talking trade — donald trump is set to address world leaders at davos today with the threat of further tariffs looming for america's economic rivals. fightingfor the farmers! tesco, aldi, and lidl warn the uk government's inheritance tax could put the country's food security at risk. and it's national pie day! we'll tell you why the industry is fighting back against falling sales and is determined pie and mash stays on the menu. live from london this is business today, i'm sally bundock. so let's get down to business and once again the headlines are dominated by president donald trump. later this afternoon

he'll be addressing global leaders at davos — virtually — and many are unsure what to expect. the world economic forum pushes for collaboration — a place where leaders and company bosses come together and try to find middle ground. but president trump is clear his policy is "america first" and has already threatened to raise tariffs for his country's major trading rivals and partners. here's the latest from our economics editor faisal islam, who is in davos....(take sot) who is in davos. so much of the talk here has been trying to divine exactly what the us administration and donald trump will on trade, because the consequences of the tit—for—tat trade war are very severe. but he suggested originally that may be the trade tariffs he planned would be certainly slower in coming and less than expected. that has led to less apprehension than you might expect but there is generally uncertainty. on the other hand, there is big optimism about what the us economy can do, in particular

the big tech giants and their massive investments in artificial intelligence that are spreading out across the economy. some despondency about europe and how it is behind, in terms of those big tech investments. i've been speaking to the european trade commissioner about all of this, and he was trying to be very diplomatic about donald trump, despite such provocations as the us president saying that he had eyes on greenland, which is of denmark, which in turn is part of the eu, so some diplomacy required there as a donald trump focuses on canada, mexico, and china first. but also, in terms of the trade secretary mr sefcovic, some discussion about the brexit reset that is planned by the uk government. he says the ball is in britain's court right now but expressed some interest in a closer relationship that has widely been assumed. on the uk side, too, there are moves in that direction, in terms of a veterinary

agreement on food and farm exports and potentially in a pan european customs arrangement to help advance manufacturers. so, some moves there, as the world economic forum anticipates live from the white house a video address by president trump himself. so what can we expect from trump today? martin baccardax — senior editor and chief markets correspondent at the street believes the us president will relish the oppurtunity to take centre stage. this is exactly the stage i think he has been looking forward to since the election because he has involved him in a way that is very different to his last appearance in davos in 2020 when he talked about the need for optimism. and you'll remember it was only a few weeks after that that the world was in lockdown, as a result of the covid pandemic. today, he has described as the strongest economy in the world, he has a mandate from the popular vote

of the american people. both houses of congress and the world's biggest ceos lining up behind him. so he is going to project a confidence that is probably going to be a bit unsettling and reiterate his america first agenda. do you expect him to say any more about tariffs, what his plans are? we have heard already since he took the oath of office that he is looking at february 1st as a possible date to put tariffs on mexicans, canadians, and chinese goods coming into the united states. will he elaborate on that, do you think? i suspect so. europe has been a force conspicuously out of that conversation, at least in recent times, it has been his focus prior to the election of course so i expect there to be a bit more detail, but it is a moving situation, and fluid in the sense that february the 1st could very much come and go in the same way that his inauguration came and went without the tariffs that he had promised on day one.

i think to that degree we see the threat of tariffs as the starting point for negotiations, and of course we know that the president likes a one v1 negotiation rather than those with collective groups. he has been pulling out of the paris climate accord agreement, the who, he has already axed other pan—regional collaborations as well. so i suspect he will emphasise the use of tariffs but more as a point of negotiation, rather than something we should expect to happen on the day he says they will and at the level that he indicates. of course, for the world economic forum, having him live speaking to leaders that their event is huge. i was there in 2018 when president trump came in person. and it was such a weird atmosphere there, i was with the press following him around, gauging the mood, catching comments from european leaders etc, ijust wonder what reception he will get today?

i think to some degree we have seen world leaders attempting to supplicate him in the early days because they understand that strength of his hand at the moment with respect to their mandate from the american people and the fact that the us economy isjust so much more powerful than all the others. i think your correspondent also recognised the fact that the text sector plays a significant role going forward, and it is interesting to me to see the difference in emphasis. in 2016, his inner circle of business leaders were surrounded by those in the old economy, in manufacturing, the auto industry, in steel. today, it is all about tech, all about artificial intelligence, and again america holds a significant amount of cards in that respect so i think they will be some trepidation at davos with respect to of some of the things the president will have to say but i very

much doubt they will be vocal because they need to negotiate with him whether they like it or not and it is best to do that in a situation where he seems flattered rather than confront it. staying with donald trump, he's ramped up pressure on russia to negotiate an end to the war in ukraine. he threatened financial penalties on the country if it didn't reach an agreement to end the fighting. let s get to new york and north america business correspondent, ritika gupta, who has more. donald trump's warning made in a social media post on his third day as president called out russian president vladimir putin by name. he said putin should make a deal soon, or else he would, quote, have no other choice but to impose additional taxes, tariffs, and sanctions on russian imports to the us, along with other participating countries. now, it is not clear what goods would be subject to the penalties that trump threatened, or which other nations might be included. the trump administration could potentially target russia's major oil producers, a move that incoming treasury secretary scott

bessent endorsed last week. the us has already imposed extensive sanctions on russia, though it has struggled to persuade some of russia's key trading partners such as india to scale back its purchases. if you look at how much russia actually sells to the us, it is very little. in the first 11 months of last year, the us imported a little less than $3 billion worth of russian goods. that's about one tenth of 1% of total us imports, and it's a reduction of about 90% from what the us imported from russia in 2021, the year before the invasion of ukraine. trump campaigned on promises to end the conflict that began with russia's invasion of ukraine which has killed tens of thousands and reduced cities to rubble. here in the uk, the government is facing a backlash from three of the country's biggest supermarkets over its new inheritance tax on farmers. tesco, aldi, and lidl have warned the �*uk's future food security

is at stake", unless the government pauses the introduction of inheritance tax on farms worth over one million pounds. this comes as the government's budget watchdog, the office for budget responsibility warns farmers are likely to slash investment because of the tax. james hughes is co—founder of financial content firm prezco and he believes the uk government is now under serious pressure to act. this is the key thing, this was always going to be the point that the government would have to start listening, was if there was some sort of financial clout behind it, and of course what we cannot underestimate is the financial clout that these big supermarkets have in the uk. now that they are being a little bit more vocal about this, it will have to make the government look at this and to respond in some way. and i think what is important about this policy is that obviously this policy is that obviously this has been touted ever since the budget by the nfu, they

have come out, that is the national farmers�* union, they have come out a number of times and said there are ways this policy can be made less bad with tweaks there and lashed here and there, and i think rather than them now rely on the fact that we could maybe see this completely pulled away, it is making those changes, but it is the power these supermarkets have. we know if they start to hit the government in the pocket, that is when the government will have to look at theirs. find is when the government will have to look at theirs. and it is interesting _ have to look at theirs. and it is interesting to _ have to look at theirs. and it is interesting to see - have to look at theirs. and it is interesting to see them i have to look at theirs. and it| is interesting to see them all collaborate and come together on this issue because the relationship between farmers and the big supermarkets, in particular tesco, and the big supermarkets, in particulartesco, has and the big supermarkets, in particular tesco, has been fractured for years, where farmers feel they have been squeezed and forced to reduce their prices by the big supermarkets, the likes of tesco, which is a giant. absolutely 100%. and i think what we have to look into this is if the government do go ahead —— ahead with this and there are no changes, the supermarkets will continue

doing business as normal, they will get their produce from somewhere else if that means british supply chains are affected as they say they are. however, what we need to look at from this perspective is what a great pr story this is for the big supermarkets because, as you say, for ever, farmers have been of the opinion that the supermarkets are not supporting them, you know, they are making it difficult, they are making it, all the ways they distribute the goods, the costs that they get, the fact that the prices are often very much set at incredibly low areas, farmers have had problems with supermarkets for a long time. now, what this looks like is you can say, yes, this looks like the supermarkets are very much on the farmers side. so there is a really interesting pr point there but of course if it does hit these supermarkets in the pocket, that is where they are going to be worried and that is where the government are going to be worried.

around the world and across the uk. this is bbc news.

more now the uk�*s trade relationship with europe — the new eu trade chief — who is responsible for post brexit negotiations with the uk — has told the bbc that the eu could consider a pan—european customs area in reset discussions set to start this year. maros sefcovic was referring to the idea which would allow for manufacturers to use parts or ingredients from dozens of countries in tariff—free trade. mr sefcovic was speaking to our economics editor faisal islam in davos, who began by asking the commissioner about how the eu would deal with potential tariffs imposed by the new trump administration. we are ready to work on the offer of cooperation and we hope that this message will be well received in washington, dc. but if the americans were to levy tariffs on the eu, is europe,

are you prepared to retaliate? first and foremost, let�*s see what is really happening, so we wouldn�*t really like to go through hypothetical responses right now. it doesn�*t seem very hypothetical, it seems pretty plausible. i mean, yes, this is what we hear from the campaign but first we would like to discuss it with our american partners, as i said, to check the facts and figures, and then we would consider a response. of course, if we will see that our legitimate interests are under pressure, of course, we are ready to take our positions. now, you retain the brief for relations with the uk, are they in a better place right now? definitely, yes. we are also waiting for ideas from our british friends about the reset, how concretely they would like to do it. is there scope for a much better relationship, perhaps not totally frictionless trade but far fewer frictions than have existed with a good deal?

and particularly in terms of food and farm exports via a veterinary agreement? i think that we discussed this already with our uk friends, absolutely, i think that i would say in this moment the ball is in the uk court. they have ruled out rejoining or applying to rejoin a customs union, but there are other steps on the way, things like the pan—euro—mediterranean accumulation area, could the eu, could your side envisage that as a sort of stepping stone towards fewer customs regulations? it might be one of the ideas, at the same time as we concluded also after these very strenuous negotiations, these three agreements, that even the best free trade agreement cannot simply replace participation in the single market. but we respected the choice, we respected of course how the uk government approaches

this and this pan—european area is something we could consider, but i haven�*t heard it say precisely from our uk counterparts. and you mentioned fisheries, in order to get this process going and some of these barriers lifted, you are asking to extend the fisheries agreement beyond next year, which expires next year? i think it is very important for the certainty of our fishermen and fisherwomen in the eu and i think this was 2026, it is very important there for the eu. there for the eu. are you and your members now more keen to hug the uk a little bit more tightly? maybe there is more so—called cake on offer. if it comes to the concrete offers, concrete deals, i think we have very good, conducive atmosphere in our discussions, and now we are waiting how the uk wants to balance their reliance with the reset process, and i will be very happy

to discuss it with our uk partners in good faith and look for constructive solutions. now let�*s get stuck into something different, because it�*s national pie day. are you a fan of pie and mash? in recent years london�*s traditional pie and mash shops have been slowly disappearing with under a0 remaining in the capital. however the industry is fighting back — with the support of mp richard holden who is starting a new campaign to give this staple of cockney cuisine the same protected status as the wensleydale cheese. he argues pie and mash is the original fast food. we�*re nowjoined by emma harrington, who�*s the owner, of manze�*s pie and mash.

what time do you normally start? so, the guys in the kitchen start at around 6:30am, unless they need to see in the flour and the mate, that. so so, it is _ flour and the mate, that. so so. it is a — flour and the mate, that. so so, it is a big day for you. what is on the menu? we so, it is a big day for you. what is on the menu? we only do one -e what is on the menu? we only do one type of _ what is on the menu? we only do one type of pie — what is on the menu? we only do one type of pie on _ what is on the menu? we only do one type of pie on the _ what is on the menu? we only do one type of pie on the menu, - one type of pie on the menu, which is the traditional minced beef pie with mash and liquor which is a type of parsley sauce. �* . , which is a type of parsley sauce. ~ ., , ., , sauce. and really, that is the best pie. _ sauce. and really, that is the best pie, isn't _ sauce. and really, that is the best pie, isn't it? _ sauce. and really, that is the best pie, isn't it? that - sauce. and really, that is the best pie, isn't it? that is - sauce. and really, that is the best pie, isn't it? that is the | best pie, isn�*t it? that is the traditional pie. but you do have the mumsy pie. tell me about your business, you are fourth generation, aren�*t you? yes, that is right. my great fat grandfather michael menzies started this shop here on tower bridge road are 1902, and it is still the same interior as it was back then, the same marble

table, the tiles on the wall, it hasn�*t changed, it is very nostalgic when you walk in here. �* ., ., , nostalgic when you walk in here. �* ., ., here. and what has changed, thou . h, here. and what has changed, though, recently? _ here. and what has changed, though, recently? we - here. and what has changed, though, recently? we have i here. and what has changed, though, recently? we have a| though, recently? we have a local politician who is pushing to preserve pie and mash, do you feel like it is under threat? i you feel like it is under threat?— you feel like it is under threat? ., , ., , you feel like it is under threat? ., , , threat? i do understand why pie and mash shops _ threat? i do understand why pie and mash shops are _ threat? i do understand why pie and mash shops are closing - and mash shops are closing across london, because it is very much a family tradition. as i said, i�*m fourth generation, and as it goes down the generations, some people might not be interested in taking over the planned —— family business, they might have other ideas, so i do understand why they are closing, especially with the cost of everything going up. but, for us, we don�*t feel that. this shop in particular, this is our busiest shop, we also do shields deliveries across the uk and for us business is booming. and is pie and mash _ business is booming. and is pie and mash popular— business is booming. and is pie and mash popular with - business is booming. and is pie| and mash popular with tourists, foreign tourists in particular? we all know about it in the uk,

it is delicious, it is a favourite of mine, but do you get a foreign tourist coming in and wanting pie and mash? yes. and wanting pie and mash? yes, absolutely. _ and wanting pie and mash? yes, absolutely, we _ and wanting pie and mash? yes, absolutely, we get _ and wanting pie and mash? yes, absolutely, we getjuris - absolutely, we get juris travelling absolutely, we getjuris travelling from all over the world to come and sample the pie and i think... only yesterday, we had someone fly over from australia because they had seen it on youtube and this was their first stop, arriving in london, to come and try it. i arriving in london, to come and t it. , , , ., try it. i guess things have been tough _ try it. i guess things have been tough because - try it. i guess things have been tough because the l try it. i guess things have - been tough because the prices of everything has gone up, energy, ingredients, your staff as well, it�*s not been easy, i�*m sure? as well, it's not been easy, i'm sure?— as well, it's not been easy, i'm sure? no, it is not easy, and when — i'm sure? no, it is not easy, and when i _ i'm sure? no, it is not easy, and when i say _ i'm sure? no, it is not easy, and when i say business - i'm sure? no, it is not easy, and when i say business is i and when i say business is booming, absolutely sales really are, we have just had our busiest december since i joined part of the business five and a half years ago. however, net profit for us, everything is increasing, like you say. it everything is increasing, like ou sa . , , , . you say. it is very difficult. emma. — you say. it is very difficult. emma, we've _ you say. it is very difficult. emma, we've got - you say. it is very difficult. emma, we've got to - you say. it is very difficult. emma, we've got to leave | you say. it is very difficult. l emma, we've got to leave it emma, we�*ve got to leave it there because we are out of

time but thank you so much for joining us and happy national pie day. that is all from business today, more business news on our website and the bbc news app. inafew in a few hours�* time, the oscar nominations will be announced in los angeles, an event which has been postponed twice because of the wildfires and among the film is expected to do well is the vatican thriller conclave which has already collected 12 bafta nominations. tom brooke has been speaking to the film�*s cast and director. the pope is dead. conclave is a film about political intrigue in the vatican. the cardinal

presides over the election of a new pope and finds himself at the centre of intense politicking.— politicking. this is a conclave, _ politicking. this is a conclave, aldo, - politicking. this is a conclave, aldo, it i politicking. this is a j conclave, aldo, it is politicking. this is a - conclave, aldo, it is not a war. , ., ., ., , ., conclave, aldo, it is not a war. ., ., ., war. it is a war and you have to commit — war. it is a war and you have to commit to _ war. it is a war and you have to commit to a _ war. it is a war and you have to commit to a side. - war. it is a war and you have to commit to a side. ralph l to commit to a side. ralph fiennes — to commit to a side. ralph fiennes was _ to commit to a side. ralph fiennes was drawn - to commit to a side. ralph fiennes was drawn to - to commit to a side. ralph fiennes was drawn to the l to commit to a side. ralph - fiennes was drawn to the work because of the nature of the man he plays. because of the nature of the man he plays-— because of the nature of the man he plays. the character of lawrence. _ man he plays. the character of lawrence. a — man he plays. the character of lawrence, a bit— man he plays. the character of lawrence, a bit uncertain - man he plays. the character of| lawrence, a bit uncertain about his faith, he makes a speech about doubt, and that the great enemy is a certainty, and that doubt is the foundation of mystery and therefore the faith, and i was very compelled by that speech, that speech was the catalyst that made me want to do it, i think it is quite a healthy provocation. conclave has been a — healthy provocation. conclave has been a real— healthy provocation. conclave has been a real crowd - healthy provocation. conclave | has been a real crowd pleaser, audiences have appreciated its elegant, well written screenplay and a strong performances from an illustrious cast including isabella rossellini who plays a rather formidable none.-

rather formidable none. good afternoon. — rather formidable none. good afternoon, sister, _ rather formidable none. good afternoon, sister, i— rather formidable none. good afternoon, sister, iwould - rather formidable none. good| afternoon, sister, i would like to speak to the sister. she afternoon, sister, i would like to speak to the sister.- to speak to the sister. she is safe with _ to speak to the sister. she is safe with me, _ to speak to the sister. she is safe with me, i— to speak to the sister. she is safe with me, i am _ to speak to the sister. she is safe with me, i am dealing i to speak to the sister. she is i safe with me, i am dealing with the situation. i must see her myself _ the situation. i must see her myself i_ the situation. i must see her myself. i hardly think a dropped trait should concern you — dropped trait should concern you the _ dropped trait should concern you. the welfare of the sister is a _ you. the welfare of the sister is a mite _ you. the welfare of the sister is a mite responsive entity. and — is a mite responsive entity. and this _ is a mite responsive entity. and this conclave is mine. it may be a thriller, but isabella rossellini thinks the movie touches on issues of the real world. it touches on issues of the real world. ., ., world. it talks about whether we should — world. it talks about whether we should be _ world. it talks about whether we should be liberal, - we should be liberal, conservative, what is the role of women _ conservative, what is the role of women within the catholic church, — of women within the catholic church, but that is also a debate _ church, but that is also a debate we have in our society and so — debate we have in our society and so you _ debate we have in our society and so you can see many parallels. and so you can see many parallels-— and so you can see many arallels. , ., ., parallels. credit must go to the director _ parallels. credit must go to the director who _ parallels. credit must go to the director who has - parallels. credit must go to i the director who has fashioned a film that is very accessible, it comes across like a murder mystery. it comes across like a murder m ste . ., it comes across like a murder mystery-— it comes across like a murder mste. ., , mystery. you should be careful, thomas. mystery. you should be careful, thomas- i _ mystery. you should be careful, thomas. i wanted _ mystery. you should be careful, thomas. i wanted to _ mystery. you should be careful, thomas. i wanted to make i mystery. you should be careful, thomas. i wanted to make a i thomas. i wanted to make a olitical thomas. i wanted to make a political thriller _ thomas. i wanted to make a political thriller that - thomas. i wanted to make a political thriller that stands l political thriller that stands like a — political thriller that stands like a book that you really love — like a book that you really love to _ like a book that you really love to read, like where you basically, _ love to read, like where you basically, you know, you are on

the edge — basically, you know, you are on the edge of your seat for the entire — the edge of your seat for the entire time, but also i was really_ entire time, but also i was really moved by ralph fiennes characters interiorjourney. ralph — characters interiorjourney. ralph fiennes has been nominated for an oscar twice before, in the 1990s for roles in schindler is list and the english patient. he is widely expected to get nominated again for this year for expected to get nominated again for this yearfor his expected to get nominated again for this year for his role expected to get nominated again for this yearfor his role in conclave. how important is it for you to get oscars recognition?- for you to get oscars recounition? , ., ., ., recognition? does it mean a lot to ou? recognition? does it mean a lot to you? i _ recognition? does it mean a lot to you? ithink— recognition? does it mean a lot to you? i think getting - recognition? does it mean a lot to you? i think getting awards l to you? i think getting awards recognition helps the movie business have traction, the real reward for the actor is getting the job, real reward for the actor is getting thejob, but real reward for the actor is getting the job, but i real reward for the actor is getting thejob, but i think if you are, if the awards come to any actor or director in any film, of course you celebrate, because i think it injects a kind of enthusiasm into cinema, and particularly what is great about this is of course there is awards talk but more importantly, was the life of the film in cinema, it stayed in cinemas for quite some time, which was fantastic.—

which was fantastic. ralph fiennes admits _ which was fantastic. ralph fiennes admits the - which was fantastic. ralph | fiennes admits the success which was fantastic. ralph i fiennes admits the success of the film has come as a bit of a surprise. after all, a story of a lot of men in red in the sistine chapel doesn�*t immediately conjure up thoughts of a big hit but the film shows how clever screenplay, a debt direction, and strong performances can be combined to create a gripping, thrilling cinema. so the oscar nomination is to be announced later today, will be a trust that here in bbc news, now time for a look at the weather with ben rich. hello. the weather is certainly turning a lot livelier over the next couple of days. thursday bringing some wind and rain. but for friday, storm eowyn. and so this met office amber warning with the risk of 90 mile per hour wind gusts in some parts of the uk. now that storm is developing right now in the atlantic. this is the satellite picture from a little earlier on, and you can see this stripe of cloud and just the beginnings of a hook appearing in that cloud as that area of low pressure begins to form

and it is going to strengthen, it is going to deepen rapidly as it approaches the uk, arriving and moving across the north of the uk during the day on friday. more on that in a moment. we start with thursday�*s forecast, which brings this band of rain eastwards, some snow developing over high ground in the north of scotland as that wet weather arrives. some very windy weather around the coasts of wales, the south and the southwest of england. gusts of 50 or 60mph here. some sunny skies following from the southwest as the day wears on. temperatures around five to nine degrees in most places. now during thursday night, that first band of rain clears. but then here comes storm eowyn. in this swirl of wet and windy weather, we�*re going to see some really very, very strong winds indeed across the republic of ireland. but those winds at that core of really strong winds is likely to migrate northwards and eastwards. and so we have our met office amber warning these are the areas covered by that amber warning. inland spots seeing

gusts of 60 to 70mph. some coasts and hills 80 to 90mph. and in fact, it is possible that some very exposed spots could see winds even stronger than that. pretty unusual for the uk. and then we also have widespread gales even away from that amber warning area. yellow warnings covering other parts of the uk. also some outbreaks of rain, some snow for a time up towards the north. and those temperatures will i think they�*ll be the least of our worries, but actually a little bit milder down towards the south now as we head through friday night. our area of low pressure, our storm gradually pulls northwards. still very, very windy. you�*ll notice in the north of scotland for a time on saturday further gales to come here. another weather system pushing in from the west bringing rain, some snow for some of us. and then actually through sunday and into next week, it looks like we could see more wet and windy weather.

live from london. this is bbc news. president trump suspends migrants�* entry into the united states from mexico, as over 1,000 us troops are sent to patrol the southern border. this was a gross miscarriage of common sense to allow people to come in, and i believe the number is 21 million people, and a large percentage of them are criminals. 18—yea—old axel rudakubana is due to be sentenced later today. he pleaded guilty to murder after he stabbed three girls to death in southport. thailand has become the first country in south—east asia to allow same—sex marriage. a fresh wildfire has taken ablaze north of los angeles, strecthing to an area of more than 9,000 acres.

coming up in business.