the boss of nippon steel responds defiantly after it's multi billion dollar acquisition of us steel is blocked by president biden. translation: in the midst of the extreme uncertainty facing the extreme uncertainty facing the us steel industry, we and you are still committed to working together through this acquisition. canada prepares for life afterjustin trudeau. we examine the economic challenges as trump takes the reigns across the border. apple intelligence is in the spotlight as apple promises to tweak its notificiation summaries in response to bbc complaints.

china's media giant tencent loses billions of dollars in value as the us accuses it of aiding the chinese military. and some of the world's top innovations are on show at the consumer electronics show in las vegas. we take a look. live from london, this is business today. i'm sally bundock. the japanese steel giant nippon steel has come out swinging after its proposed purchase of us steel was blocked by president biden. speaking in recent hours, the chief executive and chairman eiji hashimoto accused joe biden of caving to politically motivated lobbying and acting unlawfully. president biden�*s decision came a year after nippon steel first announced a $14.9 billion deal to buy its smaller pennsylvania—based rival. us steel has warned it might have to close factories

without the investment that would come with a new owner, concerns that had been echoed by some workers and local politicians. here's the nippon steel boss speaking in tokyo. translation: due to the illegal olitical translation: due to the illegal political intervention _ translation: due to the illegal political intervention by - political intervention by president biden who responded to political lobbying, the committee for foreign investment in committee forforeign investment in the united committee for foreign investment in the united states failed to conduct a review properly and has led to the presidential order. we can never accept it. what president—elect trump has repeatedly said is he wants to make manufacturing strong again and once again enrich the lives and once again enrich the lives and future of manufacturing workers including white working—class people. this is exactly what we are doing. ulrike schaede is professor of japanese business at the university of california, san diego. welcome to bbc news. give us your take on these latest

developments. nippon are defined. actually today the us secretary of state antony blinken is in tokyo and this is bound to make relations fraught between the us and japan? it between the us and japan? it this is a really unfortunate development. the proposed deal is supported by the steelworkers on the ground in pennsylvania and other states of the united states, the management of us steel and nippon wanted, wall street once, most businessmen wanted. somehowjapan is in the crossfire is of some domestic political grandstanding and thatis political grandstanding and that is very unfortunate because the us and japan are of course not only important allies but they have great synergy and their economic systems, they need in china. a breakup would be harmful. —— they need each other. it has

many people worried and i would strongly recommend against taking japan for granton. president biden is citing national security concern. vice president kamala harris said she would do the same if elected. president—elect trump is also against him. what hope is also against him. what hope is there for this going ahead? it is a slap in the face for japan to be told they are a security risk. one thing secretary blink and can do is damage control. saying this is unfortunate and all of that. but i think there is more at stake here because basically the relationship between the two countries are at stake. japan has done its own thing over the last 30 years and build up a global production

including in south east asia so japan needs the us but it is not as dependent on it as it used to be. meanwhile the us is more dependent onjapan because of the erosion of the american manufacturing base. this is a complicated situation for the united states and one can only hope that maybe somebody comes to their senses and says, we need to treat japan very, very differently from china and we need to see whether we can somehow patch this up and move forward together because both would be worse. find forward together because both would be worse.— would be worse. and those workin: would be worse. and those working with _ would be worse. and those working with us _ would be worse. and those working with us steel - would be worse. and those working with us steel i'm l would be worse. and those . working with us steel i'm sure are very concerned about the future if this much—needed injection of nearly $50 billion is not broke through. thank you very much for your analysis. we are keeping a close eye on that

story. now lets head to canada where as you've been hearing following growing pressure from his own party prime ministerjustin trudeau has announced he will step down and end his nine—year stretch as leader. trudeau said he would stay on in office until his liberal party can choose a new leader, and that parliament would be suspended until the 24th of march. mr trudeau's finance minister chrystia freeland resigned last month arguing trudeau's handling of donald trump's threat to levy us tariffs on canadian goods was insufficient. the cost of living with record high inflation — which has now fallen — and high housing prices have also contributed to trudeau's rising unpopularity in recent polls. mosha lander is senior lecturer of economics at concordia university. good to have you on bbc news. this was just a matter of time,

wasn't it, really? you really have to go, don't you think? do not have to go, don't you think? dr? not think it is any different to any in the uk that after you get to nine years you start to run out of ideas and the people eventually turn against you. it is difficult to have that many majority governments and by the time he slipped to a minority, the writing is on the wall it is just a matter of when to pull the cord. isjust a matter of when to pull the cord.— isjust a matter of when to ull the cord. ., , ., :: pull the cord. last year, 2024, we had so _ pull the cord. last year, 2024, we had so many _ pull the cord. last year, 2024, we had so many elections - pull the cord. last year, 2024, i we had so many elections around the world and in so many cases it was the tough economic environment, a cost of living crisis that got rid of the government. fixing is not so easy? it government. fixing is not so eas ? , ., . ., easy? it is not a left or right thin. easy? it is not a left or right thing- it _ easy? it is not a left or right thing- it is _ easy? it is not a left or right thing. it is a _ easy? it is not a left or right thing. it is a matter - easy? it is not a left or right thing. it is a matter of - easy? it is not a left or right. thing. it is a matter of people suffering in canada and have been for decades. our productivity has been declining. we use operate at 9% against the american level and

we are now at 70%. —— 90%. it is not that american productivity has been racing ahead but ours has been in and out now we're we are making comparisons to italy as to where productivity stands and productivity is the greater standard of living and it is notjust standard of living and it is not just the trudeau standard of living and it is notjust the trudeau government that failed to address it but governments from both sides going back decades. canadians, post, 19 with the high inflation have been fed up with him and the writing on the ball appeared in 2024. itjust shows now as his moment to exit. the --rosect now as his moment to exit. the prosraect of _ now as his moment to exit. the prosraect of 2596 _ now as his moment to exit. the prospect of 25% tariffs on canadian goods going to the us exacerbates the economic challenges significantly. he was criticised for not handling that well. people saw president—elect trump mocking him. what is the outlook for whoever becomes the new leader

and the relationship with trump and the relationship with trump and tariffs? figs and the relationship with trump and tariffs?— and tariffs? as long as there is a party — and tariffs? as long as there is a party of _ and tariffs? as long as there is a party of the _ and tariffs? as long as there is a party of the left - and tariffs? as long as there is a party of the left that - and tariffs? as long as there is a party of the left that is l is a party of the left that is in charge, i have a feeling trump will show no hesitancy in attacking you over the next leader is going to be. it is likely that the liberal party will be wiped off the map in the next election and have a majority with a conservative party and they will be more geologically adjourned with trump. i think he's putting tariffs more to shore up his base in the us to really asked to have had changes in canada but in 2026 we will have a review of the free—trade agreement that exists between canada, the us and mexico and trump does not like free trade with canada or anybody else. if it is a right wing party, hopefully they can find some ideological sympathy with each other but it would be a tough slog for anybody to try to have trump back away from tariffs

and support free trade which has been one of the few bright spots the canada over the years. spots the canada over the ears. ~ spots the canada over the ears, ~ ., , , . ., spots the canada over the ears. ~ years. we appreciate your time, thank you _ years. we appreciate your time, thank you for— years. we appreciate your time, thank you for talking _ years. we appreciate your time, thank you for talking to - years. we appreciate your time, thank you for talking to us. - the us dollar fell on monday on reports donald trump may step back from his campaign pledge to introduce swingeing global tariffs on imported goods. the washington post is reporting that potential tariffs might be confined to "critical" imports — far from the expectations laid out in his presidential campaign. let's explore this now with tom stevenson, investment director at fidelity. good morning to you and happy new year. we're going to see a real push and pull on this with tariffs because we expected that the actual reality may not be the promise?— be the promise? absolutely. what we're _ be the promise? absolutely. what we're seeing _ be the promise? absolutely. what we're seeing the - be the promise? absolutely. | what we're seeing the market be the promise? absolutely. -

what we're seeing the market at the moment is market moving on from if you like the easy rhetoric of the campaign trail, to the rather messy reality of government. obviously, we are only two weeks away now from donald trump coming back to the white house and what donald trump says he wants is a weak dollar, which is good for american businesses, it makes american businesses, it makes american exports more competitive and impossible expenses so it helps address the trade deficit but the reality is everything he is proposing, whether tariffs or tax cuts, deregulation, immigration cards, all of those are actually inflationary and high inflation makes it more difficult for the federal result and puts pressure on the dollar. there is an essential inconsistency between what president trump wants and what he is likely to be able to achieve so something has to give and what we are hearing

stories of is that there will be some watering down of the initial rhetoric about tariffs. just having a conversation about canada, 25% tariffs on all canadian goods going into the us would have a huge impact on america's because so much of their oil and other things is coming across the border and the prices would inevitably go up? the prices would inevitably go u . ? ., , ., , ., up? that is the reality of tariffs is _ up? that is the reality of tariffs is that _ up? that is the reality of tariffs is that they - up? that is the reality of tariffs is that they are i tariffs is that they are inflationary and it is why i think the rhetoric about across the board tariffs, whether it is 10% - 20% the board tariffs, whether it is 10% — 20% on all imports from all countries is just not the reality, it is not what is going to happen. there will be a more nuanced, finessed process to tariffs and markers are reacting to that and that is why the dollar has fallen back a bit.— is why the dollar has fallen back a bit. ., ,, ,., ., back a bit. tom stevenson from fideli . back a bit. tom stevenson from fidelity- nice — back a bit. tom stevenson from fidelity. nice to _ back a bit. tom stevenson from fidelity. nice to have _ back a bit. tom stevenson from fidelity. nice to have you - back a bit. tom stevenson from fidelity. nice to have you on . fidelity. nice to have you on the programme. apple has officially responded

to growing concerns over a new artificial intelligence feature in its latest iphones that has generated inaccurate news alerts. in a statement on monday, the tech company said it will release a software update in the coming weeks that makes it clearer when apple intelligence is summarizing notifications. from new york, here's our business correspondent ritika gupta. apple has said it will update rather than pose a new ai feature that is generated inaccurate news alert on his latest iphones. the tech giant says it was working on a software change to further clarify whether the notifications are summaries generated by the apple intelligence system. it comes as a company faces calls to pull the technology after its poor performance. the bbc complained last month after a summary of its headline falsely told leaders that the man accused of killing the united care ceo had shot himself. on

friday, apple inaccurate summarised that luke littler had won the darts championship hours before the match began and that the tennyson star river nadal had come out as 93v- river nadal had come out as gay. apple has formally responded. —— tennis star, rafael nadal. shares in chinese tech giants — including the gaming and social media leader tencent — have been hit today on the news the us defense department has added them to a list of firms it says work with china's military. the battery maker catl has also been added. the annually updated list of chinese military companies, has designated 134 companies so far. while the designation does not involve immediate bans, it can be a blow to the reputations of affected companies.

let's get more on this now from our asia business hub and our reporter suranjana tewari. how has tencent responded to this development? yes, we heard from tense and not long 1534 00:1