hello and welcome to business today. i'm steve lai. let's begin in north america, where the mexican government has launched a plan to shrink its trade deficit with china, which stood at $105 billion in 2023. it comes weeks after the country rolled out tariffs appearing to target popular chinese online retailers shein and temu. in a speech on monday, mexico's president claudia sheinbaum said the country aims to boost the local production of textiles and cars. she added that a trade agreement among the united states, mexico and canada is "the only way we can compete with asian countries, in particular with china". translation: i also highlight the respectful _ translation: i also highlight the respectful and _ the respectful and collaborative religion between president donald trump �*s first

term with andre munro lopez, particularly the signing of the trade agreement between mexico, the united states and canada which has greatly benefited our peoples. the mexican leader's comments are seen as a nod to us president—elect donald trump, who will be inaugurated in less than a week.he has named mexico as a subject of proposed tariffs for allegedly allowing illegal immigration and drug trafficking across its borders. but it is china — that is set to be hit by the largest tariffs of up to 60%. its trade surplus soared to a record high of almost one trillion dollars in 202a. lava nya venkateswa ra n is a senior asean economist at ocbc bank. she told us which countries could benefit from a trump administraion. i think it is going to be a very interesting time. setting up very interesting time. setting up for more prediction. they will be a bit of the order in terms of supply chains, relationships will work across

the world. what we heard from the world. what we heard from the mexican president is setting up for exactly that was in a lot of countries in this region are also buckling up for the ride. essentially at this point i think the bigger concern is to try and discern the noise from reality, where eventually the policies will ultimately lie. and what actually becomes of all of this rhetoric at the moment we are hearing. all rhetoric at the moment we are hearinu. �* , . . rhetoric at the moment we are hearinu. �* , ., ., ., hearing. all this ahead of the inauguration _ hearing. all this ahead of the inauguration of _ hearing. all this ahead of the inauguration of donald - hearing. all this ahead of the l inauguration of donald trump. when he was in office the first time around, vietnam was one of the beneficiaries of the trade water began with china. how are they pleased at the moment? they still remain to benefit or are they one of the ones that could suffer? it are they one of the ones that could suffer?— could suffer? it depends how the trade _ could suffer? it depends how the trade war _ could suffer? it depends how the trade war plays _ could suffer? it depends how the trade war plays out. - could suffer? it depends how the trade war plays out. if. could suffer? it depends howl the trade war plays out. if the tariffs are limited to china alone, vietnam could continue to benefit. as we have seen with supply chain diversification in the region. vietnam benefited a lot since

2017 and 2018. those benefits will continue to accrue if tariffs are limited only to china. however, if tariffs are imposed as blanket tariffs even on vietnam and the other southeast asian countries, there is risk growth for vietnam at least in the short term could be hit and we find vietnam is one of the more exposed economies to that kind of shock. particularly because almost a third of its exports go to the us, it does have the largest trade surplus with the us at the moment in the region. these factors leave it vulnerable to tariffs and potentially to growth slowdown in the near term. the the us has moved to impose tough new restrictions on the export of advanced computer chips and other artificial intelligence technology to dozens of countries — notjust the handful it has long identified as adversaries. officials say the new rules are intended to make sure "the world's ai runs on american rails".

the announcement, made days before presidentjoe biden is due to leave office, has drawn criticism from some top us tech companies who warn it will only aid competitors. chip giant nvidia said the plan will weaken america's global competiveness and undermine its innovation. another big story on our radar — tiktok. the chinese parent company bytedance has until the 19th of january. one day before the inauguration, to sell the app or cease operations. the us government claims tiktok poses a �*grave threat�* to national security due to its links with china, which bytedance has denied. a ruling from the supreme court that could delay the ban is expected in the coming days. reports have emerged that chinese officials are considering the sale of the app to us multi—billionaire elon musk — which tiktok has called "pure fiction". alan rozenshteen, a former justice department attorney, gave us his take. this may be true, maybe a rumour, maybe some negotiating

tactic but i think it shows finally with days before the band goes into effect, i think tiktok and bytedance anti— chinese officials are getting says about what happens if this goes into effect and if they do sell tiktok to elon musk, it would set of relationships with tiktok and bytedance and tiktok will be able to continue operating in the united states. it would raise a whole lot of other questions given elon musk has this close connection to donald trump that he owns other social media platforms. we donald trump that he owns other social media platforms.— social media platforms. we are in a unique _ social media platforms. we are in a unique political— social media platforms. we are in a unique political and - social media platforms. we are in a unique political and legal. in a unique political and legal climate. the rules i would expect to apply in other cases mightjust not apply this time but that is assuming this rumour is true. tiktok has denied it reports but i suppose we will see whether that is true or not.— we will see whether that is true or not. ~ ., , ~ ., ~ true or not. where does tiktok stand at the — true or not. where does tiktok stand at the moment? - true or not. where does tiktok stand at the moment? could i true or not. where does tiktok. stand at the moment? could the supreme court delete this ruling? it supreme court delete this rulin: ? . ., supreme court delete this rulin: ? u, . supreme court delete this rulin: ? u, ., _, ruling? it could and incoming president _ ruling? it could and incoming president from _ ruling? it could and incoming president from asked - ruling? it could and incoming president from asked them l ruling? it could and incoming| president from asked them to ruling? it could and incoming - president from asked them to do so with the theory that once he is in office he could put

together some sort of deal. i think that is unlikely to work for the supreme court because there is no legal authority to pause and otherwise valid act of congress because the incoming president finds it inconvenient that comes into effect before his inauguration. and how it is presented until now, i expect the supreme court sometime this week to uphold the law at least decline to block it until it goes into effect on the 19th. over to south korea — where suspended president yoon suk yeol�*s trial is set to begin in a few hours. the constitutional court will hear arguments on whether to uphold parliament's decision to impeach mr yoon over his failed martial law bid. so far there hasn't been any major effects on markets — as the benchmark kospi index is trading 0.1% lower. the electric car revolution is well under way in norway. the wealthy nation has encouraged the take up of evs, using generous tax breaks and other incentives.

now there are more electric passenger cars on norway's roads than petrol vehicles. a non—binding goal has been set to phase out the sale of new petrol and diesel cars this year, but will it get adrienne murray finds out. see these cars passing by, every license plate with an e is electric. here in oslo evs are not a novelty, they are the norm. there are no more battery—powered vehicles on norway roads than petrol car is and as of all new car sales, nine out of ten were electric. the revolution began years ago with tax breaks driving up ev sales. this family run dealership has been importing vw �*s for over 75 years. and now the only passenger cars they sell are electric. we have sold electric _ they sell are electric. we have sold electric cars. _

they sell are electric. we have sold electric cars. it _ they sell are electric. we have sold electric cars. it should . sold electric cars. it should be an easy choice for the customers. they are thinking about the world but at the same times because i getting so nice also, long—range, higher charging speed, by driving and ev, it is hard to go back. norway has set a goal to phase out the sale of new petrol and diesel cars next year. so can it get there?— diesel cars next year. so can it get there? we are closing up on the target. _ it get there? we are closing up on the target. i _ it get there? we are closing up on the target. i think _ it get there? we are closing up on the target. i think we - it get there? we are closing up on the target. i think we will i on the target. i think we will reach that goal and i think also the transition is already made. it is our goal to see it is always a good and viable choice to use the zero emission choice. , ~ choice. other perks like free arkin: choice. other perks like free parking and _ choice. other perks like free parking and discounted - choice. other perks like free | parking and discounted tours have also driven change. ilirui’ith have also driven change. with all the incentives _ have also driven change. with all the incentives in _ have also driven change. tn all the incentives in norway with no taxes on ev �*s, that was also quite important to us moneywise. we figured out for

our day—to—day needs, and ev would be perfect. our day-to-day needs, and ev would be perfect.— would be perfect. worldwide, electric cars _ would be perfect. worldwide, electric cars now _ would be perfect. worldwide, electric cars now make - would be perfect. worldwide, electric cars now make a - would be perfect. worldwide, electric cars now make a fit . would be perfect. worldwide, | electric cars now make a fit of all vehicles sold. china by far the biggest market has seen soaring sales. but in the us and europe, including the uk, demand has hit a speedbump. with around a million diesel model still on road and a big used car market here, there is still a lot of work to be done. norway is electric revolution is shifting up a gear as sales of new fossilfuel cars is shifting up a gear as sales of new fossil fuel cars tail off. but thatjourney of new fossil fuel cars tail off. but that journey to zero may take a little longer. before we go. major hollywood studios have pledged millions of dollars to help with relief efforts for the la wildfires. so far disney and warner brothers discovery have each committed 15 million dollars.

meanwhile, amazon, netflix and comcast have pledged 10 million dollars towards the cause. the economic toll of the catastrophe is still rising with some estimates saying that damages could exceed $250 billion. there are fears that strong winds, which are forecasted for the coming days in los angeles, could cause further destruction. at least 25 people have died and many others are missing. you can find out more on the coverage of our wildfires on the website. we will also have more on the situation in los angeles on newsday at the top of the hour.

hey, iam hey, i am julia with the catch up. tonight the truth behind shein bargains, the mother of all festivals and britain's most remote populated island. we will start in los angeles where three wildfires are still burning. thousands of people have lost their homes and displeased victims are paying massive fees to landlords in

hotels. jason 0ppenheimer is a property mogul who stars in selling something on netflix and says there are landlords using the disaster to make a profit. using the disaster to make a rofit. ~ ., ., using the disaster to make a rofit. ~ . ., ., ., , profit. we are having landlords taken advantage _ profit. we are having landlords taken advantage of— profit. we are having landlords taken advantage of the - taken advantage of the situation. i had a client, we sent him to our house asking for $30,000 a month, he offered $20,000 a month and offered to pay six—month upfront and the landlord said no, i want $23,000.— landlord said no, i want $23,000. ., , ., , $23,000. some other stories, the bbc has _ $23,000. some other stories, the bbc has been _ $23,000. some other stories, | the bbc has been investigating the bbc has been investigating the supply chain behind chinese fashion brand shein. they found labourers are working for more than 75 hours a week, that is not unusual in china but still illegal. they said they are committed to ensuring that their and dignified treatment of all workers within the supply chain. you might think coachella or glastonbury other biggest festivals in the world but have nothing on comella in

india today. with millions of hindus taken part of that happens only once in 12 years and the celebrations will span across 45 days. and here is ten seconds from the edge of the uk. this remote island has a population of under 40 people. today they are celebrating new year's day since they follow some customs of the old julian calendar. you are all caught up now, cr. hello and welcome to sportsday. i'm will perry, here's what's coming up. tyson fury walks away from boxing once again but there are still some who think a fight with anthonyjoshua will still happen. david moyes says the everton job is a "different beast"

and rejoining the club was "too big an opportunity to turn down". and we're on the golf course with peter 0demwingie once a premier league footballer, now a golf pro. former world heavyweight champion tyson fury has announced his retirement from boxing again. it's not the first time he's said he'll leave the sport — hence scepticism around whether this really is the end. last month fury lost his rematch against 0leksandr usyk. his announcement comes just a couple of days after anthonyjoshua said a fight with fury "had to happen this year" and that he believed it would. with more here's our boxing reporter ade adedoyn. today's press conference to

announce what is a huge