data shows us imports surged to a record high. what does the made in china 2025 project mean for and is the party over? as the night time economy summit gets underway, bars and clubs closing down. live from london this is business today, i'm sally bundock. we start in the uk where the bank of england is almost certain to cut interest rates to the lowest point this would be the third

cut in interest rates but stubborn inflation 7 and that presents a major the inflation rate fell to 2.5% in the year to december. that's still above the bank's target of 2% and changes in the chancellor's budget are forecast to push inflation still financial markets have boosted their bets on uk rate cuts this year from just 2 to around 3. hetal mehta is head of economic research at act the bank of england

continues to face. is above target. more importantly, core inflation, when you strip out still being high? the inflation risks. but the outlook but the outlook is far from clear. is far from clear. beyond this meeting, beyond this meeting, there's a lot of uncertainty — exactly how things such there's a lot of uncertainty — as tariffs, for example, may play out is, i think, may play out is, i think, going to be a big factor and a big learning by doing, i think, for a lot of central banks, including the bank of going to be a big factor england.

as soon as we hear from the as we hear from bank of england, we will let you know here on bbc news. now let's bring you the latest on the trade row that's erupted this week between the us and china. beijing has struck back by filing a complaint with the world trade organization, over what it calls a violation of trade rules. this a day after president trump imposed 10 percent tariffs against china. and the dispute comes as data shows record high imports into the us, pressuring the trade deficit even further. our north america business correspondent, ritika gupta has more.

of tariffs, racing to secure foreign—made goods. china ranked as the country with the biggest deficit in goods in december, sending around $25 billion more into the us than it purchased. wto procedures give wto procedures give the us and china 60 days the us and china 60 days to resolve their dispute through consultations, at which point china has at which point china has the right to request the right to request adjudication adjudication by a panel of judges. by a panel of judges. but the final wto panel that but the final wto panel that formal complaint over settles trade disputes remains unable to function, settles trade disputes as the us refuses to approve the appointment of newjudges the appointment of newjudges to the body, making it unclear to the body, making it unclear how effective a remedy it will be. well, a former senior official well, a former senior official at the world trade organisation at the world trade organisation has told the bbc that china's has told the bbc that china's formal complaint over additional us tariffs has very little chance of progressing.

tom graham said it would probably take a year before an initial wto decision and then the case would likely then be held up at the appeals stage as the us had blocked

advantage that china — you know, from the way the us and china. to speak to president xi. the thinking was they would have a phone conversation this week.

tariffs on mexico and canada. so what do you think might so what do you think might happen with china next? happen with china next? i think what's going to happen is the tariffs are in place, and they will stay in place and they will stay in place for quite a while. for quite a while. a couple of points. a couple of points. one is that — remember one is that — remember that the 10% on china is far that the 10% on china is far less than trump talked less than trump talked about during the election, about during the election, so there's a signal there. trump, more broadly, trump, more broadly, is trying to employ is trying to employ a carrot—and—stick approach to china. the tariffs are part of the the tariffs are part of the stick, as well as investments stick, as well as investments in artificial intelligence. in artificial intelligence. there are a variety of carrots, though, too. there's — you know, they got favoured treatment at the inauguration. at the inauguration. trump continues to speak warmly and in conciliatory tones about china. so they are trying to bring china along a little bit,

but it should be understood that this is far more about geopolitics than it is about trade. meanwhile, officials from the federal reserve

meanwhile, officials from the fede worry erve meanwhile, officials from the fede worry is ve meanwhile, officials from the fede worry is about meanwhile, officials from the iede worry is about meanwhile, officials from the i think orry is about meanwhile, officials from the i think orr the about meanwhile, officials from the i think orr the fed, is unfortunate that 7 it is unfortunate that president trump has taken the trump has the —e of the house at a president trump has taken the reins of the white house at a reins of the white house at a time when the us economy is time the us economy is timezwhen the us economy is growing strongly, the labour strongly, the timezvyhen the us economy is strongly, the labour growing strongly, the labour market is robust, and inflation market is robust, and inflation hasn't come down as much hasn't quite come down as much hasn't quitecome dew-"gas much they thought it would. so, as they thought it would. so, they are under no pressure to are under no pressure to interest a nd cut interest rates and they can interest and they can cut interest rates and they can to take this wait and afford to take this wait and effefd is take thigweitefie�* ' ' see approach that they are approach they are see approach that they are adopting now to see what is now to see what is adopting now to see what is actually implemented as opposed actually implemented as opposed what is being talked to what is being talked about to what is being talked about and its impact is. and seeing what its impact is. to what is being talked about ethink, ing what its impact is. to what is being talked about actuall , for the fed, ethink, actually, its impact is. to what is being talked about ethink, actually, for mpact is. to what is being talked about ethink, actually, for the|ct is. to what is being talked about ethink, actually, for the fed, i think, actually, for the fed, the tariff side of the equation i think, actually, for the fed, the tariff side of the equation probably less of a concern is probably less of a concern iii effiiééiél’f 55337? ffi’fifgffi" w what i3 effiiééiél’f 133333 ffi’fifgffi" w what the i3 effiiééiél’f 133333 ffi’fifgffiw w than what the immigration what the immigration = -: policies that mr trump has that mr trump policies that mr trump has deployed in terms deployed immediately, in terms policies that mr trump has of perhaps creating some weight de perhaps in terms policies that mr trump has de perhaps creating in terms policies that mr trump has de perhaps creating in weight

of perhe ps treating’some weig ht in the of perhe pstreating’some weight in the us economy pressures in the us economy pressures in the us economy because of a lack of because of a lack of labour supply. because of a lack of labour su -l . , supply. the fed next meets in march, supply. the fed next meets in march. when _ supply. the fed next meets in march, when do _ supply. the fed next meets in march, when do you _ supply. the fed next meets in march, when do you expect i supply. the fed next meets in march, when do you expect it| supply. the fed next meets in l march, when do you expect it to make another cut in rates? i am make another cut in rates? i am thinkin: make another cut in rates? i am thinking of _ make another cut in rates? i am thinking of may _ make another cut in rates? i am thinking of may or— make another cut in rates? i am thinking of may orjune, - make another cut in rates? i am thinking of may orjune, by - thinking of may orjune, by that stage they should have a lot more clarity on the impact of the labour market with the immigration moves and what is actually going to materialise, in terms of tariffs and how thatis in terms of tariffs and how that is impacting trade. by that is impacting trade. by that stage, by may orjune, they should have a much clearer picture of exactly where is going and some idea of the impact. is going and some idea of the im act. ., ~ is going and some idea of the imact. ., ~ ,, is going and some idea of the imact. ., ~' ., is going and some idea of the imact. ., ~ i. ., i” impact. thank you for your time. around the world and across the uk, this is bbc news.

south korea has followed australia's lead in restricting how some government workers use the chinese ai app deepseek. seoul's industry ministry has temporarily banned employees accessing the technology, citing security concerns. but deepseek is just the latest chinese tech company making waves. a lot of companies there, but there are many more within the tech w tech sector are chinese tech sector that are taking market share. from the world's factory to the world's innovator. and according to experts — they have largely succeeded. joe tidy has this report. taken the world by storm.

dominant in many other areas of tech. of motoring, selling more than any other country, thanks to hit electric car makers like byd. in drones, too, china rules the skies. next time you hear that buzzing above your head, there's a 70% chance it's a dji drone made in the city of shenzhen. three of the world's top—ten drone—makers are chinese.

made in china 2025. so in many industries, like, china is catching up across ten target technologies, the plan set out more than 250 mini goals.

the government has set an agenda and enticed companies to stay in china, their stay in china, give their over to chinese w accordinto us companies research, the chinese congress research, the chinese planned to spend $1 government planned to spend $1 trillion on research, mm or bu in forein w the [is w wtheuwsandw w the usandits companies. the us and its have of allies have accused china of stealing intellectual stealing intellectoat—property hacking, through stealing intellectoal—property hacking, through —— for us aircraft makers. has wifiqdeaiéj w w has denied but shine! hassrflmei�*ths 3st" ' hasn't succeeded all china hasn't succeeded in all its goals, it is still years behind other in with it shimeahiha; witherfiamx�* ' ' .. ' even worse thanks to get even worse thanks to more and more sanctions and controls, plus the us government and

are ware throwing private firms are throwing hundreds of billions of dollars staying ahead. and it's all taking place right here in america. other industrialised countries like germany other industrialised countries like germany and japan have also and japan have also launched counter—plans, too. launched counter—plans, too. but there's no doubt that but there's no doubt that a new high—tech leader has a new high—tech leader has emerged with big ambitions, deep pockets, and plenty of patience. plenty of patience. google has become the latest big us firm to scrap its goals to recruit more workers term contracts. to recruit more workers from underrepresented groups. from underrepresented groups. the decision to abandon the decision to abandon the diversity, equity, the diversity, equity, and inclusion — or dei — and inclusion — or dei — recruitment targets comes recruitment targets comes after the company carried out an annual review of its corporate policies. the technology giant the technology giant is also reviewing some is also reviewing some the norwegian energy giant the norwegian energy giant equinor is halving investment equinor is halving investment in renewable energy over the next two years while increasing oil while increasing oil and gas production. chief executive anders opedal and gas production. chief executive anders opedal said that the transition to lower carbon energy said that the transition was moving slower than expected, costs had increased, and customers were reluctant to commit to long to commit to long

term contracts. the largest gathering of the night—time economy

particularly from our sector because it is going to have a huge impact. and some will feel that this is just untenable for the future. so, what are you hoping for? because i would assume the some venues this could be make break, could it? make break, could it? without a doubt. without a doubt. i think there are business critical decisions that are going to be made right the coming weeks and months. but that is still on the table, across the country in we know that there is still a faltering position, in terms of the spring budget, in terms of the spring budget, we are waiting to hear we are waiting to hear signs and recognition signs and recognition that there are challenges that there are challenges within the budgetary within the budgetary constraints that are constraints that are to see this and possibly to see this and possibly look at reversing some look at reversing some

of those increases, of those increases, but that is still on the table, that came from autumn and what is going to happen in the spring budget because that spring budget is going to be fundamental for many people on whether they progress forward or whether they drop out of the industry. you're not the only industry body that is calling for changes from the chancellor. uk hospitality is among them as well because of these changes that will happen in april. you want her to revert to some of those decisions. if that is unlikely, would staggering them help? i think we've really got to consider where the vulnerabilities are. we know that 70% of our sector is made up of independent businesses, small medium enterprise businesses, and we have been pushing the chancellor to reallyjust consider the impact across the board, particularly for cultural output business, grassroots spaces, etc. so i think there is a lot

of work that needs to be considered, potentially around some of those focus areas, to allow them to sort of sustain and get through. but they just need the financial headroom. the governmentjust don't recognise the immediate challenges that we face, and we're talking long term but the immediate position is what needs to be dealt with, so at present the concern is if we don't deal with the immediacy of these problems, energy price hikes, plus on top those taxation increases, we are going to place so many businesses in a vulnerable position where they are already fragile. michael kill there talking to me earlier, that is business today. let's bring you more on our top

story. us president donald trump... said donald trump... he wants the us to "take over" the gaza strip and turn it into the "riviera of the middle east". bbc verify�*s nick eardley has spoken to international law experts to understand if the us has the authority to do so. can president trump really take ownership of gaza and turn it into the riviera of the middle east? the us will take over the gaza strip and we will do a job with it. we will own it. this is the area we are talking about, the strip on the mediterranean. around 25 miles long and roughly six miles wide. around two million housed in a sliver, most of whom have around 2 million palestinians live there. most of whom have been displaced internally by the war between hamas and israel. a huge amount of damage has been done to infrastructure over the past 15 months. but could gaza end up under us ownership as part of a reconstruction plan?

the short answer is the experts we spoke to think such a plan would involve clear violations of international law. firstly, article 2.4 of the un charter says the use of force is illegal. members agreed to refrain in international relations from the threat or use of force against the territorial integrity or political independence of any state. the idea that this would benefit the population of gaza or another population is legally completely meaningless. it is simply prohibited to use military force on the territory of another state, particularly in order to conquer or annex that territory. it's hard to see a situation in which donald trump could get

residents out of gaza. do it in areas where the leaders currently say no. the geneva convention, a set of international laws, prohibit forced permanent displacement. here is article 49. here is article 49. this is individual or mass this is individual or mass forced transfers as well as regardless of their motive. deportations of protected forced transfers as well as persons from occupied territories are prohibited territories are prohibited regardless of their motive. it's a violation of rules which have been created by states, and it is a violation of international agreements and international customary rules of international law which prohibit the forced displacement of people. it's also not clear where any displaced people would go. trump suggested they could be housed in parts ofjordan, egypt and other nearby countries, but arab states have rejected the idea

and previously said it threatens the region's stability and undermines prospects for peace. and even if donald trump ignored the likely breaches of international law, for any plan to be recognised, they need the backing of the international community. there is little sign of that today — the un and many of the us and eu's western allies instead back a two state solution which would involve the formation of a palestinian state alongside israel. acting head of the us agency for international development marco rubio says he is actively working to identify

protestors gathered on capitol hill to protest the shutdown of us aid. elon musk�*s effort to dismantle the agency around the world. you talk to american military leaders, they will tell high pressure dictates the weather trend at the moment, and with clear skies, it's provided the perfect opportunity to view with the naked eye the moon

close tojupiter as we close out wednesday. now, we keep those clear skies, and so thursday morning will allow a frost to form, so a cold start we're going to see a lot more in the way of sunshine — a beautiful winter's day. more of a breeze down through the south—east a few isolated showers. we pick up more of a breeze — coming from a southeasterly in more cloud.

so for england and wales, it's not going to be to the far northwest. showers off the north sea, impacting perhaps east anglia, southeast england, and along the channel coast down towards cornwall. as we go through friday. in the strength of the wind, so you'll need a couple to freezing for many on exposed east coasts. to see high pressure with us. around from time to time, and in the south—east, as it's staying cold.

hourly details here. that's it.

the white house tries to clarify president trump's

order banning transgender athletes from female sports competitions. more than seven years after the grenfell fire, hello, i'm sarah campbell. the white house has attempted to clarify donald trump's the palestinian population. relocating its residents. would be permanent. the us secretary of state called it a generous offer to rebuild gaza.