this is the business briefing. i'm sally bundock. tension between washington and beijing gets worse as president trump unveils tariffs on an additional $200 billion worth of chinese goods. we have the latest reaction from the us and china. and denuclearisation isn't the only topic on the agenda between the leaders of north and south korea. freed from jail, samsung's defacto boss accompanies moon jae—in to pyongyang. and on the markets: the trade war between the united states and china took a dramatic turnm a couple of hours ago. the trade war between the us and china

took a dramatic turnm a couple of hours ago. as expected, president trump announced further tariffs on about $200 billion dollars of chinese imports. they will take effect next monday on the 24th of september. our business reporter kim gittleson has the latest from new york. we has the latest from new york. have seen that he w impose we have seen that he was going to impose $200 billion were the tariffs, impose $200 billion were the ta riffs, after impose $200 billion were the tariffs, after hearings in washington, various business leaders during the united states sought to prevent these tariffs from going to affect, clearly they were successful. we now see the final list of our items is quite lengthy, 5745 items will be subject to these import tariffs as of september 2a

and the notable thing is certain items have been left off, including smart watches, at the behest of apple which said it did not want to see tariffs imposed which would impact the compa ny‘s see tariffs imposed which would impact the company's smart watch, so clearly some success that the company. 0verall, business leaders have reacted negatively and we've seen the trump administration might not even be stopping the tariffs, and they said if china retaliated in kind, the us was prepared to tax the totality of imports. the reason the trump administration is in these tariffs, everything from toys to furniture, the us economy is doing quite well right now. they have made the political calculation that american consumers can withstand slightly higher prices because there's quite a bit of political support for rectifying what the united says is an unfair trade

relationship with china. china has previously said they would not participate in trade talks. of course, the news of the new tariffs comes have gathered in the eastern china city of tianjin. it's for the latest world economic forum — also known as ‘the summer davos'. and heightened global trade tensions are overshadowing the global economy. in july the international monetary fund warned that 0.5% — or about $430 billion — could be wiped off the global economy as a result of the trade war started by the united states. but that was before president trump announced his latest tariff on another $200bn worth of imports from china. let's get more on this story.

0ur asia business correspondent karishma vaswani is in tianjin and joins us now. karishma, what has the chinese reaction been like? it's what everybody is talking about here today. this forum was supposed to be the discussion about the economic growth engines for china's future and the trade tariffs. i've been speaking to a lot of people out here. the mood is pretty sombre. china's economy can deflect the impact of the tariffs. there is a lot of domestic demand. the economy is something that has been growing relatively well, even though it's been slowing down and i think, the

issue that is at the heart of this trade war, claims china has been stealing intellectual property. that is something that business people and academics have said, they com pletely and academics have said, they completely dismissed. but have a listen to what negotiations going forward could mean for china, according to jiang shixue. forward could mean for china, according to jiang shixue. the us always says, there is not $1 for $1 but china is not stupid enoughjust to suffer this kind of unfair practice. i firmly believe china will do something. what is this trade war do forfuture negotiations. if you want to have negotiations. if you want to have negotiations face—to—face, and you

need to have copy or a peaceful environment, i would say the us is not good to this. i hope the us will think again, and sit down, and have a talk with china, otherwise this kind of trade war will really become a two edged knife. the us understands that any trait war is that two edged knife. it is not good to china, it's not good to the us either. surely, it puts more pressure on china? china can think about many, many ways and one of the most effective ways is to stimulate domestic demand. we have 1.4 billion people. let's say one chinese person can spend one extra yuan a day. that

would be $200 billion us a day. we need is something to stimulate the demand. no one can tell you what will happen regarding china's position but i'm quite sure that both sides, including the us will make some compromise. jiang shixue there from the chinese academy of social sciences. that is the overriding sentiment i have been hearing from delegates at the world economic forum. we will have more the youth rap the day. thank you so much. karishma vaswani there at the world economic forum in tianjin. 0ne us firm that will likely suffer the consequences

of a drawn out trade war is fedex. it reported quarterly profit that missed wall street estimates on monday — mainly due to employee compensation and other expenses — and its shares fell over 3 percent in afterhours trade. the firm is considered one of the bellwethers for the us economy. a british cave diver is suing tech billionaire elon musk for defamation after his repeated claims the diver is a child abuser. vernon unsworth helped with the rescue of 12 thai teenagers from a flooded cave injuly. mr musk has made several accusations against mr unsworth without evidence, including that he was a "child rapist". as you've heard, south korean president moonjae—in is in pyongyang today for his third meeting with the north korean leader. but this time, he's bringing with him, the chiefs of some of korea's biggest

multinational conglomerates. including the heir to the samsung empire — who was released from jail in february. let's go to our asia business hub where rico hizon is following the story. so rico, what's samsung's interest in north korea? experts say there is a lot of tension in north korea but part of this delegation, including samsung, will be setting up shop in north korea any time soon but you are talking about the air of the same sum empire and other business leaders arejoining this sum empire and other business leaders are joining this delegation, hoping to find other business opportunities. president moon laid out ambitious plans on what he hopes will transform the two economies and this could open up lucrative trade

in infrastructure lines. such plans could develop the smartphone electronics including engineering, construction and shipbuilding. 0ther executives including the heads of sam day, lg and south korean conglomerates have been pushed to improve corporate governance. jy lee of samsung, who was convicted last year of bribery but was released from prison in february. that's it for the business briefing this hour and i'll be back soon. social media sites and the internet have caused harm

to one in five people in the uk, according to the head of the broadcast watchdog 0fcom. sharon white wants online firms to be subject to proper state regulation. jane—frances kelly reports. protest is showing their anger towards facebook earlier this year. 0ne towards facebook earlier this year. one of its executives faced questions from mps following revelations about the harvesting of users data. and what's the rough square footage of your home?” users data. and what's the rough square footage of your home? i don't know that at the top of my head. facebook gathers that information about you as a facebook user like it does its other users?|j about you as a facebook user like it does its other users? i doubt facebook knows the square footage of my home or how much i'm going to spend on my next car. later this morning, the broadcast watchdog 0fcom will reveal research showing one in five people in the uk has experienced harmful content on social media sites. conduct raging from bullying and harassment of fraud and violence. ijust want

from bullying and harassment of fraud and violence. i just want to be clear on our role. its head, sharon white, will call for an independent regulator to oversee the tech giants. despite facebook and youtube hiring thousands of extra moderators this year to police content, she will say in her speech that trust in such companies is weakening. there remains a disparity between rules the traditional broadcasters such as the bbc and itv and unregulated platforms such as facebook, twitter and youtube. creating what sharon white calls the standards lottery. in germany, social media companies face fines of

up social media companies face fines of up to 50 million euros they do not act on reports of its speech and illegal content within 24 hours of it being reported, although critics say it is draconian. ms white is to outline a potential blueprint to regulations which she hopes will protect free speech and innovation while providing safeguards. jane frances kelly, bbc news. this is the briefing from bbc news. the latest headlines: president trump has announced a new round of trade tariffs on imported chinese goods — worth $200 billion. the south korean president, moonjae—in, has arrived in pyongyang. he's there to try and revive stalled denuclearisation talks between north korea and the united states. 29 people — mostly miners and their families — are still missing after a landslide buried their shelter in the northern phillippines during a typhoon. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the south china morning post and breaking news — well we said it might happen yesterday, and it has. president trump has announced new tariffs on $200 billion worth of chinese goods as it escalates its trade war with beijing. and onto brexit in the

guardian and a warning that french president macron wants key points nailed down now, rather than allow any ambiguity of major issues — which is completely at odds with michael gove's assertion that any deal could be undone by mps after brexit. let's now look at the business pages of the times, and staying with brexit — the impact it's already having on the car company jaguar, who have put 1000 workers on a three—day week as it cuts production in the face of falling sales. and now the front page of the ft with the story that coca—cola is in ‘preliminary‘ talks about manufacturing drinks containing cannabis. and finally let's go to variety magazine for some glitz and glamour and the emmys, where there was even

a wedding proposal. are all you have a sneak preview. unitjeremy cook is with us. the chief economist of the payments company world first. talking about south china morning post and the news about the new ta riffs post and the news about the new tariffs on chinese trade goods. what do they say? they say that it has happened and it is not a surprise and that obviously while we have or will have a 10% tariff next week on $200 billion