this is business live from bbc news with alice baxter and maryam moshiri. president trump unleashes his long—threatened trade war on china — as sweeping import taxes come into force. beijing says it will take ‘necessary countermeasures‘. live from london, that's our top story on friday 6july us tariffs on $34bn of chinese goods have come into effect, signalling the start of an all—out trade battle between the world's two largest economies. and as a key summit over brexit gets underway, theresa may says there is now "a great opportunity" to agree a blueprint for the uk's future relationship with the eu... and despite global trade war anxiety —

markets around the world are feeling upbeat on friday. with european stocks taking their cue from the us and asia. there are just 268 days to go until britain leaves the european union, and still a deal has yet to be agreed. we get the inside track on where we are with the negotiations with our business editor, simonjack... and the bbc has carried out an investigation into the baffling terms and conditions on social media sites — does anyone actually read them? are tech giants playing fair when getting our consent — especially where younger people are concerned? let us know what you think — just use the hashtag bbcbizlive. hello and welcome to business live. a busy programme for you! we start in the us — where the trump administration has imposed sweeping import taxes

on chinese made goods — in what could be the first shots fired in a destructive trade war between the world s two largest economies.? the us has put in place a 25 per cent import tax on more than 800 products worth $34bn 7 everything from aircraft tyres to industrial robots to electric cars. beijing has today vowed to take ‘necessary countermeasures‘. it hasn‘t given details but had earlier threatened to tax us goods including soybeans, beef and whiskey — aimed at targeting key trump supporting states. this could bejust the beginning. washington and beijing have already prepared further lists of each others‘ goods to be taxed in coming weeks— taking the total to $50bn on each side. and president trump has even ordered officials to consider a further $200bn in chinese imports for additional tariffs — a measure beijing has pledged to match.? economists and business leaders have warned of serious consequences for global growth if the crisis is

allowed to escalate. our asia business correspondent karishma vaswani is at one of the world‘s biggest seaports in singapore — talk us through the chinese action? you know the chinese have consistently said they would not be the ones to fire at the first shot in this trade for and soon after the ta riffs in this trade for and soon after the tariffs from the united states came into effect on chinese goods just a minute past midnight washington, dc time we started to get reports from beijing that indeed, china had started to implement these tariffs in some shape or form, that‘s coming out of state media at the chinese commerce ministry there, saying it‘s bowing to retaliate against the united states and what it‘s called

off at the us has done, is launching the biggest economic trade war in history, we are expecting some confirmation of the exact specifics as to what china has done in the next few hours. remember what they had said in the past, they would meet the us measure for measure, if the united states slaps tariffs on 34 the united states slaps tariffs on 3a billion dollars worth of chinese goods, beijing would do the same, china has consistently tried to position itself as the big in all of this, not the aggressor. president trump would say china has been practising unfair trade for decades and that is at the heart of this trade war between these two giant economies, the trump administration says china has stolen intellectual property from american companies, not given their market access in a free and fair fashion and president trump is trying to reset that balance. asian says that‘s not true, they want to negotiate but america is making this very difficult for

them. all of that has a corresponding effect on economies out here like singapore which has been dependent on free trade policies over the last few decades. thank you very much. we‘re joined now by ross denton, trade partner at global law firm baker mckenzie. this is the opening salvo if you like and what many described as a trade war, how easy will it be to dismantle these tariffs if the eu wa nted dismantle these tariffs if the eu wanted to step back climb—down. dismantle these tariffs if the eu wanted to step back climb—downm would be easy for them to take off the tariffs, everyone would breathe a sigh of relief than go back to normal, what you have to bear in mind is that one of the us objectives is to reassure jobs to the us and that suggests there will be temporary or more than temporary trade effects, you take the tariffs of, thejobs go out again. trade effects, you take the tariffs of, the jobs go out again. what about corporate profits? what about us companies come off and are they going to start to feel the pinch?

you will see a mixed picture, look at the steel and aluminium industries you should see an increase in profits because they are protected, hearing up to have better production inside the us, for all the other companies bringing in products are used in production, these are taxes on their business, potentially you will see some drop in us corporate profits overall. the trickle—down effect to the rest of the economy? talking about 1% being wiped off doable gdp, is that prediction realistic? very realistic, it spreads out, not only do we the tariffs ratcheting up the pc retaliation, don‘t forget when these goods don‘t go into the us, chinese state, it has to go somewhere else, it might go to europe, we‘ve already seen the european union open safeguard measures on steel from china and other countries, we have will see this spinning very quickly. how serious can this get, how much can it escalate? i think it will escalate enormously, residentjohn

herschel himself to be resolute, he has his midterms committee to play to his base. ross denton, good to talk to you. let‘s take a look at some of the other stories making the news samsung electronics says profits grew 5.2% to $13.2 billion in the three months tojune — the weakest quarterly growth in more than a year. weak smartphone sales, in an increasingly saturated market, contributed to this disappointing result for the south korean tech giant. engine manufaturer rolls—royce will sell its loss—making marine business to norwegian firm kongsberg for around $660 million. the sale is part of a larger restructuring of the company. the marine division has around 3600 employees,

most of them based in scandinavia boeing has agreed a deal to take over brazilian plane maker embraer‘s commercial jet business. the joint venture will give boeing a significant stake in the market for smaller passenger planes. rival airbus recently took control of the regionaljet business of canada‘s bombardier. so with trade tariffs due to kick in today — one might expect to see quite a bit of anxiety on the markets. but seemingly not! tokyo‘s benchmark nikkei index snapped a four—day losing streak on friday, tracking gains on wall street led by optimism on trade talks between the us and the european union. however, asian stocks as a whole did wobble about as investors still fear things could escalate into a full—blown trade war between the world‘s two largest economies. in china, the shanghai composite index jumped in late trade on friday, reversing earlier losses, but the yuan remains weaker against the dollar, though it‘s kept some distance from its ii—momth lows touched earlier this week. the green back is little changed against the yen. here in europe, markets are takiung their queue

are takiung their cue from overseas and kicking off friday on an upbeat mode. the effects of the trade tensions are also being felt in the us. no one stands to lose more in this escalating trade battle than america s soybean farmers, who send nearly two—thirds of their exports to china. as kim gittleson reports from minnesota. an easy way to understand just how important the chinese market is to the us soya bean industry is to take a closer look at this farm. every third row of soya beans here is sent abroad to china. last year the us sent nearly $21 billion worth of soya beans to china. yet even before these tariffs have gone into effect, farmers here say they are worried. that is because the price of us soya beans has declined by over 15%. the question is, if this economic pain will leave farmers here to abandon president donald trump.

many of them voted for him for president. however, if they no longer support him it could change the political calculus when it comes to these protectionist trade policies. joining us is chrisjustham, relationship manager for? seven investment? management. let‘s talk about the impact of trade and to trade, it looks as of the markets have priced the same, they are on a level with that, they have thought about this before, haven‘t they? i think you are right, in the weeks and the run—up to this, president trump engaging in diplomatic hooliganism, the markets have reacted. tell us what you really think! we have a lot of multinational corporations, germany,

what is interesting is the hard data, factory output being affected, the global supply chain, the market reaction at the moment is relatively muted, we have seen asian stocks slip slightly overnight but rebounding towards the end of the session, at the moment i think there isa session, at the moment i think there is a lot of uncertainty. and china we saw then dip in morning trade and they recovered. let‘s talk about what happened yesterday, mark carney speaking, giving a relatively positive assessment for the future. a bit ofa positive assessment for the future. a bit of a break from the norm, positive assessment for the future. a bit of a breakfrom the norm, over the last couple of years he‘s been accused of being negative and downbeat for the uk economy, certainly post—referendum but he focused on the fact he thought the first quarter, the weakness in the data was whether, the bad weather had quite a negative impact, he thought there was some positive news coming later down the line, the fact that gdp might be better than expected. but quite interesting, the pound did not react to balance lead

to this, normally when we see the prospects of an increase in a rate hike, around august, has been mooted, we have seen the pound jump, it didn‘t react too much bad as it seems at the moment, he seems relatively up beat about the uk economy which is great. chris, thank you, you‘ll be back on to talk about the papers. we will see you shortly. still to come... it‘s 268 days to go until britain leaves the eu, but still a deal has yet to be decided how close are we to getting one? we‘ll talk about this with our busiuness editor simon jack. you‘re with business live from bbc news. do you know what your son or daughter is doing when they are beavering away on their on smartphone or tablet? iris are too young to be doing that, to be honest! —— at children.

well, they could be be signing up to apps with terms and conditions that only university students can comprehend. joe miller has been researching this for us. what have you found joe? it is interesting indeed, the aftermath of the facebook cambridge analytica scandal bursting a focus on terms and conditions and prevacid policies so we decided to take 15 of the most visited apps and sites including facebook and linkedin and snap chat to name just a few, to put there as terms and conditions to standardised readability test used in the us. army and academia and what they found is that all of these terms and conditions and prevacid policies required a reading age of at least 18, that‘s equivalent to a university level education and that‘s despite the fact many of these sites at least eight of them can be signed up to buy kids as young as the team. there‘s no real way they can possibly understand what they are signing up to and

crucially this comes just over a month since the introduction of that eu wide gdp at law that we heard about which mandates companies that are communicating with children use andi are communicating with children use and i could clear and plain language in their policy documents. what we found doesn‘t seem to chime with that. what's the solution, what is being suggested that the site can do to ensure that notjust13—year—olds but all of us bother to read the terms and conditions before we click the except button. the sites themselves got whacked to us and said these policies are not our primary form of communication to our customers, we have privacy centres online not easier to read and videos etc but child safety campaigners say there is a very simple solution, when you sign up to these sites your privacy settings should be restricted by default and you choose what to share and that would solve the problem of these inscrutable documents. thank you very much, a brief look at the website. go on to

business life, plenty there, including news that elon musk may have offered to help in the rescue of those 12 thailand football players and their coach in the caves. go to the website for more on that. you‘re watching business live — our top story: president trump unleashes his long—threatened trade war on china as sweeping import taxes come into force. beijing says it will take "necessary countermeasures". a quick look at how the markets are faring... this is europe. a bit of a mixed bag. the dax is near enough its opening mark. this new development doesn‘t appear to be affecting european markets too much currently. now let‘s get the inside track on theresa may‘s

critical cabinet talks today... the bbc‘s business editor simon jack is with us now. a crucial day for the british prime minister. she will be getting it from all sides today. what she have? you hear the word crunch a lot. when it comes to brexit. are you sure this time it really is? i have been crunching four months! i‘m getting hungry! she has basically mapped out her vision of what the uk‘s relationship will look like with the eu. she is going for a 12 hour lockdown at her retreat to thrash this out and sell it to sceptical elements of her own government. it‘s very, located. iwill elements of her own government. it‘s very, located. i will pick out some key features. —— it is very complicated. she says we need a rule book when it comes to trading with the eu. an electrical standards, food standards, we will be on the same page. that makes it easierfor things to flow back and forth. it is

potentially difficult because when it comes to eu standards some people say that could constrain the uk‘s future trading with the us. that is one big problem. 0thers future trading with the us. that is one big problem. others would say that trade deals don‘t matter too much because the us is already our biggest single export country. germany doesjust biggest single export country. germany does just fine with china and they don‘t have a trade deal. that‘s just one area. the other one will be around what happens with customs. the uk will continue to collect customs on the eu‘s behalf on goods heading into the eu but arrives at uk shores. we collect the money, we forward it to brussels for those goods which are going to make their own way to the eu. stuff that stays here, we could possibly offer a rebate if we decide to do a lower tariff. the beauty of that, no hardboard in northern ireland, which was one of the big features. —— hard border. but the eu doesn‘t like the idea of the uk being a border

authority for a club it is no longer authority for a club it is no longer a part. nevertheless, business quite likes theresa may‘s version of this. you see a bunch of big businesses like jaguar land rover, help us, others coming out saying, be careful, do not throw any sand in the engine, excuse the pun. —— airbus, and others coming out. they are no big fan of brexit. but of the versions of brexit it is the least worst option as far as they are concerned. will they be able to do that after any kind of brexit? two problems. first she needs to sell it to her own cabinet. then she needs to her own cabinet. then she needs to publish all of this stuff, white paper, which will go to the eu. they will look at it. lots of people say it is going to be unworkable. she will say to the eu, look, i have made up my mind. two years of

negotiating. we have a blueprint. now we can turn to you and say, use your imagination, let‘s take out a way to work in the interest of both sides. people say getting this done is the equivalent of playing a round of golf at getting 18 hole in ones in one go. is that possible? it's never been done! there is a quote from hmg has no clue on how to exit brexit. some people in the government would say that is not helpful when going into battle. especially with her own party. we think up to six, possibly nine cabinet ministers. some of the people who are sceptical, he would like a clean break from people who are sceptical, he would like a clean breakfrom europe, they met last night at the foreign 0ffice. who knows what plans they we re 0ffice. who knows what plans they were hatching. they probably want to say, we don‘t like this, but we have an alternative plan. all eyes on chequers. i wish i knew what will

happen. we hear the word crunch a lot, but it really does feel like it at the moment. yes, i understand smartphones have been banned. really! you mentioned jaguar land rover, hot on the heels of bmw and air bus —— and airbus, really talking about the issues of no deal. if there is no deal it will make it difficult for investment in the uk in the future. jaguar land rover is a british marque, to use the car terminology, but it has factories in china, in india, in slovakia, in the us. they are saying, look, we have to go where the trade is most seamless. when you are putting together a vehicle, there are millions of components arriving every day. i have been down to some of these factories. it isn‘t just have been down to some of these factories. it isn‘tjust in time, it is just factories. it isn‘tjust in time, it isjust in sequence. factories. it isn‘tjust in time, it is just in sequence. the yellow wing mirror arrives when the yellow chassis arrives. it goes together.

they make a million at the bmw plant every 60 seconds. i trust you, you a lwa ys every 60 seconds. i trust you, you always get it right, what is your prediction? 0h! you have really put me on the spot. that is my job. you should ask laura kuenssberg! chuckles i think we will get... the remaining factions, if you like, within the government say they don‘t think anybody will resign today. but that isa anybody will resign today. but that is a bold call. it will be a long day. it is very difficult to call. thanks, simon, we will have you back on monday to talk about it, i‘m sure. in a moment we‘ll take a look through the business pages but first here‘s a quick reminder of how to get in touch with us. stay up—to—date with all of the day‘s business news as it happens on the bbc‘s business live page. there‘s insight and analysis from our team of editors right around the globe. and we want to hear from you, too. get involved on the bbc‘s live business page,

at bbc.com/business. on twitter, we‘re @bbcbusiness. and you can find us on facebook at bbc money. business live, on tv and online, what you need to know when you need to know it. what other business stories has the media been taking an interest in? chris justham is joining us again to discuss. good to see you back to talk through some of the stories which have caught our eye today. earlier in the programme would ask people to tweet in about one of the stories that the bbc has been investigating. —— we asked people. we have one behind us now. whether or not the terms and conditions for a lot of our social media sites have too long and too colour—coded for any of us to

understand. —— two —— too complicated for any of us to understand, particularly 13—year—olds who are allowed to sign up. children are very unlikely to read through or understand what‘s going on. they are talking about perhaps making it easy to understand. but they will still tick the box and go through. they won‘t understand the potential impact of what they are signing up for. mary read on twitter says, never read them, no time. i‘m the same. meggat says, they are written for us to get confused, what they can say in 100 words they say it in 2000. that isn‘t just words they say it in 2000. that isn‘tjust an words they say it in 2000. that isn‘t just an issue for words they say it in 2000. that isn‘tjust an issue for kids, if adults, as well. you will go on the website, they will quickly say, cookies, whatever, accept, or decline, that if you don‘t accept you cannot get past the website. so

what choice do you have? exactly. you choose to use social media, if you don‘t comply you can‘t use it. facebook and the information you chose a blow to the website. it sounds like a strange thing now. but ever since cambridge analytica and everything they did with our data, people are aware of it. but the pictures you is uploaded, you no longer owned them. it was written in the terms and conditions, but why would you read all of that? another story caught our eye. the trade war will hurt the us most. that‘s the warning from mark carney, the governor of the bank of england. he has said what a lot of economists have said, this trade war will hurt the us economy more than anybody else. it would seem so. certainly the central bank is the rock stars of our age when it comes to this kind of thing, and everybody listens to them. he is pointing out that there are no winners. the fact we

have seen retaliation from a tariff perspective from both europe and china, he‘s proving to be correct, certainly from an agricultural point of view, with your reporter was talking about soya beans. that is a clear indication that the us will suffer in some shape or form. it's confusing, isn‘t it? we were talking about the non—reaction we are seeing on the markets. to what degree to stock market reaction reflect what is going on in the real economy? great question. —— to what degree does the stock market reaction. the markets don‘t particularly reflect necessarily what is going on. but it isa necessarily what is going on. but it is a holding pattern, in some respects, at the moment. thanks very much. that‘s it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report. we‘ll see you again tomorrow. the dry, very warm and predominantly

sunny weather continues over the next couple of days. here we have the pressure chart, high—pressure sitting firmly across the uk. it does not look like it will go anywhere far as we move into the weekend. this weekend, lots of dry weather. further sunshine to come, as well, it‘ll be very warm or hot. tomorrow looks like it‘ll be a touch warmer than today. through this afternoon, lots of sunshine still to come. it‘ll be tried for most. just the chance of a sharp shower in the south—east and the odd rumble of thunder maybe. —— it‘ll be dry for most. through this evening and overnight, any showers in the south—east where they have formed will ease. it‘ll stay dry with clear skies. temperatures in the north, more comfortable for sleeping. in the south it‘ll be more humid. temperatures in london not getting

much lower than 18. high—pressure still dominating the weather tomorrow morning. lots of dry weather to come again tomorrow. and plenty of sunshine. the best of the sunshine further south, perhaps a touch of cloud for scotland, and northern england and northern ireland. the in the south—east, a maximum of 31, maybe 32. in the north, we are looking at temperatures in the high teens or low 20s. sunday, high—pressure still dominating, but this weather feature is moving into the north west of scotland. that means there will be more in the way of cloud in the north west of scotland, perhaps some drizzle associated with that, as well. bright start from northern ireland. turning cloudy through the day. the south, the best the sunshine, that is where we will see those warmer temperatures. slightly cooler with the cloud, looking at highs of 16 degrees. in london on the south—east highs of 31. that

ta kes the south—east highs of 31. that takes us into next week. not a great deal of change. high—pressure still dominating the weather. we will see further dry weather and sunshine. a bit more cloud in the north thanks toa bit more cloud in the north thanks to a weather front on monday. plenty of sunshine, though, and it‘ll be predominantly dry. temperatures at a maximum of around 28 degrees. it‘ll turn a touch cooler as we move into tuesday. have a good day. hello, it‘s friday, it‘s 9 o‘clock, i‘m chloe tilley, welcome to the programme. detectives in wiltshire are racing to find the object contaminated with the deadly nerve agent novichok, which has left a couple fighting for their lives. the brother of one of the victims, says he‘s stuggling to come to terms with it. he‘s my younger brother, i love him to bits. how are residents and business owners in the area coping? we‘ll be asking them. imagine being able to design, and then 3d print your own house. well, we‘ve met the first couple in the world to move into a printed home in france.

translation: what we did was a provocation, and optimistic provocation, and optimistic provocation and we as a collective are showing you, that‘s why i say we are showing you, that‘s why i say we are at the start