this is business live from bbc news with ben thompson and sally bundock. a stark warning on trade from the chinese premier. he says the world is at a crossroads and must choose between protectionism and globalisation. live from london, that's our top story on wednesday 19th of september. li keqiang was speaking at the world economic forum in tianjin, as china confirmed its retaliation to massive new us tariffs on chinese imports. also in the programme... a new threat to tesla. elon musk‘s leadership in the spotlight again, as the us department ofjustice investigates his tweets suggesting he'd take the electric car maker private. and here's how europe has opened this morning. a possible solution for the irish

border issue in the wrecks it talks. we will have the details. —— brexit talks. and hacking attacks, malware, phishing. they're never far from the headlines. how do companies — and individuals — protect themselves? we'll get the inside track from the boss of cybersecurity experts sonicwall. also... with the supermarket giant tesco opening a no—frills chain in the uk, have you changed the way you shop for food? what is your top priority? is it price, convenience, quality? do get in touch. hello and welcome to business live. hello. a warm welcome to the programme. the chinese premier says the world must choose between protectionism and globalisation. li keqiang was speaking just hours after beijing confirmed it would retaliate against another wave of tariffs, imposed by the us on another $200 billion

worth of chinese imports. in return, china will slap import duties on $60 billion of us goods. but speaking at the world economic forum taking place in tianjin, li keqiang said: he also denied currency manipulation, saying... and in a comment aimed at donald trump he said... so, let's get the latest from the world economic forum in tianjin. karishma vaswani is there for us. the war of words now hotting up as well as the war on tariffs. absolutely. i was sitting in on that

speech the chinese premier gave about a couple of hours ago now. i have to say, i think the main message he was trying to relate to the international audience gathered in the room was that china understands its role as a global player has to be a responsible one was that he'll sit talked about the fa ct was that he'll sit talked about the fact that foreign firms can he said, would receive the same treatment as chinese countries in the country. that underlines the main message china has been trying to put out with regards to its position on the trade walk, that it is a country that wants to discuss, negotiate and a lwa ys that wants to discuss, negotiate and always puts itself in the position ofa always puts itself in the position of a victim in the trade war and is only retaliating to donald trump is matt harrison has not started it. critics would point out that some of the allegations levelled at the chinese over their actions in the past and things you hear from

president trump all the time with chinese companies stealing american intellectual property, that certainly did happen. it took place in the last 15, 20, dirty years or so. in the last 15, 20, dirty years or so. but china has changed and has embarked on a path of reforming the economy and it is a very different country now. —— 30 years or so. thank you. so, both sides upping the ante as far as the trade war is concerned. more tarriffs and more tough talk. but who stands to gain and who stands to lose? well, there is a benefit from the revenues generated by tariffs. the us treasury says there has been a $5.1; billionjump in customs and duties collected so far this year. a 10% tariff on $200 billion of chinese imports should theoretically raise $20 billion forfederal coffers — although, quite clearly, there's a risk that fewer goods will be imported as a result of the tariffs, denting those revenues.

but, on the downside, tariffs create inflation — because prices go up. that will take a while to filter through to consumers — probably about january — and that's well after november's mid—term elections, when the price of chinese imports is due to rise 25%. there are other costs for the trump administration. injuly, it unveiled $12 billion in aid for american farmers hit by chinese retaliatory measures. greg swenson, who's a partner at brigg macadam is with me now. he will talk this through all of this. the patiently listening to that. it has been a very busy 2a hours. give us your take on where we are with this so—called trade war.

markets today are quite positive in asia, the reaction has been fairly sanguine. many say it is low level when it comes to escalation. sanguine. many say it is low level when it comes to escalationm sanguine. many say it is low level when it comes to escalation. it was very well anticipated. this was very well telegraphed will stop the message is not necessarily clear on what he wants to accomplish, i wish the president would do a betterjob on that. right now all he talks about is the trade deficit. it was discussed earlier in the segment that china is the systematic trade cheater and violates all leaves wto rules. the us has taken them to the wto 16 times and one in the last 16 yea rs. wto 16 times and one in the last 16 years. one thing everyone agrees on is china is the systematic trade cheater and violator. however, that is not really the message. winning on arbitrary trade deficit numbers

isa on arbitrary trade deficit numbers is a mistake and i wish the president would focus on actual violations and then, with some sort ofa violations and then, with some sort of a settlement on how to fix it. how should china behave? many would argue he is delivering a message he wa nts argue he is delivering a message he wants supporters to hear. it is the message that is so critical right now with the midterms coming up in the middle of november. some are saying that is wide tariffs are only 10% from monday next week and then escalating after christmas will stop there is a certain amount of truth about that, he has to look at midterms. there was a study that only 88.5% of goods and services consumed by americans are domestic needs —— domestically produced. it will have an effect, i think it will have an effect on specific segments. if the company is affected by supply chain disruption, they specifically

will have an issue with certain ta riffs will have an issue with certain tariffs that other examples, like the farmers... when you talk about the farmers... when you talk about the fact that china does not play by the fact that china does not play by the rules and countries have had to ta ke the rules and countries have had to take china to the world trade 0rganisation, do you think we will see china trading away at trades or not? we were hearing about the speech of the premier, li keqiang, talking about globalisation and working together. here's stealing the message, saying we should have cooperation and trade. that is funny coming from china, which is notoriously stealing. 88% of goods confiscated by homeland security for counterfeiting are in china and hong kong. it is funny they are claiming we should not be talking about nationalism or protectionism when, in fact, the chinese are clearly at fault here. i think the president

needs to do a betterjob. the president does not play by all the rules either. it is notjust china being the bad guy all the time. cases are brought against the us and decisions are made and that is fine and the government lives with them. i think the wto needs to be freshened up. there was a declaration in 1994 calling for open and free markets and that is not what we are getting from china. thank you for your time. all is good to hear your opinion. we are keeping you across that story. let's take a look at some of the other stories making the news. the european union's brexit negotiator michael barnier says the bloc is "ready to improve" its offer on the irish border. barnier said he wanted to make physical checks easier and ensure goods arriving in northern ireland from the rest of the uk were processed away from the border. the border is a crucialfactor for both parties and any agreement would reduce the prospect of the uk leaving the eu without a deal. tesla says it is cooperating with the us department ofjustice following boss elon musk‘s tweets about taking the car maker private.

the firm says it has received "a voluntary" request for documents, but it had not received a subpoena. its statement followed a bloomberg report saying that the doj had opened a criminalfraud inquiry into the firm. asian markets took their lead from wall street overnight, rallying as the latest tit—for—tat measures in the escalating trade spat have not been quite as severe as the markets had been expecting. tech stocks did well too, bouncing back after steep losses earlier in the week. in europe, news overnight that eu chief negotiator michel barnier has eased concerns about a no—deal brexit as a result of a possible agreement on the irish border issue lifted the pound. the eu negotiator describing the irish border as a set of controls rather than any form of physical barrier is the clearest sign yet that brussels are willing

to reduce tensions over an issue which threatened to prevent a brexit deal. more on that in a moment, but first samira hussain has the details of what's ahead on wall street today. the theme of trade continues on wednesday. canadian officials will be in washington to resume talks on nafta, that's the north american free trade agreement. american negotiators are trying to get a deal signed and in place by the end of the month, so that us lawmakers have at least 60 days to review it. the us has already signed a bilateral trade agreement with mexico back in august. joining us now is simon derrick, who's the chief markets strategist at the bank of new york mellon. good morning. what is on your mind?

the markets have been remarkably sanguine given everything that has been going on all stop maybe it is in part because of what has happened so far in the trade war which has been little less than expected. it has been well signalled. you didn't know something like this would happen? nevertheless it is the case that markets are taking this in their stride and i suspect they will continue to so do. there may be something else going on. one interesting bit is to look at what the currency is doing. we heard the president talking about not deliberately devaluing the yuan. 0ne other thing that is really quite odd thatis other thing that is really quite odd that is taking place is that the dollar is starting to weaken maybe thatis dollar is starting to weaken maybe that is helping some of the local markets as well. remarkably quiet, thatis markets as well. remarkably quiet, that is story that really comes up.

i've talked about the pound and some optimism over the deal with brexit. 0ver optimism over the deal with brexit. over the summer, despite all the concerns for brexit and all the different issues we will have in november when it comes to parliament, the market has taken it in its stride. it is looking over stress indicators like january, february, 2016, when we not worried about the referendum vote. whether that will be the same in november, who knows? i have a feeling we will talk about it again. maybe. simon will be coming back and he will be talking elon musk, shopping and all sorts. still to come... there were 873 million malware attacks globally in 2017. you'll want to hear what our next guest has to say about how to protect your business and yourself against cyber attack. you're with business live from bbc news. let's talk about two big retail

stories coming out of the uk today. tesco is taking on the discounters, opening the first of a new supermarket brand that will be called jack's. and despite the great summer weather, there's been a 30% fall in profits at the b&q owner kingfisher. thomas slide, who is a retail analyst at mintel, joins us now. good morning to you. let's start with the tesco story. the big day for them. they are opening their new brand, venue chain of supermarkets, the first one opens today. -- new chain. it is an interesting comment new strategy for tesco. aldi and little have been disrupting the grocery market for a number of years now and, for tesco, it is a new attempt to take them on on the own

turf. the question for tesco is, why now? why should they do it now when they have been growing for so long? it comes down to the tie—up with li keqiang booker and its alliance with carrefour. they want to compete in those markets. you would expect things to look pretty 0k those markets. you would expect things to look pretty ok for b and q after the great summer but not so. the figures that have come out are for the first half of the year till the end ofjuly for them it is a story of two quarters. there was terrible weather. we had the beast from the east and snow and there was a lot of disruption. first—quarter sales were poor. the second quarter, it has been fantastic weather with a

great summer and that has driven spending. it has not managed to offset over the whole half. the reason profits have been hit so hard is that kingfisher has undergone a five—year transformation plan to make it better prepared for the future and improve profits and make it more digitally focused and appeal to customers more for that that is causing disruption in the business which is hitting profits. thank you. analysis on tesco and bm), two well—known retailers on the british high street in the news today. your're watching business live — our top story... the chinese premier says the world must choose between protectionism and globalisation. li keqiang was speaking just hours after beijing confirmed it would retaliate against another wave of tariffs, imposed by the us on another $200 billion worth of chinese imports. both sides ratcheting up the

rhetoric. the european markets today are taking it on the chin, all up just slightly with london leading the way, just over a third of a percent. whether it's the way we shop, bank or work, technology is at the heart of the way we live today. it can make our lives a lot easier. but it also means we're a lot more vulnerable, with cyber attacks increasingly common. one study suggests that last year there were more than 873 million malware attacks around the world. and the cost is growing. it's thought that in the us alone cybercrime cost larger organisations an average of almost $12 million last year. that's up 23% on the previous year. and global attacks in audacity. and global attacks are growing in audacity. earlier this month british airways admitted hackers had stolen the details of 380,000 customers. well, our next guest

is on the frontline in that battle to beat the hackers. bill conner, the boss of cybersecurity experts sonicwall. welcome to the programme. the company is based in silicon valley. you are american, but you have been involved with the uk government extensively, and in the us, on this issue of data protection and security. that's correct. the previous company was in trust and we worked with the uk government on passports and electronic portals. in most of the departments, the treasury etc, and also with gchq. you have been doing this a long time so talk is through what has changed. it feels like the regularity of these attacks is becoming more regular and impacting more people. it really is a cyber arms race. people would love to get up the next day and think that whatever they

have done with their business or in their personal life, they have done it and it is over. that's just not how it is. in fact, looking at the good and bad news of this year, through august, malware, overall around the world, is at 70%. in the uk specifically, it's up to .5 times that, almost 180%. for those of us not su fsit, what is malware? ransomware was hugely important in the uk, that's not like tesco and reddish airways recently, but look at the nhs. ransomware around the world is up around 100%. the good news for the uk, it's down 65% this year. so the uk has done a good job

in having people not paid and try to protect themselves. now it has moved somewhere else. in germany it's up more than 200%. the way we use technology is going in one direction, more and more. is this something we will have to get used to, the price of technology and its advancement means we will be vulnerable to people who want to steal or misuse that data. yes, it isa steal or misuse that data. yes, it is a cyber arms race, so every move you make you have somebody on the opposite side trying to find a new way to steal your information or ta ke way to steal your information or take your money. the problem is it's changing. take e—mailas take your money. the problem is it's changing. take e—mail as an example, the most common way to get in. our companies have found thatjust the most common way to get in. our companies have found that just this year 1000 a day of zero days, meaning created not seen before, coming into our customers. this year, initially, 27,000 never seen before coming in on pdfs in microsoft office. you have business

clients, not individuals, but you protect your clients against this kind of thing, but everybody tells us kind of thing, but everybody tells us that is on the tin. but we still see stories like british airways erupting. that's correct. because if they are going to find a way in there is always a place. we say that you can't say don't fear, but anybody who says they have a silver bullet and nobody can ever get in, that's not true either. so fear less. apply perimeters and keep it current. that's what we do with our customers. we could talk for a long time but we don't have the time on this particular programme. thank you for coming in. thanks for sharing the day. hyperinflation has ravaged venezuela's economy, and its old bolivar notes are worth next to nothing. but for some enterprising artists, these useless notes are an economic opportunity. we asked you earlier to let us know

what your shopping habits are like forfood, and what your shopping habits are like for food, and is what your shopping habits are like forfood, and is quality, price or convenient speed priority? this is on the day tesco is launching a no frills supermarket chain called jack's. launching its first day, the first of many. jack says it's all about quality. angela says she changed her weekly shop from tesco to aldi when she got made redundant. her shopping bill was reduced by a third but there is no such thing as brand loyalty. we have heard that from a lot of people, to shop around. and matt says, wouldn't it be cheaper for tesco to lower its prices? quite a good idea. what other business stories has the media been taking an interest in? simon derrickjoins us again to discuss. including the department ofjustice and looking into elon musk‘s tweet when he said that tesla might go private. he wouldn't make the

world's greatest super villain, his inability to stage the news. what does it tell us? we had those tweets earlier in the summer when he talked about going private, he said they had the funding and it turned out they didn't. he said they had the funding, and they would go for this share price. it was very specific, it wasn't a glib thought process. yes, he seems to be very specific and it turned out they didn't have the funding. since then there has been a catalogue of news stories, also appearing on the podcast smoking marijuana wasn't the best thing to happen. you have seen the share price go down by a third. what it says is, don't tweet, or at least be far more careful. but everybody is! it's an example, we have seen president trump's use of twitter and his ability to move markets. this is one of the first business examples of someone who has the power to be

constructed for destructive based on the tweet for the business. it's interesting again that it is one person making the decisions and tweets rather than it coming from an organisation and being structured. maybe that's what it says come you need to have more of a structure to the organisation. thank you, simon. interesting to see what the department ofjustice rules on that and what implications it has for social media. that's it from business live today. we'll see you again tomorrow. we have a very windy wednesday today. we have the first named storm of the season, storm ali is moving in. it will bring pretty strong wind, severe gales and travel disruption is likely and there is the potential for damage as well. this is storm ali. you can see the

low pressure lines, the isobars close together indicative of strong wind moving in through the morning and into the afternoon. a met office amber warning and into the afternoon. a met office amberwarning in and into the afternoon. a met office amber warning in force, the second—highest warning, so be prepared for destruction and damage. there could be gusts of up to 65—75 mph widely in northern ireland and scotland. 80 in exposed areas. those wind speeds have the potential to cause damage. it's notjust northern areas. we have strong wind across northern england and wales with 50 or 60 mph. even further south it could be 40 or 50 mph wind gusts. heavy rain working through scotland and northern ireland this morning with a band of rain moving south and east across england and wales and breaking up into showers by the afternoon. for the south—east of england and wales and northern ireland later, brighter skies and sunshine developing but still gusty

wind and temperatures around 20—23 but cool and fresher further north. tonight the wind will continue to ease away and then we see heavy rain moving to south—west england, wales and eastern england. staying mild in southern areas beneath the cloud and rain but chillier further north with temperatures in single figures. the rain on thursday also set with the weather front. it will wiggle rain on thursday also set with the weatherfront. it will wiggle its way all the way to the atlantic. when you get this wiggling action is called a waving front and it is likely to bring heavier bursts of rain. the rain will turn heavier across wales, the midlands and northern england. turning dark blue and green with torrential rain for a time across the welsh hills and northern parts of england that could cause localised flooding. sunny spells to the north and in the south—east. friday should be a dry day but heading into the weekend, sunday, we keep a close eye on

another weather system that could bring potentially somewhat and very windy weather so it's worth staying tuned to the forecast. hello. it's wednesday, it's nine o'clock. i'm victoria derbyshire. welcome to the programme. what will brexit mean for you? in six months‘ time, we should know how yourjob, your way of life, will be affected by the decision this country took to leave the european union. these 14 people will all be affected by whatever the government negotiates in the coming months — a care worker, a car plant worker, a fishmonger, a student, an eu citizen planning to pack their bags and leave the uk country. how do they feel with six months to go? iam i am still certain our best days lie ahead. i am uncertain and ill—prepared. ahead. i am uncertain and ill-prepared. brexit brings opportunity for agriculture.” ill-prepared. brexit brings opportunity for agriculture. i am