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 quote, "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 relationship during the first term of donald trump with the then mexican

president particularly the signing of the trade agreement between canada, mexico and the united states which has greatly benefited our people. 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 $1 trillion 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 an interesting time, we are setting up for more production so there will be a bit of reordering in terms of supply chains and trading relationships and how they will work across the world and what we heard from the mexican president is setting up exactly that. many countries in this

region are buckling up for the ride and, essentially, at this point i think the bigger concern is still trying to discern the noise from the reality and where eventually the policies will ultimately lie and what becomes of all this rhetoric at the moment that we hear.— this rhetoric at the moment that we hear. and all of this ahead of— that we hear. and all of this ahead of the _ that we hear. and all of this ahead of the inauguration i that we hear. and all of this i ahead of the inauguration of donald trump. when he was in office the first time around, vietnam was one of the beneficiaries of the trade war that began with china. how are they placed at the moment? will they placed at the moment? will they remain to benefit or are they remain to benefit or are they one of the ones that could suffer? it they one of the ones that could suffer? , , ., ., suffer? it depends on how the trade war _ suffer? it depends on how the trade war plays _ suffer? it depends on how the trade war plays out. _ suffer? it depends on how the trade war plays out. at - suffer? it depends on how the trade war plays out. at this i trade war plays out. at this point of the tariffs are limited to china alone vietnam could continue to benefit of we have seen with supply chain diversification across the region. vietnam has benefited a lot since 2017, 2018 and those benefits will continue to

accrue if tariffs are limited only to china. however if tariffs are imposed as a blanket tariff even on vietnam and the other south—east asian countries there is a risk that growth for vietnam is least in the short term could be hit and we find vietnam is one of the more exposed economies to that kind of shop, particularly because at least a third of its exports go to the us and it has the largest trade surplus with the largest trade surplus with the us at the moment in the region. so these factors leave it vulnerable to tariffs and also potentially to a growth slowdown in the near term. the us hasn't _ slowdown in the near term. the us hasn't moved _ slowdown in the near term. the us hasn't moved to propose tough new restrictions on the export of computer chips and 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 quote "the world's ai runs on american rails". the announcement has been

criticised by some large 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. tiktok has called reports that chinese officials are considering the sale of its american business to elon musk "pure fiction". its chinese parent company bytedance has until the 19th of january, one day before the us presidential 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. consumer inflation in india has eased in december to a four—month low, helped by a fall in food prices. archana shukla joins us with the details. will this push the central bank to cut interest rates?- to cut interest rates? there is certainly pressure _ to cut interest rates? there is certainly pressure on - to cut interest rates? there is certainly pressure on the - certainly pressure on the central bank amid a slowing economy to cut rates so that consumer spending goes up when purchasing cars on consumer

goods but there are many other factors that the central bank would need to keep in mind and, remember, the inflation concerns are not yet over. food inflation has moderated slightly but certain elements of the food basket like cereals and vegetables are still quoting high prices and that inflation will take some time to settle down. hard to that this is happening at a time when the indian currency has fallen to record lows against the dollar and that could make imports more expensive the country that imports especially 90% of its oil requirements. geopolitical factors would add to that concern is well with aggressive sanctions that the us is putting on russian oil, india could see its oil impaled is getting more expensive in the months to come if higher energy prices, if, globally, if oil prices go up and all of that would be a basket that the central bank would need to be looking at and be more

cautious. so certainly there are positives that the central bank government would count with the inflation now coming down moderately in december but there are many other factors to keepin there are many other factors to keep in mind. there are many other factors to keep in mind-— keep in mind. thank you very much. spain is planning to introduce a tax of up to 100% on properties bought by non—eu residents. the move is in response to a housing shortage that the country is currently facing. non—eu residents bought 27,000 properties in 2023, according to prime minister pedro sanchez. his government has said the law will be finalised after "a careful study". the electric car revolution is well underway 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 there? adrienne murray finds out.

see these cars passing by? every license plate with an ee is electric. here in oslo, these cars are not a novelty, they are the norm. there are more electric powered vehicles on norwegian roads than petrol powered. and nine out of ten new sales are 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. ~ ., electric. we have sold good electric. we have sold good electric cars _ electric. we have sold good electric cars so _ electric. we have sold good electric cars so it _ electric. we have sold good electric cars so it should - electric. we have sold good electric cars so it should be | electric cars so it should be an easy choice for the customers. they are thinking about the world but at the same time the cars are getting nice. high charging speed so by driving and ev it is hard to go back. ., , . driving and ev it is hard to go back. ., . , . , driving and ev it is hard to go back. ., ., , ., ., back. norway had set a goal to -hase back. norway had set a goal to phase out _ back. norway had set a goal to phase out the _

back. norway had set a goal to phase out the sale _ back. norway had set a goal to phase out the sale of - back. norway had set a goal to phase out the sale of new- phase out the sale of new petrol and diesel cars next year. petrol and diesel cars next ear. . ., petrol and diesel cars next ear, . year. so can it get there? we are closing — year. so can it get there? we are closing pp _ year. so can it get there? we are closing up on _ year. so can it get there? we are closing up on the - year. so can it get there? we are closing up on the target l are closing up on the target and i think that we will reach that goal and i also think that the transition is already made. it is our goal to see that it is always a good and viable choice to use a 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 i parking and discounted tools have helped to drive change. with all the incentives we have in norway, no taxes on evs, that was also quite important to us moneywise, we figured out that for our day—to—day needs and ev would be perfect. worldwide electric cars now make up 150 of all vehicles sold. china, by farthe make up 150 of all vehicles sold. china, by far the biggest sold. china, by farthe biggest market sold. china, by far the biggest market has seen soaring sales. but in the us and europe,

including the uk, demand has hit a speed bump. with around 1 million diesel models still on the road and a big used car market here, there is still a lot of work to be done. norway's electric revolution is shifting up a gear and sales of new fossilfuel cars tail shifting up a gear and sales of new fossil fuel cars tail off. but the journey to zero may take a little longer. adrian murray, bbc news, oslo. in south korea — a trial for suspended president yoon suk yeol is set to begin in less than two 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 flat. 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. meanwhile, amazon,

netflix and comcast have pledged $10 million 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 that can faceless angelus can cause more destruction. —— the strong winds that los angeles will be facing will cause more destruction. that is it for this edition of business today. thank you for watching.

hey, i amjulia 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 sunset on netflix and says there are landlords using the disaster to make a profit. we are having landlords taking advantage of the situation. i had a client, we sent him to a house asking for $13,000 a month, he offered $20,000 a month and offered to pay six—month upfront and the landlord said no, iwant $23,000. some other stories, 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. and they said they are committed to ensuring the fair 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 shetland island has a population of under a0 people. today they are celebrating new year's day since they follow some customs of the old julian calendar. 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 bill in