this is the business briefing, i'm sally bundock. impeach me and the market crashes — president trump warns of dire economic damage if he is removed from office. plus: who will squeal first in the global trade war? how pigs in brazil are caught up in the struggle between the us and china. and on the markets, asian stocks fall as us—china trade talks end without progress. investors now await a speech by fed chiefjerome powell injackson hole, wyoming, that could give a clue to how high and how fast us interest rates will rise. we start with the us economy, because us federal reserve chief

jerome powell is hosting his fellow central bankers at their annual meeting in the mountain resort of jackson hole, wyoming. his big speech later will be closely watched for hints about more rises in us interest rates this year. it is becoming a highly politicised subject. in an interview last week, president trump broke with tradition on the central bank's independence and said he was not thrilled by the bank's policy of raising borrowing costs. he would prefer to see more help for the economy from lower rates. the fed has raised them twice this year, and is widely expected to raise them twice more in september and december. and here is why. the us economy is growing strongly, at 4.1%, and unemployment is at an historic low of 3.9%. but there are serious concerns about the escalating trade war between the us and china, as well as instability in emerging markets, especially turkey, and of course, the possibility of political upheaval in the us. on thursday, president trump told fox news that there could be serious

damage to the economy if he is removed from office. well, you know, i guess if there is something like high crimes, and all... i don't know how you can impeach somebody who's done a greatjob. i tell you what, if i ever got impeached, i think the market would crash, i think everybody would be very poor because, without this thinking, you would see numbers that you wouldn't believe, in reverse. jeremy thomson—cook is chief economist at world first. good morning. 50 if good morning. so if we lose him, people will be poorer in the us.

market will crash, things will go very pear shaped, in his opinion. yes, this is obviously he is opinion, and he does like to blow his own horn. of course, much of this, the rally in stocks and the us dollar, has been as a result of global growth but all also some of his tax reforms. so he can take some credit. it is a huge boost, the employment numbers we have seen, have come on his watch. a lot of the foundations that were put in place in the obama administration. but because the economy is doing so well, jerome powell and his team at the fed are starting to normalise things when it comes to the cost of borrowing in the us, which is something the president is not in favour of. he said he was not thrilled with it, and we have always viewed donald trump is someone who preferred lower interest rates. he made a lot of money in real estate

and people in real estate like to have lower interest rates, because it is cheaper to put up buildings and easierfor it is cheaper to put up buildings and easier for people to it is cheaper to put up buildings and easierfor people to buy it is cheaper to put up buildings and easier for people to buy them as well. so he has tojuggle whether and easier for people to buy them as well. so he has to juggle whether he likes... he also lacks a strong us dollar, and you can't really have one without the other. something really has to give, so what happens now? but in terms of the jackson hole meeting, very important for eve ryo ne hole meeting, very important for everyone in financial markets. they will be watching that closely, won't they? it sets out a lot of the thinking for the fed over the next nine or 12. are they focusing on unemployment, inflation, obviously the ructions we have seen in emerging markets. the minutes we have had from the federal reserve is weak, the meeting came before things kicked off in turkey in china and south africa, so they have an address that publicly yet. we also, asi address that publicly yet. we also, as i said, have issues around what is going to happen with interest rates moving forward, as well. whether the dollar is too strong for these emerging market currencies, and all that comes together under the auspices of the us economy which

has been supercharged by these tax reforms. but a lot of analysts, myself included, think we may start to see a slowing towards the end of the year. and whether further interest rate movements are warranted. thank you very much indeed. of course, we will be right across the jackson hole meeting, of central bankers, and we will tell you everything you need to know. let's turn to the escalating trade war between us and china, because its impact is being felt all around the world. china has slapped import taxes on us pork, hitting farmers in america. but could that mean an opportunity for other countries to step in? as daniel gallas reports from southern brazil, in the interconnected world of global trade, it is never as simple as that. competition is fierce in global pork markets, and there is one country with a huge appetite — china. it is such a tough market, tariffs have the power to disrupt competition, and some eventually lose out. this year, the biggest loser

is set to be the us, which faces hefty tariffs that china is imposing on us pork. other countries are now scrambling to take over that share. some farmers like the idea of the trade war between china and the us. take producers in brazil — pig farmers in this region of the country want to more than double their production in the next ten years, but they don't have enough consumers, so a trade war between two other countries is an opportunity to gain new markets. growing labour and land costs in china are driving up imports. in recent years, it overtookjapan, and is now the world's biggest pork meat importer. but not everyone is convinced that trade wars are good, or even easy to win. this man runs one of brazil's biggest pork exporters. he says chinese tariffs on us soy beans are forcing up global prices, including in brazil.

soybeans and corn are a large part of the cost of pork meet, so brazilian pigs are more expensive and less competitive. translation: these trade wars seem at first glance to be beneficial to brazil, but on second thoughts, we export commodities but import many things. machines, raw materials, that are becoming more expensive. the truth is that, in the end, no—one really wins. brazilian producers have ambitious plans for the future, but most here say they would rather see fewer tariffs, and win trade wars with only good old—fashioned competition. daniel gallas, bbc news, brazil. let's stay with that story, because officials from the us and china havejust wrapped up two days of talks in washington, dc. rico hizon has been following developments from our asia business hub in singapore. rico, not much progress was expected, so did the talks live up to expectations? now, the expectations for this

meeting were pretty low. did they live up to those? they did live up to expectations, sally. disappointing outcome, no resolution, no breakthrough. so the trade dispute continues with no end in sight. a china's congress ministry summer rae —— but china's congress ministry said they held constructive and frank trade talks and the two sides will keep in contact regarding future plans. even before the meeting started, sally, president trump was already pessimistic, saying he did not expect much to come from these discussions, and even called china currency manipulator. as the meetings took place over the past two days, both sides implanted additional 25% tariffs on $16 billion worth of imports, bringing

the total amount of goods affected by fresh levies so far to 50 billion us dollars on each side. so the next batch of tariffs will take effect in september on some $200 billion worth of imports. jump even said injuly he was ready to tax all of the $500 billion worth of chinese imports into the us, and if that happens, it will be catastrophic for many asian economies —— trump. will be catastrophic for many asian economies -- trump. thank you, have a lovely weekend. now let's brief you on some other business stories: us agricultural chemicals maker monsanto is now facing some 8,000 lawsuits according to its new owner, bayer. last month it was ordered to pay $289 million in damages to a california man who claimed its weedkillers caused his terminal cancer. bayer bought monsanto in a $63 billion deal which it completed in june. its ceo says it will vigorously defend this and all upcoming cases. ryanair is tightening the rules on luggage in order to, quote, speed up boarding.

from november, passengers will still be allowed to take one small, personal bag into the cabin, as long as it will fit under the seat in front. but they will have to pay £6 if they also want to take a 10 kg bag such as a pull—along suitcase on board, and they will still have to pay up to £10 if they want to check that bag into the hold instead. and now, what is trending in the business news this morning? the wall streetjournal is looking at that meeting in wyoming. fed's kaplan says he is comfortable with four rate increases this year. the dallas federal reserve president says federal reserve officials will ignore political pressure or attacks. on business insider, more pressure on elon musk. wall street analysts tore down a tesla model 3 and found significant fit and finish issues. analysts from ubs say the car's build quality is disappointing

for a $49,000 car. and bloomberg asks, will the market crash if trump is impeached? here is what analysts say. they point out stocks continued to rise during the clinton impeachment, at the time of the internet boom, and that corporate earnings remain strong, partly thanks to his tax cuts. and don't forget, let us know what you are spotting online. use the hashtag #bbcthebriefing. up next, newsbriefing. the eden project says it wants to build an offshoot of the cornish attraction in the lancashire

town of morecambe. john maguire has visited the proposed site. morecambe is rightly proud of its past. these pictures almost 120 yea rs old past. these pictures almost 120 years old showed just how popular this seaside town once was. and, with an eye on that history, its annual vintage by the sea festival, which takes place next weekend, brings in around 40,000 visitors. but now, it is this space age vision that could propel morecambe into the future. this is the eden project, in cornwall, a major visitor attraction. and now there are plans for one here. so the eden project could see this area totally transformed. absolutely, depending on final plans. this whole project is going to be a total enabler for the district, not just

is going to be a total enabler for the district, notjust the town, actually. because the soldiers going to be an economic one, is going to be social, environmental and also educational, because we will be involved with the lancaster university, being one of the top ten universities in the country, they are putting all their might behind it, and also their research. i believe this is going to be actually quite an educational facility, as well. for local viz, a quite an educational facility, as well. for localviz, a witnesses, eden would represent a highly prestigious, and crucially year—round, draw. prestigious, and crucially year-round, draw. morecambe has been quite innovative over the years. morecambe invented eliminations, chris reinvented bingo, so this is the new bingo, if you will. it will put us on the international and international market. eden project says its feasibility study indicates morecambe is a viable location, and 110w morecambe is a viable location, and now the task begins to raise the many millions needed to create it. and, if it is built, it will bring not just and, if it is built, it will bring notjust sunshine, and, if it is built, it will bring not just sunshine, but and, if it is built, it will bring notjust sunshine, but millions and millions of new visitors to morecambe bay. this is the briefing from bbc news.

the latest headlines: scott morrison has won the race to succeed malcolm turnbull as australian prime minister. mr turnbull stood down after he lost the support of a majority of his party in parliament no safe level of alcohol. a major study says going teetotal is the only way to avoid any risk to your health. now it's time to look at the stories that are making the headlines in the media across the world: we begin with the daily telegraph. its front page headline reads — hammond under fire for no deal warning. the chancellor is accused of undermining theresa may in a letter to the treasury after yesterday's no deal brexit departure speech. looking at the sydney morning herald

where the only story in town is the challenge for the prime minister's job. scott morrison has emerged as the new leader of australia and members of parliament, including his opponent, have already pledged their loyalty to him. in the financial times, there's another development on the delayed listing of aramco. this story says saudi arabia's foreign wealth fund is primed to choose international banks to lend it $11 billion, filling the whole left by the delay.