money that can be generated out of these games and the industries that will benefit.

absolutely, there are probably two different things to look at, whether it be pub operators are even clothing operators for betting companies etc. it could really boost retail sales in the uk at a point where we have seen recovery in retail sales to 4.4% from rather lower levels. you could see a further boost from a sporting bonanza, coupled with better weather, which plays a part. it should normally support retail sales here. if you look at the russia di mentioned, this is likely to be one of the most expensive world cups everin of the most expensive world cups ever in terms of spending, but they are also using it as an excuse, as a ca ta lyst are also using it as an excuse, as a catalyst for infrastructure spending domestically, especially in an emerging market like russia, that is likely to have a significant multiplier through to the rest of

the economy. roads, bridges and the like, one of the major problems the russian economy faces is links between these different regions. this article also mentions... you mentioned retail, but the betting industry as well, the travel industry, sports gear, tv rights. this bread is huge? absolutely. it will impact on retail sales, especially in europe. -- the spread is huge? and we have asked viewers about mcdonald's, it is ditching plastic straws completely in uk restau ra nts plastic straws completely in uk restaurants from september, in us restau ra nts restaurants from september, in us restaurants they will still use plastic. in the uk we will use paper straws. what do you make of this?” think it is an interesting business development, thanks partly to regulation the uk authorities have been quite stringent on this, as

well as in the eu we are seeing more emphasis on the so—called circular economy. it has been driven by a groundswell of popular opinion and companies are finding that they can use changes in business practices towards more sustainable business practices to their advantage and to boost their brands and so on. lots of tweets. plastics are not the villain, it is humans. we need to ensure sellers deal with plastic directly. to replace plastic with paper, wood or metal would be worst. another person says that as it is just the uk and ireland it is difficult not to see it as a publicity gimmick. that's 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. —— see you soon. good morning, the winds are much lighter this morning

compared to yesterday. hector has long gone. it is moving its way to scandinavia. satellite imagery, to the west of norway, further south across the uk, we have got some cloud streaming in from the atlantic and that is the general theme as we go into the weekend. today will be dry and fairly bright for much of england and wales. some showers cropping up and they will be isolated. particularly the further north you are. quite a fuse showers this morning across northern scotland, drifting eastward into the afternoon. some shows the northern ireland and the further south of england, but the further south you are, england, but the further south you a re, less of england, but the further south you are, less of a risk. generally speaking, good, sunny spells. temperatures getting up to around 15 or 22 degrees. feeling a bit fresher across the north—west.

0vernight, the cloud increases in the west and some outbreaks of rain slowly move in. some clear spells towards the east and temperatures overnight no lower than about nine to 13 celsius. we have an area of low pressure at the weekend bringing in some thundery rain, mainly across northern and western areas of the uk. the further south you are it is a weaker feature, there will still be some showers passing through, but not as many as the further north you are, and certainly thunderstorms at times, particularly later in the day with a brighter skies and sunshine coming through. temperatures on saturday ranging from around 14 in abbey green to around 19 in london. all that century rain will clear away into sunday. a very small ridge of high pressure will move in just ahead of this next weather system. sunday fairly bright to start, brighter skies and sunshine towards used in areas of england, the north—east of

scotland, and it will be cloudy during sunday. there will be some sherry outbreaks of rain but a dry day on sunday compared to yesterday. this temperatures will be around 17 to 19. -- this temperatures will be around 17 to 19. —— there will be some showery outbreaks of rain. getting warmer next week, temperatures in the mid—20s across the south—east. dry and sunny for many, cloudier with some rain at times the further north and west you are. goodbye. hello it's friday, it's 9am, i'm chloe tilley, welcome to the programme. slow, expensive and adding to financial hardship. the universal credit system is condemned by the public spending watchdog. a significant minority, we think, are struggling to cope with making a claim online, they're struggling to cope while they wait for their first payment and they're struggling to cope with the fluctuating income they get on universal credit. the government says it's a flexible benefit for the 21st century, but the national audit 0ffice accuses ministers of being in denial.

we'll speak to the one of the architects of the policy. also ahead, the prison officer who says life on the inside led to psychological damage. neil samworth says the challenges were intense. he tells us his story, this morning. professor stephen hawking's ashes will be buried alongside charles darwin and sir isaac newton at a memorial service later today.