hello, this is business live from the bbc. troubling tariffs, china once they threaten the global economy as world leaders prepare for the 620. we are live in london and thatis the 620. we are live in london and that is our top story this monday the 24th of june. as some of the world's leaders prepared to meet, beijing is urging washington to find a compromise in the ongoing trade dispute. we look at what is at stake. also, carrefour shuts up shop in china, we will look

at how it failed to crack the market there and it is a new week but the same worries over global trade, we getan same worries over global trade, we get an expert view on what is moving the numbers and wife. and staying on the numbers and wife. and staying on the subject, we will look at how goods get to your door and how spats between major world players could be making that even more difficult. also, have you heard of the bullet—proof coffee or bio hacking? could they be the next big craze and therefore big business? get in touch using our hashtag and we will discuss your views and reveal what the bullet—proof coffee is. a very warm welcome to the show. this week is shaping up to be a big one for global trade which is in its biggest state of flux for decades for them as world leaders prepared to talk trade at this week's's 620 summit injapan, china has repeated

its warning that tariffs are a threat to the global economy. there are now tariffs on $360 billion worth of goods trading between the us and china there are $250 billion of that on the stuff america buys from china and $110 billion worth of ta riffs from china and $110 billion worth of tariffs on things china buys from the us president trump has also threatened tariffs much nearer to home but last year, $316 billion worth of goods came north over the mexican border. levies have been averted for now but they could come into force if mexico does not follow through on commitments to improve border security and cut the flow of migrants. othertraditional border security and cut the flow of migrants. other traditional us allies are also in president tom's sites. the white house is considering tariffs on cars imported from the european union and japan. meanwhile, 25% you have terrace dash us tariffs on european steel and 10%

on aluminium remain in place. let's go live to beijing joint a economic commentator. you were listening to that. everybody is waiting for this g20 that. everybody is waiting for this 620 summit, the meeting between president xi and president trump but will they get progress?” president xi and president trump but will they get progress? i doubt it. i think we have reached the era of max trump and people aren't looking at the post trump era and nullifying him seems to be the first priority, as you indicated. it is tariffs on anybody, it is matter if you are an ally or a perceived competitor. it will be interesting to see how china reacts to that. they have sent signals that they want to do something they want to make some sort of deal. they are not in a position to allow their economic policy to be dictated in washington.

what you are saying is china is playing the long game and even if president trump wins the 2020 us election, they will frustrate things for five years for when he has gone? i don't know, they perceive that they are the aggrieved party, that these unilateral tariffs and sanctions are coming from washington. they don't perceive they have pushed this. they keep pointing to the wto where almost 90% of the cases brought by the united states have been successful. they are saying, what is it that china has done wrong? they are trying to figure it out. they can see on the horizon there is a gradual decoupling coming, especially in economic affairs, but it could move over into political and obviously their military threats at that with ships going up and down the south china sea and in between the taiwan straits. as you say, a very

complicated matter and you cannot look at one part of the story in isolation, but in terms of the impact all of this will have on the global economy, what is your outlook? there's a big debate as to what extent this is impacting global growth. the imf, and most of the economists i have spoken to, they are expecting a 0.5% decrease in the entire world 6dp are expecting a 0.5% decrease in the entire world gdp and that will be coming ata entire world gdp and that will be coming at a very bad time for everybody. if he does go ahead with this 300 billion additional tariffs, it will push the united states and the world into a recession and that is fairly clear. it will be a question of who is going to lose the most, not who is going to win. it's very u nfortu nate. most, not who is going to win. it's very unfortunate. in a nutshell, you are saying don't hold your breath for any progress at the end of this week? yes, i would love to be more optimistic, but the problem is that

it is very hard to tell where trump is going to come down. he has shown that, that he believes that being mercurial is somehow a plus. i don't know that that works as well in terms of diplomacy and business when you are trying to get people to invest. he believes, based on his art of the deal kind of world in real estate, that this is how you get things done. i don't think that most countries agree with that. we will have to leave it there but thank you for your time on business live. let's bring you up—to—date with all the other business stories from around the world including news that reports say lloyds banking 6roup that reports say lloyds banking group has frozen the accounts of around 8000 offshore customers. the financial times reports that the bank has moved to cut the accounts of customers who failed to provide evidence of their identity despite being asked several times over the last three years. the company which makes mercedes—benz vehicles has cut

its profit forecast again because of the diesel emissions scandal. daimler says hi three digit million amount is being put to one side bottom of saturday, 6erman regulators ordered that the company to recall 60,000 diesel cars it found were fitted with software to cheat emissions tests. written's serious fraud office i said that five people have been arrested over the collapse of the cafe chain patisserie valerie possible investment that market investors lost hundreds of millions of dollars when the company went to demonstration in january after a black hole of around 120 mullis was discovered in its accounts which led to more than half of the chain's 206 stores to close —— 100 $20 million. one of china's top milk makers has signed a deal with the us drinks giant coca—cola as joint beverages and dairy sponsors for the olympic 6ames starting in 2021, until 2030

to put up coca—cola's previous deal ran until 2020 and the new agreement makes it the longest olympic sponsor having first supported the games way backin having first supported the games way back in 1928. let's go to asia because the french supermarket giant carrefour is to scale back its presence in china possibly did europe's biggest retailer and it is selling 80% of men struggling chinese operations to a local rival. we can go to singapore for the lowdown on this. why are they pulling out? it is all part of the ongoing difficulty is that notjust carrefour about other western retailers have been having in china. the pull—out of china comes as it has been in this major reorganisation and even though it has more than 200 hypermarkets and a dozen or so convenience store in

china, it has been in the country since 1995 but the sorts of things we have been talking about with how foreign firms have complained about the closed off chinese market, the fierce local competition they say is u nfa i rly fierce local competition they say is unfairly given to domestic players, all of those things are amongst the factors that carrefour has put into its decision in trying to do better in china. it has not succeeded and so it has made this decision to pull out of one of the world's fastest growing retail markets because it has not been able to do as well as it expected. quite a move. thank you very much. it underlines how difficult it can be and also the importance of what is at stake if they get it right or not so right, in that case. this is what is happening on the numbers. the tokyo stocks were slightly higher and recovering after earlier losses for

the brief rallies in hong kong and shanghai and that helped leave the number ina shanghai and that helped leave the number in a positive territory for the first up in a while. investors are on edge because of all the trades talk. they will dominate the g20 trades talk. they will dominate the 620 summit. let's not forget also on the mines will be those escalating tensions between the us and iran. watch this space for any details. this is what is happening in europe in the early part of the first session of the week. it is pretty quiet right now for the european markets, not a lot of corporate data moving numbers but we will talk more about what is affecting overall but first to the united states for the details of what is ahead on wall street for the us financial markets will be closely watched on monday as major indices came near and even broke some all—time high record last week. it will be interesting to see

if that momentum continues into this week. speaking of this week, several companies will be reporting earnings including nike, fedex, 6eneral mills, factory and walgreens put alliance and its economic news, we will see the latest consumer spending numbers for the month of may, preliminary consumer sentiment index and the latest consumer confidence report, all pieces of data that will help economists assess the strength of the overall us economy. thank you. james hughes is with us, a regular here on business live and chief market a nalyst. business live and chief market analyst. a new business and trading wea k analyst. a new business and trading weak but quiet for the markets until the g20 weak but quiet for the markets until the 620 starts? weak but quiet for the markets until the g20 starts? one of those situations where last week was so busy with all the central bank focus we had, the fed and the bank of england, now you get this week with a big event happening with the 620 but it means the rest of the markets

tend to wait and traders tend to wait and sit on their hands for a couple of days before they are relu cta nt to ta ke couple of days before they are reluctant to take on any big positions running into something which could be really telling for the way the global economy goes within the next however long. and it could go either way, it's not clear what might come from the meeting if anything. of course, that is what we are waiting for. to see if there can be any breakthrough in the us— china talks and it feels like we have been talking about this for ever and a day but it rumbles on and it is the biggest story in the markets, you can't get away from it. looking at oil prices. talk us through these escalating tensions between the us and iran which has led to spike in the price of oil. any sort of threat of conflict or anything like that, especially in the middle east, is going to have an effect on oil

markets. with mike pompeo talking about even more sanctions to be added to iran, almost 80% of the economy as sanctions on it at the moment and the us wants to add to that. this is after last week when we saw oil jumped that. this is after last week when we saw oiljumped 95% which is the biggest in two years. that is the us secretary of state who is in saudi arabia and the uae starting today and progressing through the week. that will be super—sensitive, oil. also the turkish lira has bounced up, geopolitics following the mayoral election in istanbul not going to the party of resident erdogan. and it's not necessarily the little issue causing the problem but the uncertainty for that we know about political uncertainty in this country but the political uncertainty it generates, whenever there is an emerging market or currency the fit is about contagion to other currencies and the whole emerging market and emerging currency picture can get very volatile —— the fear is. currency picture can get very

volatile -- the fear is. you very much, we will be back. have you had a bullet—proof coffee? much, we will be back. have you had a bullet— proof coffee ?|j much, we will be back. have you had a bullet-proof coffee? i have tasted one. i wouldn't taste once again, put it that way! might be bullet—proof but tastes horrible, thatis bullet—proof but tastes horrible, that is what most people think! don't mess with coffee! it works! we are kicking off a week looking at global trade as you will have noticed. 6etting cargo from a to b isa noticed. 6etting cargo from a to b is a big challenge so we will look at how freight is being caught up in the fight between the world's biggest trading partners. you are with the business live from bbc news. first, the two candidates vying for leadership of the consent party, borisjohnson leadership of the consent party, boris johnson and jeremy hunt, leadership of the consent party, borisjohnson and jeremy hunt, are being urged to scrap the so—called right to rent scheme by a number of organisations this morning after it was found to discriminate against ethnic minorities. under this policy, private animals face

improvement if they are aware that the property they are letting out is going to be occupied by someone who does not have the right to rent in the uk. we can speak tojon stuart who is policy manager at the residential landlords association. many people will not be aware of this. it is specifically related to if you are a landlord and you let out a property and you need to know who is in the property or are you potentially face imprisonment. that's right. the government introduced the right to rent cheques in 2016 and it is a very document driven process and because of that, landlords tend to rely on documents they are familiar with, like a british passport, in order to check somebody has a right to rent in the uk. what that means is that people who either don't have a british passport or other readily identifiable documents are being discriminative against and the high court has ruled that that this clinician is baked into the system, almost requiring landlords to

discriminate against people who don't have uk passports or cannot provide that documentation. what are you proposing replaces it? we think there is no need for the system at all. landlords already carry out a number of referencing cheques when they are letting it's not really the job of small portfolio landlords to do the work of uk border control. job of small portfolio landlords to do the work of uk border controlm this essentially suggesting that the threat of imprisonment is a meaning that landlords are being very risk averse and actually so worried about falling foul of this law that they are discriminating or not actually taking that tenant at all? that is correct. our members are telling us that there are fines for breaking the legislation for renting to someone without a right to rent and ultimately there is a prison sentence and because of that, landlords are taken a cautious approach. they are letting to people who can provide documents that they recognise and they are familiar with and those people perhaps, i think

pa rt and those people perhaps, i think part of the problem is the sheer number of documents from across the eu alone there are over 400 documents that would give you a right to rent and it is an issue for landlords. good to talk to you, thank you very much for that. john stewart on that right to rent. this is business live, the top story, china is willing to trade ta riffs story, china is willing to trade tariffs threaten the global economy and that compromise is necessary to de—escalate tensions with the us. this is as world leaders get ready for the 620 at the end of the week. a quick look at the numbers in the first hour of trading in europe and thatis first hour of trading in europe and that is how they stand with all eyes on those trade tensions but also on the escalating tensions between the us and iran is discussed. we have seen oil prices rising accordingly but more on that across the bbc throughout the day. let's continue with our discussion about trade and the g20 with our discussion about trade and the 620 summit and what it might promise. it's all happening in osaka

later in the week with the potential meeting between the us and chinese presidents which is key but when it comes to trade, most of the world cargo travel spicy. -- it —— it travels by sea. but many goods have to be transported by air. the latest report from world acd which compiles a global market data on air cargo suggests trade tensions are beginning to negatively impact how much is being moved around internationally. in april, one of its key indicators known as the total chargeable weight fell by 6.4% compared to the same month in 2018. fedex is the world's biggest freight airline. victoria fritz is at their hub at sta nsted airline. victoria fritz is at their hub at stansted airport. that is in the uk for those watching around the world. tell us more. what is fedex saying about how they are being impacted by this global trade war?

they are putting a brave face on it. 0f they are putting a brave face on it. of course they would do because they are the world's biggest airfreight carrier. this plane is a lease. every plane is named after the child ofan every plane is named after the child of an employee. they have 450,000 employees so they have a lot to choose from. plays like these can deliver a total of 15 million shipments across the world every single day. the big question is how full the planes are because of the rising tensions going on on the ground and how that is affecting the planes in the air. this is an expert on china's foreign economic policy. can you explain to us the impact of the donald trump administration on china's economics and politics. good morning and thank you for having me. one word could sum it up, disruption. donald trump

single—handedly wants to somehow break up or decouple the interconnection between the us and chinese economies. this is very worrying. it has been showing on the chinese economic growth which has been the slowest in the last 20 years. part of the reason is not because of the economic factor but the psychological factor and this uncertainty of the trade war, potentially at the chinese economy is manufacturing export originated economy and in many private sectors and private businesses cannot really do business planning any more because of what is going on. as tariffs have been added, so the global supply chain has been disrupted and it is very worrying. china is taking matters into its own hands, developing its own infrastructure, globally, around the world. how destructive or disruptive will that be two patterns of trade? it is the so—called belt and wrote initiative, building roads and

railways to connect everything a different continent. how disruptive depends on which sector we looked into. if you look at the chinese manufacturing exit, and of course to shipping through sea, that is much more price competitive compared to airfreight. if we are going to ship goods as we discussed earlier, i think the airfreight still is the best option. to explain, pandas really do travel on these fedex planes, that is on a triple seven thatis planes, that is on a triple seven that is coming in soon. i know you don't have a crystal ball but how likely do think it is that we will have some kind of deal between the us and china when comes to trade?|j us and china when comes to trade?” would refrain to make any predictions but in a trade war, nobody is a winner but donald trump wants a promise by doing so on tariffs and he has done so in the la st tariffs and he has done so in the last 12 months. and because the

economic slowdown and a leadership question for president xi. there is a mutual want to have some kind of paper deal which could look for the press but the longer term issue where donald trump is asking china to address the structural economic issues, i think it is unlikely to resolve. doctor yu jie, thank you very much. there's a big impact when it comes to freight and the disruption that trade is having and those tensions are having right across the world. you look at some of the statistics, volumes are down, prices are down, and this is happening in every sigel region of the world, whether we are talking about europe, the middle east, asia as well that every single region. in the distance of these goods are travelling are falling. by all of these metrics, the world of trade is shrinking. the big question is whether leaders at the 620 can do anything about it. fascinating

stuff. thank you, victoria. a glorious morning in stansted. victoria will be there for us throughout the day with updates on what we hear from the 620 but also the impact it will have on global trade. we are going to go straight to the bullet—proof coffee! i am going off script! sorry! ifeel time is not on our side. james is back. before we discuss what you say about the bullet—proof coffee, explain what it is. it has been generated, a gentleman who says he wants to live until he is 180 and he has had its the world's first professional bio hacker, looking into the metrics of their body to try to change their life span. increase it, notjust change it. he is an american,

described as a cult us copy brand maker, dave asprey. he is going to live to 180? that is by adding bullet—proof copy which is basically coffee with some coconut oil and butter. he is marketing this for the masses. the idea of putting blatter in coffee or tea is not particularly new but is itjust a food fad? he has been saying it since 2012 and he has been saying it since 2012 and he has a load of celebrity endorsements, as these things tend to have, but he has had all sorts of investment come $68 million worth of investment come $68 million worth of investment into his company to continue his research into bio hacking and he thinks bullet—proof coffee is key to it. and one of your collea g u es coffee is key to it. and one of your colleagues thought the same thing. frank it every day for three days until he decided it was absolutely

disgusting —— he drank it. that was theissue disgusting —— he drank it. that was the issue he had. we have had a lot of people on this programme who have these funny shakes and drinks that are supposed to make you healthy and it will taste disgusting! that is the fundamental problem. it could be good for you but if it tastes horrendous, no one is going to drink it! give me a glass of prosecco any day! let's have a look at what a our viewers are saying. william says, bullet—proof copy sounds like something for world leaders. peter says, it sounds disgusting, would you drink it? just another gimmick to make money. many of you pointed out that is not new and has been around for generations and in some parts of the world including india, where they put butter in their tea. mark says, what a waste of time and money. this one system only appealing to the absolutely insufferable. i think i am with you. that is it. nonetheless, if you have tried it, let us know. get in touch with your favourite tipple. we would like to know but for now, goodbye

from us. we are both back tomorrow. we will see you soon. 6oodbye. 6ood good morning. a lot of interesting weather throughout this week. there isa weather throughout this week. there is a risk of some flash flooding in places and it will feel very warm and for some of us very humid. because of this area of low pressure in the south—west. this weather front stretching from the uk into france and spain. that is where it is coming from. pulses of thundery moving northwards. this morning, rain in northern scotland will clear the far north—east and while that is happening, this rain moves the midlands and the north north—west of england, mainly the north—east with those screens showing intense downpours for a time. brighter skies

developing in western and eastern areas but otherwise quite cloudy and muggy. tonight, the rain will move to the north and then another batch of thundery rain moving into the south—east. look at the bright colours, really intense downpours, frequent lightning and that could cause problems on tuesday morning and a very warm and humid night with temperatures no lower than 16—18d. that rain will move northwards. a few thunderstorms across the north west of england for a time. quite cloudy on tuesday not all of us have the showers so for many it should stay dry with temperatures up to 25 in the south—east. 21 degrees and a bit cooler than that in the final. on wednesday, still some thunderstorms developing in the south of england and south wales but otherwise it will be a drier day.

quite a bit of cloud but some sunny spells breaking through. it will feel pretty warm again will stop temperatures widely into the 20s for england and wales. in the 20s in scotland. later in the week, it will become drier, a lot of sunshine, quite hot and humid and quite uncomfortable for sleeping at night. high pressure becomes firmly established across the uk and that brings that more settled weather. not as many showers, more sunshine but the air come in from the south and as it comes in from the near continent we could have temperatures into the 30s in southern england and even the mid 20s in parts of scotland. a very warm and humid time. 6oodbye.

you are watching bbc news at nine. headlines: tory leadership candidate jeremy hunt calls on opponent boris johnson to stop being a coward and ta ke johnson to stop being a coward and take part in an early tv debate. johnson to stop being a coward and take part in an early tv debatem is very disrespectful to say you are not going to do any head—to—head debates, any type of media interviews for the next couple of weeks because in two weeks' time, the ballot papers, the postal ballots, will arrive through peoples letterboxes and they are going to vote. in a newspaper article boris johnson insists he will deliver brexit by the end of october. his allies dismissed reports about a row with his partner as a politically motivated attack. the very prospect of someone typing someone in their

private