facing a flood of cheap chinese cars, europe's expected to raise tariffs on electric vehicles today. apple investors push its value up to record highs following its foray into the world of ai. we'll look ahead to the uk's latest economic data as april's gdp data is released. will it spur a bank of england rate cut? plus, supplies are squeezed for the makers of orange juice with prices going up due to extreme weather and disease. welcome to business today. we start in europe, where china is accused of drawing upon surplus capacity

to dump electric vehicles at artificially low prices into the european market. policymakers in europe and the united states claim hefty state subsidies in china allow ev manufacturers to produce cars at prices that are impossible to compete with. in the us the biden administration raised its tariff on imports of chinese battery—powered cars from 25% to 100%. later today, the european commission is expected to provisionally raise duties on ev�*s imported from china from the standard level of 10% for third country imports to between 20% and 25%. here's some background from david waddell. there is a growing tussle between electric vehicle manufacturers in china, europe and the united states. in recent months tesla has been forced to cut the prices of its

vehicles and of its self—driving software. that is because it is facing stiff competition from the likes of china's biggest ev producer byd, another growing competitors. manufacturers want to start not only to their own domestic market but also explored. byd wants to sell to the united states and tesla wants to sell into china. there is human mask trying to smooth feathers on a recent trip to beijing. we see now the spectre of protectionism. china stands accused of unfairly subsidising its own producers. one way or another european consumers are faced with a choice and it includes expensive electric vehicles from the eu or cheap imports from china. i got into a report by this with bank ubs published in september, byd could produce cars at about 25% less than the legacy global carmakers. last month the us took decisive action, but

meditation raised tariffs on imports of china's cars 25% to 100%. part imports of china's cars 25% to ioo%. part of a wider package of measures targeting imports from china. beijing condemned as naked protectionism. russell seems poised to take similar action. —— brussels. and tariffs could hurt european companies as well. for example, bmw is building its ix3 electric suv at a factory in dadong, to be exported to europe. the company also intends to import large quantities of chinese—made electric minis. let's cross live now to anna—marie baisden, head of autos & infrastructure research at bmi, a fitch solutions company. always good to see you. this is complicated. girly europe is fighting back as was the us. yes. we expect whatever tariffs are introduced will be

something much more moderate than the us because trade is much more of a 2—way street between the ee and china than it is between china and the us. chinese imports to the us are actually very small. 100% is no good to have as much of an impact. whereas the european brands really don't want the eu to cause any kind of retaliation from china that would make it difficult for them to then export the chinese market which is still important. there are some european brands actually importing from china themselves. it has been a good balancing act for the eu.- balancing act for the eu. there seems to _ balancing act for the eu. there seems to be — balancing act for the eu. there seems to be a _ balancing act for the eu. there seems to be a problem - balancing act for the eu. there seems to be a problem with i balancing act for the eu. there | seems to be a problem with the audio but let's persevere. you may want to move your microphone or something like that because we are getting a bit of interference. to say as far as europe is concerned, this is a very important relationship for europe and some key economies in europe. china is an important market. a difficult balancing act between

putting tariffs on goods such as electric vehicles and not burning bridges with china. absolutely. given that we have seen growth slowing in china which is one of the reasons, you mentioned the excess capacity for the chinese brands and the fact they are looking for other nuggets to now target. still very important, especially volume terms. the biggest market out there and still important for these brands to have a foothold. in terms of demand for electric vehicles in europe, what is that looking like in the moment? it is slowing down. this is another risk from all brands, european, chinese. we have seen a move away from electric towards hybrid. that is a big change for everyone in the market. obviously with the pricing the waiters, consumers who choose electric are likely

to move towards these cheaper brands and it is why we start to cbe you take on more of a stance against this now. what i euro ean stance against this now. what i european governments - stance against this now. what i european governments doing i stance against this now. what i | european governments doing to try and help their car sectors as they transition to electric vehicles?— as they transition to electric vehicles? ~ . , ,., vehicles? we have seen some companies — vehicles? we have seen some companies actually, _ vehicles? we have seen some companies actually, some - companies actually, some countries rather, state national policies won't apply to chinese brands. there is certainly a belief among automakers that the eu as a whole could do more as far as your european support. something that helps brands as much as it does punish chinese brands. ~ ., . much as it does punish chinese brands. ~ . . , brands. we will watch this s - ace. brands. we will watch this space. good _ brands. we will watch this space. good to _ brands. we will watch this space. good to talk- brands. we will watch this space. good to talk to - brands. we will watch this | space. good to talk to you, thank you for your time this morning. let's stay with news coming out of china. latest inflation numbers.

consumer inflation in the worlds second biggest economy held steady at an annual rate of 0.3% in the month of may. but the concern still is about what is happening in factories. the producer price index, which measures changes in the price of industrial products, contracted one point 4% year on year — that is slightly worse than expected, still a marked improvement on april's 2.5% decline. live now to louise loo, senior economist at oxford economics. lovely to see you again. what are you reading from these numbers we have had today about how china is doing?— how china is doing? today's numbers — how china is doing? today's numbers are _ how china is doing? today's numbers are broadly - how china is doing? today's numbers are broadly in - how china is doing? today's numbers are broadly in line| numbers are broadly in line with what markets are expecting. china is a low inflation environment. what that suggests is for the rest of this year, at least when it comes to prices on short, we are likely to see a little bit of a u—shaped recovery, it has been bottoming out for quite a

while. the numbers you mentioned are slightly better than what it was a month ago. much of that is based on for, we cannot extrapolate improvements on short and we know it locally that there are depressed discounts happening. given the weak domestic demand and brands are still trying to push out to the consumer. china is viewed as _ push out to the consumer. china is viewed as the _ push out to the consumer. china is viewed as the factory - push out to the consumer. china is viewed as the factory of - push out to the consumer. china is viewed as the factory of the i is viewed as the factory of the world and has been for some time. what does it mean this construction we are seen? it is improvement but not significant improvement. is that because of less experts going out of china? is it because of domestic demand being weak? what is happening?— domestic demand being weak? what is happening? demand has been uuite what is happening? demand has been quite weak _ what is happening? demand has been quite weak and _ what is happening? demand has been quite weak and so - what is happening? demand has been quite weak and so far- what is happening? demand has been quite weak and so far what| been quite weak and so far what has been driving the going forward as exports. we know we're heading into the peak

tariff risk season for china. might potentially see tariffs coming out of eu letter today. many see more momentum behind us tariffs. i think export resiliency we have been seeing so far this year is likely to really fade away quickly. which means the company �*s onshore when it comes to produce a prius indices, we might see a lot more downward pressure going forward than upward recovery many are expecting. i recovery many are expecting. i was talking to anne—marie about the potential you referred to of tariffs on electric vehicles put on from europe today. what impact do you think that will have in your opinion? the quantity _ have in your opinion? the quantity of— have in your opinion? the quantity of tariffs - have in your opinion? the quantity of tariffs will - have in your opinion? tie: quantity of tariffs will be small which is good news for

the chinese. it is a big market and it will prompt some level of retaliatory measures from the chinese especially on them might potentially raise tariffs, we know they are picking up tariffs on eu motor levels. when it is attracting some pushback from european carmakers. the leaders of european car manufacturers. there is a balancing act the eu leaders have 2—way up against. when it comes to some of the tariffs forcibly the end result is we might see a smaller more politically significant tariff but not so much economically damaging. but not so much economically damaging-— but not so much economically damauain. , ., damaging. give your take on the latest news _ damaging. give your take on the latest news out _ damaging. give your take on the latest news out of _ damaging. give your take on the latest news out of china. -- - latest news out of china. —— thank you for your take.

let's get some of the day's other news now. the tesla boss elon musk has been accused of making billions of dollars by selling tesla stock with insider information. the accusation is made by an institutional investor in a delaware court. mr musk and his brother solder $30 billion of tesla stock between late 2021 and the end of 2022. the lawsuit accuses him of concealing plans to buy the social media platform then known as twitter. it also claims he knew that deliveries of tesla cars had fallen far below public projections. tehre has been no comment from mr musk or tesla. two former directors of the british department store bhs have been ordered to pay at least £18 million to creditors over their role in the collapse of the retailer eight years ago. a court found that lennars henningson and dominic chandler had breached their corporate duties after the acquisition of the retailer by continuing

to trade despite knowing their was no reasonable chance it could avoid insolvency. the chain was sold to their employer in 2015 for one pound, but collapsed a year later resulting in 11,000 job losses and a £571 million pensions shortfall. now yesterday we covered the launch of apple intelligence, which initially triggered a bit of a hit to the company's share price. but that's now seen a reversal as wall street digested the news. apple shares leapt sharply on tuesday to record highs, and the company's overtaken nvidia to become the world's second most valuable company — a whisker away from microsoft. our north america business correspondent erin delmore has more on the story in new york.

investors have been waiting for month to see how apple would embrace ai. on monday they got their answer, a partnership with openai. an chatgpt powers for theory and some enhancements like proof reading and writing help and ai generated images and emerges. it was not until tuesday that the market rewarded apple �*s efforts. the new ai tools are only available on one models of apple products like the iphone 15 pro. the 1a series and order will not do it neither the base model iphone 15. will not do it neither the base model iphone15. ipads and macs will have to have apple pie oratory and one chip or neuro. investors are betting consumers will upgrade the devices to take advantage of the new tools that will lead to more sales for apple. well, let's explore that more

now with susannah streeter, who's head of markets and money at hargreaves lansdown. apple back at number two. no big surprise deposit it was quite interesting to see beach up quite interesting to see beach up reaction in the other direction to its ai offering. it was. apple has been late to the ai party but now there is an expectation it will take up an expectation it will take up a big spot on the dance floor. in particular the way it will help drive the integration of ai into everyday life. through this deal with openai. essentially a big upgrade to the siri assistant. expectation it will develop a very powerful digital copilot for consumers. by digital copilot for consumers. by only being available in belated models, the expectation is it will drive product sales going forward. just how much remains to be seen. how infused

and willing will consumers be to get the hands on the latest new kit. we see other iterations in the past, huge demand for the latest product and we just have to see how the technology plays out. just what it can do and may be able to do in the future to really get a grip on how much demand there will be. �* , grip on how much demand there will be. h . ~ grip on how much demand there will be. �*, ., ~ ., will be. let's talk about raspberry _ will be. let's talk about raspberry pie _ will be. let's talk about raspberry pie which - will be. let's talk about - raspberry pie which viewers may not have heard of, unlike apple. it also had quite an incredible day of the market yesterday. it incredible day of the market yesterday-— yesterday. it certainly did. this ipo — yesterday. it certainly did. this mo of _ yesterday. it certainly did. this ipo of this _ yesterday. it certainly did. this ipo of this computerl this ipo of this computer company that creates these low—cost computers really thought it shares on their debut. only treated by institutional investors but they rose 43% and this offer among retail investors was seriously oversubscribed. we have where my clients that wanted to buy the shares than

actually was provided for under the terms of this offer. it really shows there is a big desire among retail investors in the uk to invest in british companies and particularly in british technology companies that it has really lifted hopes of an ipo revival in london. there are changes afoot to try and create london as more attractive place to list, the conduct authority launching this review with expectation will have this coming perhaps in the next few months. that certainly would be welcome because at the moment lots of retail investors miss out from operas like this. and would like to see these types of ipos being open to many more investors in the uk. i being open to many more investors in the uk.- being open to many more investors in the uk. i get very much. investors in the uk. i get very much- the — investors in the uk. i get very much. the low— investors in the uk. i get very much. the low down - investors in the uk. i get very much. the low down on - investors in the uk. i get very - much. the low down on raspberry pi, a cambridge —based

business. shares are up some 40% on their debut. around the world and across the uk. this is bbc news.

as you've been hearing here in the uk the political parties have been unveiling their election manifestos this week as voters head to the polls onjuly 1l today we'll get a better idea of the health of the uk economy when the latest growth numbers are released in around 90 minutes time. it was in recession at the end of last year and managed to eek out 0.6% grwoth in the first three months of this year. so what is the picture now? i'm joined by george buckley, chief uk & euro area economist at nomura.

good morning. we hope we are still going in the uk, the economy?— still going in the uk, the econom ? ~ ., , economy? we are. the recovery in the first — economy? we are. the recovery in the first quarter _ economy? we are. the recovery in the first quarter of _ economy? we are. the recovery in the first quarter of this - in the first quarter of this year, 0.6% is a strong quarterly rate of growth, may not sound it but on a quarter thatis not sound it but on a quarter that is very strong. have to bearin that is very strong. have to bear in mind it is coming on the back of the session, maybe not surprisingly was a bit of a balance in q1 of this year, more edges and to see where that growth rate settles. i doubt we will see 0.6% of all the way through the 2024, i suspect it will be weaker. the other thing to notice is we have not seen very back—to—back rises on a monthly basis in gdp and the size of the economy since 2022 but that is what we saw in the first quarter of this year. some strong numbers, i would not be surprised if we see a bit of payback in april figures today and the market, the consensus dictation is we

see a very small fall in the month of april.— see a very small fall in the month of april. part of that is to do with _ month of april. part of that is to do with the _ month of april. part of that is to do with the fact _ month of april. part of that is to do with the fact that - month of april. part of that is j to do with the fact that easter fell in march, also has been raining, orthat fell in march, also has been raining, or that affects how much we get out and spend money or do stuff or domestic demand. inflation has come down quite a bit. give us your take on how this will be read by the bank of england was that at the same time we have of this manifesto is launched this week but are promising all sorts of uk economy. it promising all sorts of uk economy-— promising all sorts of uk economy. if you look the headline _ economy. if you look the headline rate _ economy. if you look the headline rate of- economy. if you look the | headline rate of inflation, economy. if you look the i headline rate of inflation, it has come down fairly materially and this is probably one of the reasons rishi sunak called the election when he data. it was no coincidence it was on the same day inflation figures were released and fell by almost a percentage point due to be ——to be low to use when you look at the details of the report, the services domestic generated inflation was still far too strong for what the bank of

england would like to see. running at almost 6%. they have to be careful these numbers are still very high. we need to look outside of the headline numbers and into the detail to see this. the other thing is we saw labour market yesterday report very strong in the sense of wages that are still growing at an elevated pace. the bank of england won't be happy about that. i don't think there was any danger that next week we will see a rate cut, it might be delayed until later in the summer or possibly beyond. thank you for your time. now if it's not too late, it might be time to rethink your breakfast. the orange juice industry is experiencing an unprecedented price spike due to disease and extreme weather events in brazil. did you know brazil accounts for around 70% of global orangejuice production. the situation there has been

exacerbated by declining production in other major orange—growing regions such as florida, israel, spain and argentina. i have just the i havejust the present i have just the present to talk to about this. joining me now is kees cools, president of the international fruit and vegetable juice association. a warm welcome. what is going wrong in brazil at the moment? you already said a, two things, it is the weather. they had some unusually high temperatures in 2023. also the rain which normally helps the trees to grow and bring fruit. also the rain has been much less, 30% than usual. these are of the two weather affects that

impacted growth. as you said, the more important thing is now becoming a disease that kills trees over a period of time. unfortunately, we have not been able to find any cure for it. it is a devastating disease. if you look at florida, which wants is to be one of the world �*s leading suppliers of orange juice and orangejuice juice and orange juice concentrate, juice and orangejuice concentrate, to give you a number, florida was harvesting some ten, 15 years ago some 242 million boxes and 95% of production has gone because of the same disease. you can imagine what it means for the global supply. imagine what it means for the globalsupply. now imagine what it means for the global supply. now it is in brazil in the biggest supplier of the markets. that is why prices have almost tripled

beyond chipboard. that is a very negative effect. what impact does this have on the brazilian economy? produces 70% ofthe brazilian economy? produces 70% of the worlds _ brazilian economy? produces 70% of the worlds orange _ brazilian economy? produces 70% of the worlds orange juice. - brazilian economy? produces 70% of the worlds orange juice. the . of the worlds orange juice. the first thing that happens is farmers will have an impact on their income because there is less to harvest, less to sell. prices are going up. that is some factor. the same goes for the processors, about three or four large processor is that turn these fresh oranges introduce and concentrate and ship around the world. definitely has a negative impact on the brazilian economy and in particular on the economy of the joyce industry and suppliers. economy of the joyce industry and suppliers-_ economy of the joyce industry and suppliers. when it comes to the disease _ and suppliers. when it comes to the disease itself, _ and suppliers. when it comes to the disease itself, scientists - the disease itself, scientists are busy trying to combat this? it is really devastating crops

in brazil and also in florida. what is happening in terms of progress in trying to overcome this disease? in progress in trying to overcome this disease?— this disease? in florida, it has been _ this disease? in florida, it has been going _ this disease? in florida, it has been going on - this disease? in florida, it has been going on for- this disease? in florida, it i has been going on for almost this disease? in florida, it - has been going on for almost 15 years and we have not found solutions. all the super—size we have nowadays, we have not been able to find a cure. people are working hard. in brazil, the united states and elsewhere to go and find trees resistant to the disease. also at the same time the new weather circumstances. work is going on the cure has not been found and bombers can keep attri alive by putting extra fertiliser but in the end but is also extra costs and they cannot save the tree. the time being, we will have to consume orangejuice as is being, we will have to consume orange juice as is still there but we can also move to other juices like apple, grape,

tropical. juices like apple, grape, tropical-— juices like apple, grape, troical. ., ., tropical. almost out of time but thank — tropical. almost out of time but thank you _ tropical. almost out of time but thank you for _ tropical. almost out of time j but thank you for explaining the situation. it sounds very challenging. that is all. hello there. it's felt quite pleasant in any strong june sunshine. but generally temperatures have been below par for this time of year and wednesday looks pretty similar to the last few days. some spells of sunshine, variable cloud and further showers mostly across eastern areas. i think there'll be fewer showers around on wednesday because this is a ridge of high pressure, will tend to kill the showers off. the winds will be lighter, but we're still got that blue hue, that cold arctic air hanging around for at least one more day before something milder starts to push in off the atlantic, but with wind and rain. so it's a chilly start to wednesday. temperatures could be in low single digits in some rural spots. these are towns and city values. a little bit of mist

and fog where skies have cleared overnight, but it's here where you'll have the best of the sunshine, northern and western areas. a bit of cloud across eastern scotland, eastern england, one 01’ two showers. through the day, it'll be one of sunshine and showers, but the clouds will tend to build most of the showers eastern areas, tending to stay drier towards the west with the best of the sunshine. so it could be up to 17 or 18 degrees in the sunniest spots, but generally cool, ten to 15 or 16 celsius. and then as we move through wednesday night, any showers fade away, lengthy, clear skies. the temperatures will tumble against mist and fog developing. temperatures in rural spots dipping close to freezing in a few places. generally, though, in the towns and cities, we're looking at 4 to eight degrees. now we'll start to see some changes into thursday. we change the wind direction, we lose that cooler air, something a bit milder. but this frontal system tied into low pressure will start to bring wet and windy weather initially into northern ireland, spreading across the irish sea, into western britain and pushing its way eastward. so we start dry with some early sunshine across eastern areas and it should stay dry, i think in eastern

england, eastern scotland until after dark. we change the wind direction despite more cloud around, 17 or 18 degrees. and it means thursday night will be milder. so a milder start to friday, but low pressure across the country bring stronger winds, sunshine and showers or longer spells of rain. some of these showers will be heavy and thundery, particularly across southern and western areas. but despite that, in the sunshine, it'll feel a little bit warmer, maybe 19 or 20 degrees. not much change into the weekend, low pressure dominates the scene. it'll be breezy at times. there will be showers or longer spells of rain again, some of them heavy and thundery. but in the sunnier, brighter moments, it'llfeela bit warmer, 19 or 20 degrees. and another thing you'll notice, it will feel milder at night. take care.

good morning. welcome to breakfast withjon kay and sally nugent. hello. it's six o'clock. our headlines today... the green party launches its election manifesto, pledging to increase taxes for higher earners to transform health, housing and transport. good morning. personal finances good morning. personalfinances and our nation's finance are at the heart of this election campaign. i've come to newcastle to find out how businesses and households are feeling, and if it can swing the vote. good morning from munich ahead of the start of football's european championship, with the hosts germany taking on scotland in the opening

match of the tournament here in