this is the business briefing. i'm tim willcox. he called it the worst deal in history. now president trump is closing in on a new north america free trade agreement — as talks with canada approach a deadline today. plus — desperate measures. argentina says it will talk to the imf on monday, after it raises interest rates to 60% — only to see the peso plunge further. and on the markets, investors are rattled as president trump tells bloomberg news he could step up the trade war on china next week, slapping tariffs on another $200 billion worth of imports. we start in washington, where talks have continued

into the night between the us and canada over the reform of nafta — the north american free trade agreement — ahead of a deadline today imposed by president trump. the president famously called nafta "the worst trade deal in the history of our country" — blaming it for the loss of millions of us jobs and made renegotiating it a campaign pledge. earlier this week he made good on part of that by striking a new deal with the other member — mexico. the two decade old free trade deal between the us, mexico, and canada is one of the biggest in the world, accounting for $1 trillion in business every year. it directly affects the lives of close to half a billion people across the three countries. so what's likely to change? here's one example.

president trump has long complained about the loss of us manufacturing jobs to lower wage countries. so in the car industry, mexico has now agreed that a bigger proportion of each vehicle needs to be made by workers earning $16 per hour. canada says it supports these rules. our reporter kim gittleson has been following the talks and says the mood is optimistic. there are some key sticking points, in particular how disputes will be resolved in the future if this deal is rewritten. that is one of the key things for the canadians, as well is very combat—ready regarding canadian dairy farmers and allowing foreign dairy farmers and allowing foreign dairy into the canadian market. both sides have said they are optimistic that they will be able to reach some sort of agreement, at least in

principle, come friday. and that is really important, because they are up really important, because they are up againsta really important, because they are up against a ticking clock right now. rebecca harding is an economist specialising in trade, she's also ceo of coriolis technologies, which provides data to the trade finance industry. canada seems to have been bumped into this. do we think a deal will materialise or not? canada has been bombed into this. canada is in a situation where it is suddenly having to take roles in a way that it has not had to before. —— bumped. i think it is very likely that canada will be able to accept an awful lot of what donald trump is nominally agreed with mexico, simply because the relationship between them is different. the relationship around cars, supply chain is that, ca i’s around cars, supply chain is that, cars are built to go across the borders, already $60 per hour is not a problem for canada. a loss of this

is kind of picking a fight. what are the key areas for canada, politically one would think this is problematic, isn't it, for the government? you have a huge lobby in canada which is based on agriculture, even though that is not agriculture, even though that is not a big part of their economy. what has happened as they have picked up on agriculture. donald trump has picked up on agriculture and has kind of turned it into a holy grail, if you like, something that has got to be got in terms of the deal. it has picked up on that, but it is a tiny proportion of all the trade that happens between north america, well, between canada and the united states, it is 0.4%, it is tiny. but this is iconic for the relationship between these two huge nations in the region. and that is where the challenge is. it is putting a zabret in which we can canada and mexico. is that potentially an easy win for

america —— putting a wedge. international property is a big thing. it is a big thing in trade generally. there is so much intellectual property. even in a car you have computers, sensor machines, all sorts that go into a car. it is not just about machinery any all sorts that go into a car. it is notjust about machinery any more. the thing that the us wants to get to is control over who owns intellectual property and the other thing it really wants is ownership of those rights. so it is very difficult for canada to argue with the us when the us is in this type of belligerent mood. all right. rebecca, for now, thank you very much indeed. thank you. let's stay with the subject of global trade, because just as the dispute in north america looks close to being settled another could be about to flare up again in asia. president trump has told bloomberg news he may slap import taxes on a further $200 billion worth of chinese goods next week, rattling global stock markets. rico hizon has the view from asia. hello! good morning. hello. the

white house has declined comment on that a bloomberg report, which cited six unidentified sources, but if it is indeed true, this could seriously impact global trade. because bloomberg news said mr trump told aides he is ready to ramp up the trade war by imposing more tariffs on chinese imports as soon as next week. mr trump also threatened to withdraw from the world trade organization if they don't shape up in his latest criticism of the institution. the world's two largest economies have already applied ta riffs economies have already applied tariffs to $50 billion of each other‘s goods in a tit—for—tat trade war. the new proposed 25% tariffs

would affect consumer products including home building supplies, technology products, bicycles, and apparel. mrtrump technology products, bicycles, and apparel. mr trump threatened injuly to impose duties on virtually all of the more than $500 billion of chinese goods exported to the united states each year and even said that resolving the trade war with china would take time and that he had no timeframe for when it will end. so talks between both sides last week aimed at easing tensions ended without any major breakthroughs, but we are all hoping here in asia that this could be resolved sooner rather than later. that net is spreading wider. thank you very much indeed. you are watching the briefing. let's turn to the growing financial crisis in argentina now. treasury minister nicolas dujovne says he'll announce measures on monday to get the government's finances under control, before flying to washington to try and renegotiate a $50 billion bailout deal with the imf. on thursday, the argentine peso slumped again — despite a desperate move by the central bank to prop it up. it has now lost over 50%

of its value since the beginning of the year. our south american business correspondent daniel gallas is following the story. it will be a busy week for argentina's finance minister, nicolas dujovne, next week, percy will announce a new set of measures to try to bring the current crisis to try to bring the current crisis to an end —— osi will announce. it are outline further spending cuts, which is actually more than argentina promised it —— the imf it would do. then he is off to washington where he will try to secure a deal with the imf. on wednesday the president said the imf had agreed with bringing forward the payment of its $50 billion aid package to the country, but actually that deal had not been finalised.

and now mr dujovne must get that done. on thursday, there were new signs of how markets are dissatisfied with the government's current handling of the problem. just as the central bank raised interest rates to 60%. the argentinian peso fell by almost 20% in value injust argentinian peso fell by almost 20% in value in just one day. the government is doubling down on its pledge to reform the economy, but right now markets are running out of time and patience. daniel gallas there. now let's brief you on some other business stories. uk home improvement chain homebase faces a make—or—break vote on its future later. it has proposed closing 42 stores and cutting rents on others as part of a rescue plan. but some landlords plan to vote against the deal. hilco capital, which bought the chain for £1 this summer to try and turn it around, says if the deal is rejected it is "very likely" homebase will go into administration. india is likely to confirm its position as the fastest growing major economy with figures out later.

economists think its gdp grew at an annual rate of 7.6% in the three months tojune — after growing at 7.7% in the first quarter. india overtook france to become the world's sixth largest economy last year, and is now closing in on the uk. president trump into step of a trade war with beijing. has an those tiny stocks low and partially erased gains made in this week's global rally. many currencies have been hit after argentina's peso sanglah per se, yet again. that is it. we are back soon. goodbye. the number of elderly people needing

round—the—clock care will almost double in england over the next 20 years, according to a new study. the authors of the report in the lancet, warn that relying on informal carers, such as family members, is not a long—term solution. here's our social affairs correspondent, alison holt. we are living longer and more of us will need help in our old age. today's research spells out the pressures that brings. the number of people in their mid— 80s with complex health problems who need 2a hour per day support will double within two decades. the researchers calculate that by 2035 there will be nearly half a million people aged 85 and over who need round—the—clock

care. overall in the 65 plus age group, more than! million care. overall in the 65 plus age group, more than i million will require that high level of support. and the report warns health and care services will have to adapt, because families will struggle. it is going to be more difficult forfamilies, because women are the predominant carers, women are having to work longer, they are taking retirement later. and just at that age they will have maybe an 85—year—old pa rent will have maybe an 85—year—old parent who they will have too careful. and sometimes two parents that they will have to care for. the government as it will set out its plans for the future funding of care services this autumn and that it aims to meet the challenge of a growing ageing population head on. alison holt, bbc news. you are watching bbc world news. coming up at 6am on breakfast, steph mcgovern and naga munchetty will have all the day's news, business and sport.

they'll also have more on a new treatment which could help thousands of people with severe asthma. the procedure uses radio waves to melt muscle tissue in the lungs that can restrict breathing. that's coming up at the top of the hour. this is the briefing from bbc news. the latest headlines: senatorjohn mccain's body has arrived at andrews air force base in maryland. he's set to lie in state in washington — before being laid to rest. there's been another anti—immigrant protest in the city of chemnitz in eastern germany, after the killing of a german citizen on sunday. more controversy for australia's catholic church — it's rejected laws forcing priests to report child abuse when they learn about it in confessions. now it's time to look at the stories that are making the headlines

in the media across the world. we begin with bloomberg online, and us president donald trump who threatened he would pull america out of the world trade organisation unless "it shapes up" and treats the united states better. the guardian also focusses on trade and talks between canada and the us over renegotiating the nafta trade agreement. pressure is growing on canada to agree to the new pact after mexico signed a deal with the us. the new york times looks at how the rise of technology companies such as aianb and uber are fuelling an explosion in tourism which is being blamed for overcrowding in many popular european travel destinations. will cities limited the number of

people coming in? in the ft, wonga, the uk's largest payday lender, is to file for administration after it was overwhelmed by a surge in complaints from former customers. and finally on front of the independent, it's the new dance craze they're calling the maybot. uk prime minister theresa may ended her trip to africa by entertaining onlookers in kenya with her special moves. so let's begin. with me is priya lakhani, a founder and ceo of century tech —