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. we'll be live with a democratic governor in davos ahead of trump's address. fighting or 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. 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.

so much of the talk here has been trying to divine exactly what the us administration and donald trump will do on trade, because the consequences of the tit—for—tat trade war are very severe. but he suggested originally that maybe 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 and that's 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 maros sefcovic 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 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 is involved 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, let's go live to where they are gathering. the democratic governor of kentucky evil is with us. hello. i looking forward to hearing the president later live in davos? i am, i think it will be interesting to see where the president is, just days after the inauguration. i certainly hope that he will talk about cooperation, the importance of alliances, especially between the united states and europe,

and their importance for global stability. and i at least hope he will strike a tone to wear we can provide more reassurance to the world and especially to our allies about how critical these relationships are. i5 these relationships are. is that a vain hope, given what we mostly hear from the president, which is about america first, which is about america first, which is about the potential swingeing tariffs on key trading partners, if he doesn't feel america is getting the best deal? i feel america is getting the best deal?— feel america is getting the best deal? ~ ., , ., �* best deal? i think what you'll see is the — best deal? i think what you'll see is the president - best deal? i think what you'll see is the president having . best deal? i think what you'll| see is the president having to take his american first ideology but then look at the reasons that he was elected, at the end of the day those swing voters moved over to donald trump because they believed he was the one that was going to make it easier to pay their bills at the end of the month, that he could bring prices down when prices have been too high, even though wages were going up

there was a like there. so, is a large tariff on mexico increases the price of food, bursaries, if a large tariff in canada increases the price of gasoline, then those voters are going to get very unhappy very quickly, so it is at least my hope that the message from the election, that donald trump, president trump, and his people should have seen is one they will keep in the very forefront of their minds.— will keep in the very forefront of their minds. and why are you at the world _ of their minds. and why are you at the world economic - of their minds. and why are you at the world economic forum? | at the world economic forum? what are you hoping to achieve? it is the first time might state kentucky has ever been invited because we broke ever —— every economic record, the most newjobs, the most exports, the best wages, so this plant —— chance to put kentucky on the global stage. i and meeting with employers from countries around the world that employ 8500 people from kentucky, they are from three continents and i get to see them all right here and talk

about bringing in morejobs. as about bringing in morejobs. as a governor i am very practical. before any ideology comes into play, myjob is to create a better life for the people of kentucky and i certainly hope for my country that moving forward those are some of those things that we focus on, lessen all the divisions we see out there and more on good jobs, health care, safe roads and bridges, good schools and public safety. i bridges, good schools and public safety.— public safety. i have been readin: public safety. i have been reading about _ public safety. i have been reading about you, - public safety. i have been reading about you, and i public safety. i have been . reading about you, and many public safety. i have been - reading about you, and many are talking about the possibility that you could be running for president one day yourself, your thoughts on that commentary at the moment? i think what is needed out there right now in the united states especially from democrats are reasonable voices. people that understand that to regain the trust of working families in the united states you have to be focused. we can't spend all of our time talk about what donald trump said or what donald trump said or what donald trump said or what donald trump did because if we do, weise... but

donald trump did because if we do. weise---— do, weise. .. but didn't come harris try _ do, weise. .. but didn't come harris try and _ do, weise. .. but didn't come harris try and do _ do, weise. .. but didn't come harris try and do that - do, weise. .. but didn't come harris try and do that during | harris try and do that during her campaign? she definitely tried but donald _ her campaign? she definitely tried but donald trump - her campaign? she definitely tried but donald trump took| her campaign? she definitely l tried but donald trump took up so much of that oxygen. if we are told about what donald trump said and we are told about the outrage of the day in washington, dc and then we are talking aboutjobs, we are only talking aboutjobs, we are only talking aboutjobs a third of the time, the american people want to see that focus, that our number one objective is to create a better life for them and that we are not going to get distracted by anything else. . . , get distracted by anything else. u, , ., ., get distracted by anything else. , ., ., ., else. 0k, give cash governor of kentucky. _ else. 0k, give cash governor of kentucky, thank _ else. 0k, give cash governor of kentucky, thank you _ else. 0k, give cash governor of kentucky, thank you for - else. 0k, give cash governor of kentucky, thank you forjoining| kentucky, thank you forjoining us live from davos. 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's 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 i% 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 £1 million. 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 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 can't underestimate is the financial

clout that these big supermarkets have in the uk. now that they're being a little bit more vocal about this, it will have to make the government look at this and respond in some way. and i think what's important about this policy is that 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? i think that it might be one

of the ideas, at the same time as we concluded also after these very strenuous negotiations, these free 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 formulated 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 fisheries, fishermen and fisherwomen in the eu and i think this was 2026, it is very important 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. let's get some of the day's other news now. elon musk has poured cold water over donald trump's 500 billion dollar ai project, by claiming the backers don't have the funds to support it. the joint venture includes openai — which musk co—founded with ceo sam altman — as well as cloud computing giant oracle and japan's softbank. altman responded to musk�*s comments, stating he respects musk�*s accomplishments

but didn't comment on his funding concerns. a us lawsuit filed on behalf of linkedin premium users accuses the social media platform of sharing their private messages with other companies to train aimodels. it alleges that in august last year, linkedin "quietly" introduced a privacy setting, automatically opting users in to a programme that allowed third parties to use their personal data to train ai. a linkedin spokesperson denied the allegations. and real madrid have become the first football club to generate more than £1 billion euros in annual revenue, according to analysis by deloitte. the spanish club retain top spot in deloitte's money league study with revenue ofjust over a billion euro from last season, in which they won the spanish league and the champions league. 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. emma harrington is the owner, of manze's pie and mash in london. earlier, iasked her what's on the menu for today. so, we only do one type of pie on the menu, which is the traditional minced beef pie with mash and lacquer which is a type of parsley sauce. and, really, that is the best pie, isn't it? ——and liquor which is a type of parsley sauce. and, really, that is the best pie, isn't it?

i mean, that is the traditional pie. but you do have the manzies pie, tell us about your business, you are fourth generation, aren't you? yeah, that's right, i'm fourth generation. so, my great grandfather, michael manzies, which is m manzies, started, well, opened this shop here on tower bridge road in 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. and what has changed, though, recently? i have just mentioned we've got a local politician who is pushing to preserve pie and mash, do you feel like it is under threat? i do understand why pie 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 family business, they might have other ideas, so i do understand why they are closing, especially with the cost of, well, everything going up. but, for us, we don't feel that, this shop in particular,

this is our busiest shop, we also do chills deliveries across the uk, and for us business is booming. and is pie and mash popular with tourists, foreign tourists, in particular? i mean, we all know about it in the uk, it is delicious, it is a favourite of mine, but do you get foreign tourists coming in and wanting pie and mash? yes, absolutely. we get tourists travelling from all over the world to come and try and sample the pie and mash. only yesterday, actually, we had someone fly over from australia because they had seen it on youtube and this was theirfirst stop, arriving in london, to come and try it. and i guess things have been tough because prices of everything have gone up, energy, ingredients, your staff as well, it's not been easy, i'm sure? no, it's not easy. and when i say, you know, business is booming, absolutely sales really are, we are busier than ever, we have just had our busiest november, decembersince ijoined part of the business

five and a half years ago. 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 as the vatican of perella conclave, which has already collected 12 bafta nominations. tom brooks has been faking to the car to direct. —— speaking to. the pope is dead. the throne...is vacant. conclave is a film chronicling political intrigue at the vatican, as we observe the fictional cardinal lawrence, played by british actor ralph fiennes, presiding over the election of a new pope.

he finds himself at the centre of intense politicking. this is a conclave, aldo, it's not a war. it is a war! and you have to commit to a side! ralph fiennes was drawn to the work, which is based on a robert harris best seller, because of the nature of the 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 certainty, and that doubt is the foundation of mystery and therefore forfaith, and i was very compelled by that speech, that speech was the catalyst that made me want to do it, i think it's quite a healthy provocation. conclave has been a real crowd pleaser — audiences have appreciated its elegant, well—written screenplay and strong performances from an illustrious cast, which includes renowned actor

isabella rossellini who plays a rather formidable none. good afternoon, sister, i would like to speak to the nun who dropped her trayjust now. she's safe with me, i am dealing with the situation. i'm sure you are, sister agnes, but i must see her myself. i hardly think a dropped tray should concern the dean of the college of cardinals. even so... the welfare of the sister my responsibity. and this conclave is mine. it may be a thriller, but isabella rossellini thinks the movie touches on issues of the real world. it talks about whether we should be liberal, conservative, what is the role of women within the catholic church? but that is also a debate we have in our society and so you can see many parallels. credit must go to the director who has fashioned a film that is very accessible, it comes across like a murder mystery. you should be careful, thomas. i wanted to make a political thriller that stands like a book that you really love to read, like where you basically, you know,

you are on the edge of your seat for the entire time, but also i was really moved by ralph's characte's interiorjourney. ralph fiennes has been nominated for an oscar twice before, in the 1990s for roles in schindler's list and the english patient. he is widely expected to get nominated again for this year for his role in conclave. how important is it for you to get oscars recognition? does it mean a lot to you? i think getting awards recognition helps the movie business have traction, the 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's great about this is of course there is awards talk but more importantly, was the life of the film in cinemas, it stayed

in cinemas for quite some time, which was fantastic. ralph 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 movie hit but the film shows how clever screenplay, adept direction, and strong performances can be combined to create a gripping, thrilling cinema. and thrilling cinema. as i mentioned, the oscar nominations and as i mentioned, the oscar nominations will be announced later today in los angeles, will have special programme when that is happening here on bbc news so you can keep track of who the nominees are for 2025. now, time to take a look at the weather with ben rh. 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 sends 1500 troops to the us—mexico border, in a move to crack down on illegal immigration. 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. the teenager who murdered three girls in southport last summer will be sentenced later. he's also admitted attempting to murder eight other children and two adults. a fresh wildfire has taken hold north of los angeles. more than 30,000 people have been ordered to evacuate. and the world's biggest iceberg has broken away from antarctica and is approaching

the island of south georgia, home to large penguin and seal colonies.