has the paris agreement gone off the rails? live from london, this is business today. in the trade war being waged by president trump. by ramping up import taxes or tariffs on foreign imports — to the dismay of neighbour and major supplier canada. an executive order raising tariffs on all steel to 25% — and removing

all previous exemptions to come for other industries including cars and it's going to mean a lot of businesses now, we're going to be meeting over the next we'll do a couple of them at different times, we'll be discussing chips. and we're going to be doing some other things in addition to that, all of which will bring in

it ever was before. we will get to some of those other tariff half the world's steel — at over a billion tonnes in 2023. just 81 million tonnes — around 4% of the total. most comes from canada, brazil and the eu —

the wrong people. first of all, very, very disappointed we have been through this — i think it was in 2018 — where we took the time to express and show that of our section 53 tariffs, where we followed their lead the steel industry in canada and the us is so integrated that we thought we had a partner up until today. well, you heard president trump hinting at tariffs on other industries including cars,

drugs and chips. if done properly — and we're going to try and do that, almost every one, it's a very, very... if they're at 25, we're at 25. if they're at ten, we're at ten. so, uh... that's not just steel and aluminium — but we'll be couple of weeks.

of economics. morning. if we start with steel, those tariffs coming steel. those tariffs coming , effect, steel these tariffs sensing , effect, on march steel these tariffs sereihq , 4th, :t, on march steel these tariffs sereihq , 4th, according on march steel these tariffs sereihq , 4th, according to on march steel these tariffs sereihq , 4th, according to the march your thoughts on the house. your thoughts on the impact? house. your thoughts on the im act? ., house. your thoughts on the impact? _ see i1 seen these impact? ii? i75—i17i5277i seen these m before, seen these types of tariffs from trump before and we �* they downstream we know they have downstream impacts estimates suggest impacts or estimates suggest that i impacts or estimates suggest that 1 job impacts or estimates suggest that 1job in us that for every 1 job in us deal, there are 80 jobs in industries, downstream industries, industries that use steel as products. these tariffs potentially raise the cost of steel therefore raise the steel and therefore raise the cost of inputs for all of cost of the inputs for all of these otherjobs in the downstream industries. in these otherjobs in the downstream industries. in terms ofthe downstream industries. in terms of the impact — downstream industries. in terms of the impact on _ downstream industries. in terms of the impact on canada, - downstream industries. in terms of the impact on canada, this - of the impact on canada, this is a significant and for the interestingly for the relationship canadian us steel companies, suppliers, whole providers, suppliers, the whole so complicated and we

thing is so complicated and we have companies who have both w 7 77 ' page; w 7 " ' bothrsidesof 77 7 77 7777 7 7b7oth7sid7es7of the border. it is very complicated and we see — border. it is very complicated and we see - and - border. it is very complicated and we see - and parts i and we see goods and parts going back and forth across this border. a very integrated market, particularly in steel and auto and that is why there has long been a trade agreement between the us canada. 1 between the us and canada. 1 was in that trump himself negetieted and signed. and he has negetieted and signed, and he has ripped that up and today he has ripped that up and said you cannot trust the us, = trust our cannot trust our agreements, and really canada is in a difficult position because they are thinking about they are thinking about ways they could �*from these costs could recover from these costs and potentially retaliate 1—77——757: ’-,. . 17—1tm ’ 1m —5 very 1=-: §——=— 77 not only because of difficult, not only because of the integration of these the integratieh ef these but also of markets, but also because of the size of the us economy. it the size ef the us eceherete tt 7, . ,, s, we ,, very the size ef the us eceheretl. lt a, — ,, w ”a ,, very difficult the size ef the us eceherete lt a, — ,, w ”a ,, very difficult to the size ef the us eceherete lt w — ,, w w? ,, very difficult to post the size ef the us eceherete lt w — w w ww w very difficult to post a is very difficult to post a significant costs on such a large economy.— significant costs on such a large economy. hislamument is lead 4: lead to large economy. hislamument is lead to a that will ultimately lead to a stronger, more profitable us

steel industry, providing steel to americans. do you see that happening?— to americans. do you see that haueninu? ., ., happening? you can look back to when he imposed _ happening? you can look back to when he imposed these - happening? you can look back to when he imposed these types i happening? you can look back to when he imposed these types of| eahe'e he "m'ed theee tne' *�* during eaheh he "he-ed theee the' a�* during his he" he ":"e�*! the'e tre' a? during his first tit“? e�*ehhe h'e first we �*ff'fff e'ehhe h'%*'*%* we sought if“; e'ehe hetet we sought 25% on steel. there were tariffs on steel. there were some but in that some exemptions but in that case we didn't see a huge of steel jabs at steel jobs created. pgumber of steel jobs created. fact, pgumber of steeljobs created. fact, even lumber of steeljobs created. fact, even following the in fact, even following the imposition of these 25% tariffs under the first trump administration, the number of usjobs in the administration, the number of us jobs in the steel industry relatively 7 relatively unchanged 1-2 about 140,0007 7 about 140,000 72 at about 140,000 people. when it comes to _ at about 140,000 people. when it comes to what _ at about 140,000 people. when it comes to what he _ at about 140,000 people. when it comes to what he calls - at about 140,000 people. when it comes to what he calls a - tariffs, do you reciprocal tariffs. do you we will hear more soon think we will hear more soon about that, and what is about that, and if so what is his sights? i this about that, and if so what is , his sights? i this is inwhissights? i assume this is we'll start to hear about where we'll start to hear about tariffs on coming in from tariffs on goods coming in from the eu. , , ., , tariffs on goods coming in from theeu. ,, _ , that i think i'm announcement that i think i'm nervous about, lots of trade are nervous about, and markets are nervous about. the markets are nervous about. he is threatening to he is threatenihgte impese on any country that has tariffs on any country that has tariffs on any country that has tariffs on any country that has tariffs on us goods, but virtually country has

yirtually every country has ta riffs yirtually every country has tariffs on some us some tariffs on some us goods. in effect his threat is tariffs for all so i think everyone will be watching this carefully and and about and looking and thinking about ways not only to retaliate e: 7 but to try to themselves but to try to potentially end off some dotentially end eff some of tariffs and strike a deal 7 7 my: 77 7 7 7 7 7finally,7l77 7 777 7 finally, i am interested to your : e’efif your take on the on es. 5713371777 s . . see... s. gigbare'go'nsay’. 7 7 gigbare'go'nsay’. w: 7 7 gigbare'go'nsay’. w7e737r7e7 7 the global economy. we are hearing from so many 77 the 7 77 the bank of 7 15575357155? gages; imf, 7 imf, organisations as the imf, ether ergsnisstiefls as their the imf, ether ergenisetiefls as their view on the impact. te thei't'ie'e' eh the “sweet;— — ~ , — ~ ~ —— ~ is te their�*eie'e' ea. the meaft , ~ .,.. ~ ~ ~ is yours? what is yours? there is no doubt trump _ what is yours? there is no doubt trump is _ what is yours? there is no | doubt trump is weaponising tariffs and them in way is destruct1ve 7 is destru ct1ve to 7 is destruct1ve to the 7 that is destructive to the global economy. most notably it is in the sense it global economy. most notably it is generating in the sense it global economy. most notably it is generating uncertainty. it global economy. most notably it is generating uncertainty. we know 7 know what 7 777 know what us 7 he leheer ishew whet us. is going to do. administration is going to do. we longer know if the us we no longer know if the us agreements have trees egr'eerhehte their hes-re. and trees egr'eerhehte they hes-re. and complied with trees eer'eerhehte their hes-re. will 1d complied with treee egr'eehtehte they heye will continue ed with treee egr'eehtehte they heye will continue to with treee egr'eehtehte they heye will continue to rule the past will continue to rule the game when it comes to trade. and so, really, the biggest impact is this increased

uncertainty we are seeing, and makes business when are doing business across borders. 0k. thank you national borders. ev thea-i: t our time national borders. ev eeeee gee -yourtametms% national borders. ev teeee gee - your time this 7morning. i stock markets have been taking the tariff escalation in their stride — asian stocks curently mixed — and london suggesting investors see a negotiation rather the dollar has continued to rise — as have metals prices — with safe haven gold hitting a new record high — more on that a bit later. good morning. - morning. i good morning. m noticed good morning. morning. i noticed yesterday good morning. - morning. i noticed yesterday that - good morning. - morning. i noticed yesterday that if - good morning. - morning. i noticed yesterday that if you - noticed yesterday that if you at the contracts for look at the contracts for aluminium, up some rising futures also rising

significantly. people are sighifieehtly; peepte ere of getting hold of metals while they can on the cheap, i 7 77 77 77-77 77 7 7 7777777771777 7777777117 7 77 71 71-717.771117111111 7 77 71 71-17.77171111711 assume. this is righte�*e'eeew - attern assume. this is righte�*e'esew - pattern through the end this pattern through the end of last year. though there is a lot of being to lot of goods being shipped to us before end of and organisation 7 inaugurated 1 7 inaugurated —— 1 inaugurated —— inauguration. —— inaugurated —— inauguration. he has been talking about ice 7773771559117 77 a long time 1 a long time but1 fetseleegsithe bet , , , there has been reaction the market market reaction but the market reaction has not been as as ree=t'aa hee a.at {aeeaee ' " as significant as a stressed, as significant as a ago when we had those week ago when we had those announcements over the ehheeheemehts ever the weekend trump tariffs on mexico and ehheeheemehts ever the weekend trum only ifs on mexico and ehheeheemehts ever the weekend trum only form mexico and ehheeheemehts ever the weekend trum only for them xico and ehheeheemehts ever the weekend trum only for them to o and ehheeheemehts ever the weekend trum only for them to be 1d canada, only for them to be given a reprieve of 30 days giveh e reprieve ef 3!) days w w e w . e . .. - 24 giveh e reprieve ef 3.0 deyse s.. w w ww 24 later. eiveh e reprieve ef 3!) days- -w .. w s-.- 24 later. the market just 24 hours later. the market has reacted, the canadian dollar, mexican peso some of the movements you down, some of the movements you listed, gold up, but the reaction has not been a strong and i think the market is beginning to wonder, to what e:

is1 this a degree is this a negotiation by or to what :-1= 7is he really willing these much as far as markets are very much as far as markets are content, and central bankers are very in waitand content, and central bankers are very in wait and see jerome powell later 1 7 7 jero1me powell latertoday mode. jerome powell later today will face a grilling in wit! fete e grittihe ia. as witth'e e erittihe ia. as he does wittf3'e .3 erittihe ia. as he does on a congress, as he does on a regular basis. it will be interesting to see what he says later. . interesting to see what he says later. , ., , later. yes because ultimately what - will _ later. yes because ultimately what - will do _ later. yes because ultimately what - will do - raise | what harris will do well raise tariffs for americans. it will what harris will do well raise tariffs for ame that .. it will increase prices that us consumers or manufacturers censemers er menefeeterers' pay steel censemers er manufacturers pay steel or aluminium censumers er manufacturers pay steel or aluminium so that for steel or aluminium so that is when we will the is when we will see the biggest impact on inflation and significant hes eiehifiseht implisetiehs ,,,3 ~ ~ ~ ' a' ~ ,. fed hes eighifiseht implisetiehs ,,,3 ~ ~ ~ ' a' ~ ,. fed policy. hes siehifiseht implisetiehs ,,,3 ~ ~ ~ ' a' ~ ,. fed policy. we fer fee petity. whet’we’e’re’ even before it already seeing, even before it trump came into power, before these tariffs, signs of stickiness. in cpi these tariffs, signs of stickinesr and cpi these tariffs, signs of stickinesr and of cpi these tariffs, signs of stickinesr and of course inflation. and of course the impact of these the impact of these tariffs, the impact of these tariffs, the impact of these policies will i!!! mm u- on to- of layer up on top of that so the markets already thinking it markets are already thinking it might be difficult for the

federal reserve to cut interest federal reserve to cut interesl again. yes, they be rates again. yes, they may be to, perhaps if these able to, perhaps if these tariffs are delayed, but 711 77947117177 77 7 711 17i7~7ill7be 77 11111 111 11l7ltl1i7l7l1ii;e watching certainly we will be watching powell this to jerome powell this afternoon to, what he is thinking about uuaue what he is thinkin: about r, .. fed policy. jane foley, good to see you. _ fed policy. jane foley, good to see you, thank _ fed policy. jane foley, good to see you, thank you. _ the breaking from 0val the breaking from oval office and the white with office and the white house with president trump did sign the greenish; trent presses the 1’ order that greenish; trent premises the 1’ order that imposes execstiveerder that—impasse of 25% on steel and that is the that is imported the us. that is imported the us. that is tariffs zed the us. that is tariffs are ihte “acids these teriffs'ere . ~ , to take effect on the let's bring in josh spoores — head welcome to bbc what is your reaction to this executive [em mei! order being signed, the tariffs going ahead? lt order being signed, the tariffs going ahead?— going ahead? it has certainly been a wide _ going ahead? it has certainly been a wide - of - going ahead? it has certainly been a wide - of days i going ahead? it has certainly i been a wide - of days with been a wide couple of days with a announcement and it nice to have the

is nice to actually have the document in front of us just to see exactly is going on see exactly what is geing en how it is listed. see exactly what'isgoingron - how it is listed. and how it is listed. what im act and how it is listed. what impact will _ and how it is listed. what impact will it _ and how it is listed. what impact will it have - and how it is listed. what impact will it have in - and how it is listed. whatj impact will it have in your w .7- -- 777-- impagtwill it have in your , prices rise but we expect;f seee prices rise but we expect to pick up faster. i current change in steel mills have been prices, steel mills have been asking for about 15% more today asking fer abeut15�*3’g mereteday they received a month ago than they received a month ago and so we expect that to ehd se we expect that te. ~ . there rehd se we expect that te. ~ - there will rahd se we expect that te. ~ - there will be supply eehenes there still lee ale-eater." disruptions here. eehenee there still lee seeeleil” disruptions here. the isa is a net importer, the us is a net importer, the import price is typically what sets the price import price is typically what se�* a the price import price is typically what se�* a supply price import price is typically what se�* a supply restricted and as a supply is restricted and priced higher, that will be the driver for higher domestic prices. driver for higher domestic rices. �* ., ., ., ., prices. and for canada, the im act prices. and for canada, the impact i steel _ prices. and for canada, the impact i steel producers, | prices. and for canada, the i impact i steel producers, they impact eh steelpredecers. they the biggest exporter of to 11 to th17e1us. steelto the us. right, so inevitably _ steelto the us. right, so inevitably i are - steelto the us. right, so

inevitably i are going i steelto the us. right, so inevitably i are going to steelto the us. right, so i inevitably i are going to see scramble, 77 scra1mble, trying to buyers scramble, trying to maximise their purchases, domestic mills, and what that will do a partner will do for a trade partner like canada or even mexico, it will do for a trade partner like leave a or even mexico, it will do for a trade partner like leave more ven mexico, it will do for a trade partner like leave more supply xico, it will do for a trade partner like leave more supply in :o, it will do for a trade partner like leave more supply in thet will leave more supply in the market unlikely press will leave more supply in the mark thank (ely press c-e— - - will leave more supply in the mark thank you press c-e— - - will leave more supply in the mark thank you for ss c-e— - - will leave more supply in the mark thank you forjoining e; - - will leave more supply in the mark thank you forjoining us, - - josh, thank you forjoining us, good to get your on that geed te get yeur takeeh that that has been developing news that has been developing probably while you ereleelety'eh�*ite’yeeere he posted on x, "no, thank you, but we will buy twitter for $9.74 billion if you want." 0penai boss sam altman has

rebuffed a reported bid to buy as well as other investors. over the direction that the ai company has taken since its founding. to secure the capital for developing the best ai models. last year, musk filed a lawsuit against 0penai and altman — he claimed that 0penai's founders originally approached but left before the company took off.

in the next hour or so. the wider oil sector — making it a potential takeover target for a bigger rival. bp latest numbers are out at 7am london time — we will update you. features on most of its models — including one costing under analysts hope the move into �*smart driving' will drive rivals such as tesla. 0ne compared it to the arrival of low cost coming up — cop out?

their climate—change plans.

to file their plans for cutting greenhouse emissions by 2035 — well, out of the 195 nations who signed

development— which has been keeping track of each country's climate plans. good a heavy the we mentioned the us and the uk countries who have are among countries who have met this deadline. who else met it? ~ met this deadline. who else met it? . ., met this deadline. who else met it? ~ ., . ., , met this deadline. who else met it? . ., , ~ 7177-37 it? marshall zealand, the marshall islands, uruguay. but it is clearly disappointing that are so many countries that have missed the deadline. however, it is important to put this in context. these are plans that have to be submitted every five under the paris 1= -: 7 the goal 1 7 the goal that 1 7 the goal that each1 them ambitious, and each of sets a ten is aaa—e aaa�*a�*a' ahd each ~t - - ~ - - - - ~ - sets a ten year them sets a ten year emissions target. so the plans being now are for emissions in 2035.7 711 77 in 2035.7equally, plans are also suppo7sed be the comprehensive -=—= the countries have ever that the countries have ever submitted, including all setting 1

and tin- eae'e't'aee1 and also amt-thee 7 and also pla1ns e"? ' and also pla1ns for'” targets and also plans for their in some their implementation. in some ways is not a surprise that have been missed deadlines have been missed because these complex and because these are complex and ambitious that emlaitiees shes-“takings that time in those countries require time in these ceuntries order to be able to secure ih erder te be able te secure level of ambition required that level of ambition required to meet the paris 50 to meet the paris agreement. es sounds like you are letting to meet the paris agreement. es soun hook! you are letting to meet the paris agreement. es soun hook a (ou are letting to meet the paris agreement. es soun hook a little. 5 letting to meet the paris agreement. es soun hook a little. at tting to meet the paris agreement. es soun hook a little. at the g off the hook a little. at the end of the day, they are plans, they not legally binding they are not legally binding maintenance. some might argue, geaieaea�*e erge 1515555 7 that 7 7 geafeaeaae tinge see site 7 that realistic 7 7 geafeaeaae tinge see site 7 that realistic to 7 surely that is realistic to present a plan a certain 17— 7 7 7 _n we1haye deadline. yeah, i think we have seen for some _ deadline. yeah, i think we have seen for some time _ m do to miss countries do tend to miss deadlines. 0ur countries do tend to miss deadlines. our own research highlights only in 50% of highlights that only in 50% of cases to countries meet their deadlines and in this particular instance, the has particular instance, the un has essentially granted an 1m? 7 7 1pm; 1think by necessity so so many countries have because so many countries have missed deadline. but now missed the deadline. but now countries to countries are expected to those plans by

= 1 that is 7 that is important september. that is important because comes in advance of because it comes in advance of cop30 being by brazil in cop30 being hosted by brazil in november and in of that meeting it is really important that have that countries have submitted their plans and it gives a clear sense for those negotiators of whether or not agreement may 1 agreement may be agreement may be on the paris agreement may be on track to limit to well track to limit warming to well degrees and ideally to below 2 degrees and ideally to the 1.5 degrees target. but a factor is 7 7 af1actor is president surely a fectefl’rfi�*reereieflt ” ' 7 " in the surely a fectefl’rfi�*reereieflt 1 ' 1 " in the white house, surely a fectefl’rfi�*reereieflt 1 ' 1 1 in the white house, who trump in the white house, who has withdrawn the us from the paris climate agreement anyway, and i guess that takes the wind of sails, takes the out of the sails, takes the pressure off other countries to these as it meet these deadlines as it were. it meet these deadlines as it were. . meet these deadlines as it were. , . ., , ., were. well, it is certainly not a positive _ were. well, it is certainly not a positive signal. _ were. well, it is certainly not a positive signal. the i were. well, it is certainly not a positive signal. the us i were. well, it is certainly not a positive signal. the us is l a positive signal. the us is responsible for something respehsible fer semething 13% global greenhouse around 13% of global greenhouse gas and so you gas emissions and so if you one of the biggest have one of the biggest emitters choosing to withdraw the paris agreement and from the paris agreement and honour its targets, then of

not honour its targets, then of course it sends a signal to many other countries who are saying, well, if they are not doing it then why we? doing it then why should we? but, was in brazil but, actually, i was in brazil yet two ago with yet two weeks ago speaking with of the new the presidency of the new climate negotiations in brazil climate n'egetia�*tiens 1in brazil they are determined to and they are determined to work towards ambition even without the us. at stage we are the us. at this stage we are not seeing a whole raft of hetseeing'a whale raft ef withdrawing other countries withdrawing from the paris 0f —= = -= it may sti1ll happen course it may still happen but the resilience absolutely the resilience are absolutely committed to see that of ceremittee te see that level—et— —— w . .. ... other support from other countries. tom mitchell, thank you. in the last few hours. gold has had its biggest rally in decades over recent weeks — as investors seek what they see as a safe haven from volatility on the markets — a lot of that of course due to president trump's policies. it has surged more than one percent since he announced

the latest steel tariffs. the metals markets here in london. good morning to you. what a ride for gold. absolutely. that's 3000 _ —= it could 1 it could me1t it psychological level but the a psychological level but the market seems to to see it market seems to want to see it hit. the fire has lit 7 they; the gold market with the under the gold market with the comments made earlier in the about 1 on steel and tariffs en- steelahd'aluminium are concerns that but there are concerns that could also be they could also be limitations on the imports of gold and silver the us and in . 7tha'7t71 7 7that7significant advance of that significant amounts of precious metals have been flowing from london into york, 7 7 7 york, creating7 7 york, creating7something of l [le-5.37... ll�*lr’é a shortage in the domestic here in the uk. the market here in the uk. the at the moment is market at the moment is absolutely on fire. we saw a 34% in the last year and 34% gain in the last year and it looks very... it set

it looks very... it looks set to challenge $3000 to challenge that $3000 level soon. l tocha |- hi �*--�*-- soon. ., tocha �*|g�* |- hi �*--�*-- soon. ., . 1650 00:24:08,382