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 $10 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 collaboration relationship between donald trump's first

term with president obrador, 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 $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 a very interesting time, you know, we are setting up for more protection, so there will be a bit of de—ordering, in terms of supply chains, weight training, relationships are going to work across the world and i think what we have heard

from the mexican president as they are setting up for exactly that. a lot of countries in this region are also buckling up this region are also buckling up for the ride, and essentially at this point i think the bigger concern is to try and discern the noise from the reality where eventually the reality where eventually the policies will ultimately lie, and what actually becomes of all this rhetoric at the moment that we are hearing. all moment that we are hearing. all of this 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 in china. how are they placed at the moment? will they still remain to benefit or are they one of the ones that could suffer? it really dip depends how the trade war plays out. at this point, if the tariffs are limited to china alone, vietnam could continue to benefit, as we have seen with supply chain diversification across the region, vietnam has benefited a

lot since 2017—18 and those benefits will continue to accrue if tariffs are limited only to china. however, if tariffs are imposed as blanket tariffs are imposed as blanket tariffs even on vietnam and the other southeast asian countries, there is a risk that growth in 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, so these factors leave it vulnerable to tariffs and also potentially to a growth slowdown in the near term. 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 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 a report 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 live with the details. archana, will the latest report push the central bank to cut interest rates? well, there certainly is pressure on the central bank to cut interest rates, amidst a

slowing economy so as to boost consumption and spending, but you know many economists feel the inflation worry is not yet over, so inflation which has been stubbornly high, straining household budgets, while it is easy and gradually there are certain elements of the food basket like cereals and vegetables which are still quoting very high prices and these are staples in every household. add to that the geopolitical risks on inflation, with aggressive us sanctions on russian oil, there is a chance that global oil prices could go up, and india imports about 90% of its oil requirements and has been depending so far on cheaper russian imports, but now is staring at higher prices in the months to come. and all of this happening at a time when the rupee has plunged to record lows against the dollar, and that could make all imports to the country much more expensive, and could push

inflation locally too. so while the december inflation print does add a positive and some economists feel it could push the central bank government a step closer to rate caps but many others feel this would also add a lot of caution in the steps that the central bank takes from here on n.- takes from here on n. thank ou. 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. according to prime minister pedro sanchez, non—eu residents bought 27,000 properties in 2023. his government has said the law will be finalised after "a careful study". 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 there? adrienne murray finds out. see cars passing by? every license plate with an ee is electric. here in oslo, ev felt a novelty, they are the norm. there are now more battery—powered vehicles on norway's than petrol cars, and out of all new car sales, nine out of all new car sales, nine out of all new car sales, nine out of ten were electric. the revelation began years ago, with tax breaks driving out ev sales. this family run dealership has been importing vws for over 75 years. and now the only passenger cars they sell are electric. irate the only passenger cars they sell are electric.— the only passenger cars they sell are electric. we have good electrical car _ sell are electric. we have good electrical car so _ sell are electric. we have good electrical car so it _ sell are electric. we have good electrical car so it should - sell are electric. we have good electrical car so it should be i electrical car so it should be an easy choice for the customers. they are thinking about their wallet but at the same time the cars are getting so nice also. long range,

higher charging speed, so by driving a ev, it is very hard to go back. driving a ev, it is very hard to go back-— driving a ev, it is very hard to go back. norway had set a coal to to go back. norway had set a goal to phase _ to go back. norway had set a goal to phase out _ to go back. norway had set a goal to phase out the - to go back. norway had set a goal to phase out the sale i to go back. norway had set a goal to phase out the sale of| goal to phase out the sale of new petrol and diesel cars next year. so can it get there? we are closing — year. so can it get there? we are closing up _ year. so can it get there? - are closing up on the target, but i think we will reach that goal, and also the transition is already made. it is our goal to see that it is always a good, viable choice to use the zero emission choice.- zero emission choice. other erks, zero emission choice. other perks. like _ zero emission choice. other perks, like free _ zero emission choice. other perks, like free parking - zero emission choice. other perks, like free parking and i perks, like free parking and discounted tools, have also helped to drive change. im’ith helped to drive change. with all the incentives _ helped to drive change. with all the incentives we - helped to drive change. with all the incentives we have i helped to drive change. ii�*u all the incentives we have in norway, with no taxes on evs, that was also quite important to us, moneywise. we figured out that for our day needs, an ev would be perfect. worldwide, electric cars _ ev would be perfect. worldwide, electric cars now _ ev would be perfect. worldwide, electric cars now make _ ev would be perfect. worldwide, electric cars now make up - ev would be perfect. worldwide, electric cars now make up a i electric cars now make up a

fifth 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 speed bump. with around i 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 a gear, as sales of new fossilfuel cars tail shifting a gear, as sales of new fossil fuel cars tail off, but that journey to zero may take a little longer. now to the fires burning in los angeles will stop major hollywood studios have pledged millions of dollars to help with the relief efforts of those wildfires. so far, disney and warner bros discovery have each committed $15 million. meanwhile, amazon, netflix and comcast have pledged $10 million towards the cause. the economic toll of the

catastrophe still rising, with some estimate saying the damages could exceed $250 billion. now to south korea, where a trialfor billion. now to south korea, where a trial for suspended president yoon suk—yeol is set to begin in less than an hour. 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 around 0.2% higher. we will leave you with these images outside the constitutional court, where those in support and against president yoon have gathered ahead of the proceedings today.

hey, i'mjulia 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 displaced victims are paying massive fees to landlords in hotels. jason 0ppenheimer is an la 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 months up front, and the landlord said, "no, i want $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. shein said not to being interviewed, but in a statement, they are committed to ensuring the fair and dignified treatment of all workers within the supply chain. you might think coachella or glastonbury are the biggest festivals in the world, but they have nothing on kumbh mela, which starts

in india today, with millions of hindus taking part. it happens only once in 12 years, and the celebrations will span across 45 days. and here's 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. and that is you all caught up now. see you. 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 saudi arabia has been overshadowed by this news tyson fury says he will retire from boxing.