this is the business briefing. i'm sally bundock. trade tensions are set to escalate when a second round of tariffs hit us and chinese products this week. investing in india. the world's largest retailer, walmart, completes its acquisition of e—commerce giant flipkart in a $16 billion deal. and it's a mixed start to the trading week on asian financial markets as investors keep a close eye on global trade. this week we are focused on trade. hopes have been given a boost today by reports china and the united states will hold lower—level trade talks this week on trade. this just before $16

billion in new us tariffs on chinese goods take effect. we've got special reports from around the world, and injust a moment we will go live to shanghai for a chinese perspective. but first, my colleague aaron heslehurst gives us a breakdown of the trillion dollar world of trade. global trade is truly the engine of the world economy. the value of goods and services traded all around the world last year was worth more than $20 trillion. and it is extremely important for trading partners. goods traded last year between the us and china were worth $635 billion. between the us and the eu it was $718 billion. between the eu and china, that was $652 billion. over three decades the exchange

of global goods and services has increased by an average of 210%. but the wto has warned that that trend is about to come to an end. it is all down to weaker exports, slowing car sales and increased trade tension. while free trade has enriched many nations, lifting millions out of poverty, many believe that the wto system is outdated, including president donald trump. he has threatened to expand tariffs on beijing to half a trillion dollars, which covers almost every product imported to the us from china. the international monetary fund has warned that rising trade tension between the us and the rest of the world could cost the global economy some $430 billion with america especially vulnerable to an escalating tariffs war. the us imposed 25% tariffs on $34

billion of chinese staff ranging from tractors to handbags, even umbrellas. and that prompted beijing to retaliate in kind. let's go live to china now and talk about how this is impacting both countries because they are both getting ready to slap a 25% tariff on billions of dollars worth of goods. live now to shanghai where robin is there. roberton, aaron outlined the background to all of this and this is another very important week. it is. a lot of numbers there from aaron and they are quite staggering. when we get to

thursday, august 23 we can expect a further $16 billion worth of tariffs put in place by both the chinese and us side taking the total to about $50 billion worth of good that will be affected eye these tariffs. initially put in place, of course, by the administration of president donald trump. the americans are still threatening, as well, to take it even further, talking about new ta riffs it even further, talking about new tariffs rising from 10% to 25% on $200 billion worth of trade. these numbers are staggering. somewhat amiss in this week because we will have a fifth round of face—to—face talks but that will be low—level officials so, frankly, it is good they are meeting but expectations are low. and this is the question. with the expectation is so low and the viewpoint that things could actually escalate further, what impact that will have on china and the us. what do people say to you

that about the world ‘s second—biggest economy? domestically, the chinese economy continues to grow at a healthy rate, but that rate of growth is slowing and that is the backdrop to all of this. there have been reports recently throughout the summer that president jinking recently throughout the summer that presidentjinking —— recently throughout the summer that president jinking —— she recently throughout the summer that presidentjinking —— she —— that the president is facing criticism. 0ne of the big areas of concern for the administration of donald trump is made in china 2025, a industrial policy pursued by beijing to take its products beyond t—shirts and microwaves to advanced areas, and perhaps even dominate in some sectors. 0ne perhaps even dominate in some sectors. one area of concern is what china is trying to do with microchips. 0utside china is trying to do with microchips. outside there is the home of passing traffic. insight, believe it or not,

this is the cutting edge of china's push the high—tech supremacy. a design microchips here for cctv cameras. it is a small part of a much bigger government backed effort called made in china 2025. addressing the country's top scientists earlier this year, the chinese leader spoke about self—determination. he wants china to make its own civil aircraft, dominate in industrial robots and electric vehicles. at the camera chip firm they have high hopes but they think 2025, for their sector, is ambitious. china is coming. i believe china is coming. but it takes time. this item epitomiese the push for technological advancement, particularly in sectors where it thinks it can take

the lead, maybe dominate. the firm was set up with the help of government money. its biggest client is the government that it exists but it insists the rest of the world have nothing to fear. made in china 2025 is so important to this country and so worrisome to some other countries because it is notjust about making new hardware like this camera. it is about information. and what you do with that information. this camera is notjust taking a picture of me at the moment. it is using, and will help to develop artificial intelligence. china says this is part of an ambitious industrial policy but president trump sees a growing threat from a rival that,

even now, insists some foreign firms hand over their precious technology. that is robin. we are focusing on this issue of global trade and the trade relationship between the us and china particular this week here on the bbc. we will have more on that later on in our business programming. that's brief you now on the other stories. greece is now free to borrow money on the financial markets. the country has today emerged from its bailout programme, and the government says it can now stand on its own two feet, after three financial rescue packages totalling over $300 billion. a standard chartered bank executive says tough demands by eu regulators could mean morejobs being moved from the uk than previously thought. tracy clarke says that the bank's small size in the eu market means it

would not be moving hundreds of people. the uk lender is turning its frankfurt office into a european base due to brexit. it's official — us retailer walmart now has a 77% stake in india's e—commerce giant flipkart. walmart‘s investment includes $2 billion in new equity funding, to help speed up flipkart‘s growth. let's go to devina gupta in delhi who is following the story. this has been a long while in the making and we have arrived. it is a huge deal, isn't it, for flipkart and india? absolutely. it has taken three months for regular tory approval to come through in the second attempt of walmart to enter india is finally sealed with india's

leading online platform, flipkart. just like the us, fall walmart the biggest competitor in this market is still amazon but unlike the us where amazon is edging past walmart in the online platform, walmart has the advantage of an indian partner, flipkart, which 0regon advantage of an indian partner, flipkart, which oregon has a 100 million customer base. they are attracted to deep discounts which woolmark has a great synergy for and will be looking at entering the grocery online market which is the next battlefield for players here. —— walmart has a great synergy. it is only 3% of the overall market that walmart will be able to take share in the e—commerce segment. it still has challenges from brick and mortar business as well and amazon, also, because it has recently decided to pumping $5 billion to compete in this market. an interesting story there and a big

dealfor india. let's have a quick look now at the market. this is the close for the dowjones on friday. some negativity injapan and hong kong is higher. shares rising in shanghai as well. a strong yen in japan hampers trade and there are nerves in global markets this week as the new trade tariffs take effect on thursday. see you shortly. up next — newsbriefing. we'll take you through the stories making headlines in the global news media today including: the nhs in england has saved the lives of hundreds more patients with severe injuries, since a series of major trauma centres were established six years ago.

a study published in the lancet also showed patients spent fewer days in hospital, as our health correspondent nick triggle reports. this shows you, top to bottom, your injuries... tom was expecting pigeon nests on his roof last october when disaster struck. he fell from the ladder on his balcony, breaking his leg, arm, wrist on the shoulder and every bone in his face. he was taken by airambulance every bone in his face. he was taken by air ambulance from his home on the kent coast to king ‘s college in london. bomb at the nearest hospital, it is the region's major trauma centre and had staff and equipment which saved his life. trauma centre and had staff and equipment which saved his lifelj felt totally safe secure and confident in everything that was being done. he is one of the least 1600 people who are alive thanks to a new way of providing trauma the

england. since 2012, the most seriously injured ta ken england. since 2012, the most seriously injured taken to one of the country ‘s designated regional trauma centres where there are specialist staff and equipment so they can be treated immediately. the study analysed care given to 110,000 trauma cases between 20,008 and to nt 17. is about the total number. —— and 2017. the chances of survival had increased by one fifth. that extra 20 minutes or 30 minutes in a helicopter or at the back of the ambulance means that when you arrive ata ambulance means that when you arrive at a trauma team, they are receiving new, and operating theatre is immediately available to operate on you and save your life. and the skills to put you back together again. meanwhile, ten months on, tom's life is getting back to normal. back to normal. this is the briefing from bbc news. the latest headlines:

the eurozone group of countries says greece is now free to borrow money on the financial markets following the successful completion of its third financial bailout programme. athens has been given loans worth over 300 billion us dollars over the past three years. thousands of people remain trapped by the monsoons in kerala. rescue teams are trying to get supplies in to some of the estimated 300,000 people displaced by the worst flooding in a century a group of elderly south koreans are travelling into north korea to meet relatives they've not seen since the korean war which ended in 1953. now it's time to look at the stories that are making the headlines in the media across the world. we begin with one of greece's financial papers. it asks what wounds are still left open in the country's economy

after the eu bailout ended. and that's a contrast to coverage in germany's handelsblatt. it has the country's finance minister celebrating what he calls greece's salvation. to the independent now. it covers concern among carmakers over brexit. ford saying it could move uk production as its profits plummet.