and the gppgsitiefi benches the end the gppgeitiefi, benches the government end the appeeitiefi benches the government was the us secretary of state and the foreign sgggeterg —— had the foreign seereteryheve had conversation and the foreign searetaryhave had conversation and uk a phone conversation and uk defence going to defence secretary is going to his us counterpart in the meet his us counterpart in the coming weeks. marco rubio saying that he is see fsee doing 77 77 jsee doing 6 ti; to see europe doing more to provide for its own and provide for its own defence and push for peace in ukraine, the us is ready to confirming the us is ready to negotiate to end uk russian negotiate te end theta'ié. reese“ and negetiate te end theta'ié. reese“ and will negetiate te end theidié. rdesa“ and will work with towards peace in ukraine. uk towards neace in ukraine. , a couple of sentences but just a couple of sentences but do you think quite do you think it's quite significant?— do you think it's quite significant? do you think it's quite siunificant? , , , significant? yes because if you saw the end — significant? yes because if you saw the end of _ significant? yes because if you saw the end of. press - saw the end of the press last week lot conference last week a lot of wondering they people wondering whether they could have a kick—start talks

about whether president trump would be interested in dealing would befl'nterestedr indealing president zelensky would uefl'nterestedr indealing president zelensky again. with president zelensky again. he clearly wants to meet president putin. there were questions about way does the process if there is from here here you have go from here and here you have for the first time a senior member of the trump the uk continue working with the uk towards peace in ukraine. uk has made clear that idlukfigs made clear that should be part of this ukraine should be part of this as the weather european 77 ”lithinki 77 withinkithafitfir 77 withinkithatis countries. i think that is significant in the sense it e= 5—— 77 they have not actually cut off future peace or cut off future peace or talks it off future peace or talks about jture peace or talks about peace >eace talks er talks addut peace" " " ” and are still —— we? have not heard from engaged. we have not heard from president he doesn't president trump. he doesn't it's the right time to think it's the right tirne to to zelensky, think it's the right tirne to does zelensky, :: think it's the right tirne to does more ensky, :: think it's the right tirne to does more positive : this does look more positive that things are not dead. and finally, to go - to just finally, to go back to that point about the unity in

the house commons, there was the house of commons, there was question about uk one question concerned about uk involved in troops being involved in peacekeeping on the ground in and 77 77 and asking 77 and asking would a specific 77 a specific vote 7 7 a specific vote if 5 a specific vote if that was 5 lee a specific vete iethate-jss ~ , , ~ , . to happen, lee a specific vete ih-�*eateiss ~ , , ~ , . to happen, but sir keir going to happen, but sir keir starmer was very bullish in his response saying in order to our peace we have got to defend our peace we—have got to and he got a lot defend ukraine and he got a lot of support. interesting to see that almost entire unanimity behind ft that almost entire unanimity behind ., , ., ~ behind them. it was one mp are we behind them. it was one mp - are we going - behind them. it was one mp - are we going to - behind them. it was one mp - are we going to get l behind them. it was one mp - are we going to get a saying are we going to get a vote on this and expressing vete en this and expressing ~ ~ ,. ~ ~ ~ about putting boots on ground 77 ground and 77 ground and jets 77 ground and jets infthe air, the ground and jets in the air, keir starmer at the sir keir starmer at the beginning made very clear that beginning made very dear that would to do the europe would have to do the heavy in terms heavy lifting in terms of military deployments to ukraine if there is going some if there is going to be some kind of ceasefire and that making clear once again he is prepared to british the -round and put british on the ground and put british in the air. the only other jets in the air. the only other indication of country indication of a country that would join them at the moment

france. we don't know what as france. we don't know what etbecc c- he says he other countries, he says he will �*the country other countries, he says he will �* the country speak will enter the tee-“hf speak. , .,. he will enter the tee-“hf speak. 7 .,. he is will enter the tee-“hf seeah f .,. he is making it clear it's but he is making it clear it's going to be a coalition of the g: 7 7 and that britain will and that not every ? country is likely to european country is likely to support but i think it's an important indication also that �* keir �* has said that sir keir starmer has said two mps if happens two mps that if this happens they will be a in the they will be a vote in the house of commons about of uk forces even if not ina not in a combat role but it's not in a combat role but in a security role.— it's not in a combat role but in a security role. it's not in a combat role but in a sec: i ity role. it's not in a combat role but in a sec: i want ie. it's not in a combat role but in a sec: i want to ask it's not in a combat role but in a sec i want to ask you er thought i want to ask you about, your assessment of in 7 in london? 7 7 i in london 7 that yesterday in london and that and all of those leaders summit and all of those leaders gathered together. it was quite contrast, the welcome they a contrast, the welcome they compared to he was in the oval when he was in the oval office on friday of last week. saw on friday of last week. we saw lot of for ukraine a lot of support for ukraine but we also saw underlining that an insistence that in of making this peace terms of making this peace dealer any deal

dealer any peace deal stick there has to be that relationship with the us. certainly been the message sir keir starmer. it has from sir keir starmer. it has been the of the italian = the head of prime minister, the head of nato. you have got to build bridges of the us. they realise it's difficult. the problem is the are very the optics are very different so you look at the press conference with president trump and president zelensky and and president zelenshgand —— ~ — ,- trump did not want president trump did not want to russia and criticise russia and sure you to a european criticise russia and sure you sir) a european efie criticise russia and sure you sir keir uropean efie criticise russia and sure you sir keir starmer efie criticise russia and sure you sir keir starmer or is criticise russia and sure you sir keir starmer or any like sir keir starmer or any �* european leader they other european leader and they make clear that russia was the aggressor. they are not trying to history. sometimes to rewrite history. sometimes that seems he what's that seems to be what's going on inside the trump administration. a clear difference and nevertheless despite those realisation that despite those differences have to work have certainly europe �*it�*s 7 to t and secure going to try and secure a peace will the ze-

77 of the trump backing of the trump administration. ., ,, , ., , administration. thank you very just to administration. thank you very - just to remind - administration. thank you very - just to remind you - administration. thank you very | - just to remind you i we into 7 into other 5 into other stories, you move into other stories, you can continue to follow reaction analysis of the prime and analysis of the prime at the minister's statement at the house of online. we house of commons online. we are a live page the bbc running a live page on the bbc news app and on our website. the ”icon w ”(cacao the world and across the this is news. a call to arms. will have to do more to fund its own security. but bond markets are

worried about the cost also coming up — the calm before the tariff storm. us import taxes on canada, mexico and china are set welcome to business today. to secure peace in ukraine. it comes after a flurry of diplomacy in europe following the acrimonious collapse of talks between the us and ukraine on friday. the us and ukraine on friday. investors are betting on a european �*rearmament cycle' as the white house raises pressure on the continent to pay more towards its own security.

europe's biggest defence manufacturer — uk—based bae systems — saw its shares jump by almost 15%. that's stirred the ftse—ioo to a record high — rising in the past hour to cross 8,900. there were similar big gains for french defence tech giant thales and germany's rheinmetall, which makes the leopard 2 tank. speaking in the past hour, britain's prime minister sir keir starmer outlined how ukraine would be able to tap into british—made weapons. a partnership with ukraine that allows them to use £i.6 a partnership with ukraine that allows them to use £1.6 billion of export finance to buy 5000 air defence missiles manufactured in belfast. that means ukjobs, uk skills, uk finance pulling together for our national interest. putting

ukraine in the strongest possible position for peace and protecting innocent civilians from the terror of russian drones. well, defence stocks are up, gas prices are rising. and bond markets have also been reacting to the latest geopolitical tensions. yields — or implied borrowing costs on british and german government debt — have been surging on fears about the cost of all this military spending. a little earlier, i discussed that with thomas more, along with his take on what's driving up defence stocks so sharply. in terms of the move we are seeing — in terms of the move we are seeing this commitment by european politicians to spending so i do think that's important, that commitment in that sense of urgency that we are hearing from politicians that— are hearing from politicians that is— are hearing from politicians that is driving notjust the british— that is driving notjust the british aerospace but also lots of the — british aerospace but also lots of the european companies. gilt ields are of the european companies. (1: it yields are also edging higher in britain and germany so does it signal nearer of higher

public spending to pay for all of this? ., , public spending to pay for all of this? . , ., ., of this? that is what we are seeinu . of this? that is what we are seeing. over _ of this? that is what we are seeing. over the _ of this? that is what we are seeing. over the weekend i of this? that is what we are | seeing. over the weekend it of this? that is what we are - seeing. over the weekend it was quite _ seeing. over the weekend it was quite interesting the number of politicians in the uk referring to hype — politicians in the uk referring to hype to gating the national wealth— to hype to gating the national wealth fund, russian assets. we've — wealth fund, russian assets. we've already had the overseas aid budget being raided. the message from uk politicians seem — message from uk politicians seem to _ message from uk politicians seem to be message from uk politicians seem to he don't worry, the citizens— seem to he don't worry, the citizens of— seem to he don't worry, the citizens of the uk won't have to stump _ citizens of the uk won't have to stump up more tax but actually— to stump up more tax but actually what we're seeing in terms — actually what we're seeing in terms of— actually what we're seeing in terms of markets this morning as a _ terms of markets this morning as a sharp _ terms of markets this morning as a sharp move higher in bond yields— as a sharp move higher in bond yields and _ as a sharp move higher in bond yields and it's the same across europe — yields and it's the same across europe particularly funnily enoughin europe particularly funnily enough in germany where you are seeing _ enough in germany where you are seeing the — enough in germany where you are seeing the real political melting pot there of the new government needing to persuade the coalition partners. what that— the coalition partners. what that means of courses higher bond — that means of courses higher bond yields could in due course translate —

president trump's tariff pause on canada and mexico runs out at the end of today, while new tariffs on chinese goods could take effect at the same time, with beijing vowing retaliation. tariff levels are undecided. so, what's next? markets seem to be calm in the face of a possible global trade face of a pessibte . ..--. ..--- face of a passibte . .. .. war. yes. we are seeing increasingly _ war. yes. we are seeing increasingly little - war. yes. we are seeing increasingly little bit - war. yes. we are seeing increasingly little bit of. increasingly little bit of starting to appear. the tension starting to appear. the started in green are =zee red. speaking the red. broadly speaking pretty flat. what is pretty much flat. what is happening is that wall happening here is that wall street is trying pass street is trying to pass. , all the comments street is trying to pass. , of all the comments "we";

street is trying to pass. , of ai white omments "we"; street is trying to pass. , of ai white house its "we"; understand what exactly is going and how going on and how seriously should they take the of should they take the threat of 25% tariffs on two of the should they take the threat of 25% tariff biggest of the should they take the threat of 25% tariff biggest trading of three 77 " ”offtfreeof” w ”of ffir’e’e’éf’t’hi w w0} tifrwewewothhewbig partners of three of the big trading partners when you factor in china as well. it was a question i put tojimmy lee a'guestien'! put tat-“1 lee earlier a'guestien'! put ts j�*“�*r lee earlier to ask a'suestisn'! put ts j�*“�*r lee earlier to ask him a'suestisn'! put �*sj—�*w lee earlier to ask him why perry earlier to ask him why street was not more wall street was not more concerned why their concerned and why their was so muted to the response was so nnuted to the a- ..-- -. cc.-- . of tariffs? response was so nnuted to the a- ..-- -. w.-- . of tariffs? ff mam ~ tife § _ e — will ' whether he will follow w wwwawnd er he will follow w ww and note will follow w ww and note will folli we w ww we wthewiwotwe will folli we w ww we wthewtariffs ll folli we w wszwthewtariffs that l! we still have the tariffs that were _ still have the tariffs that were imposed _ still have the tariffs that were imposed in- still have the tariffs that were imposed in his- still have the tariffs that| were imposed in his first still have the tariffs that - were imposed in his first term i think most investors but i think most investors believe _ but i think most investors believe the _ but i think most investors believe the - of - but i think most investors believe the - of the i believe . e . ea.o . e and believethet�*nreatoft�*ne sinew - and the percentages of sinew - tariffs the percentages of sinew - tariffs are percentages of sinew - tariffs are part entages of sinew - tariffs are part of tages of sinew - tariffs are part of the !s of the tariffs are part of the deal— the tariffs are part of the deal is _ the tariffs are part of the deal is trying _ the tariffs are part of the deal is trying to - the tariffs are part of the deal is trying to cut - the tariffs are part of the deal is trying to cut and i the tariffs are part of the i deal is trying to cut and so i 111711711—71—11171171 w think that's where people are more — think that's where people are more - in _ think that's where people are more - in is _ think that's where people are more - in is concerned i think that's where people are i more - in is concerned about -e ripple effect that the ripple effect that tariffs could — the ripple effect that tariffs could have _ the ripple effect that tariffs could have on _ the ripple effect that tariffs could have on the - the ripple effect that tariffs could have on the economy the ripple effect that tariffs - could have on the economy and could have on the economyandr _ inflation. that - potentially inflation. that being _ potentially inflation. that being said _ potentially inflation. that heing said i— potentially inflation. that being said i think- potentially inflation. that being said i think there . potentially inflation. that. being said i think there are ma'or tailwinds we two major tailwinds we have to look _ two major tailwinds we have to look forward _ two major tailwinds we have to look forward . at _

two major tailwinds we have to look forward . at - in - two major tailwinds we have to look forward . at - in the i look - .. - - . -.s,t,i a; one is lookiouuacdiojtieestmjbe - m— lookiouuacdiojtieestmjbe - one is the deregulation l have - one is the deregulation and one is low another one is low interest rates _ another one is low interest rates low— another one is low interest rates. low interest - another one is low interest l rates. low interest - and rates. low interest rates and the _ is _ rates. low interest rates and. the _ is - for the regulation is very good for and the regulation is very good for - and for— the regulation is very good for - and for risk - the regulation is very good for - and for risk assets . business and for risk assets such— business and for risk assets such as _ business and for risk assets such as - and - business and for risk assets such as - and so - business and for risk assets . such as - and sol think such as equities and so i think those — such as equities and so i think those are _ such as equities and so i think those are two _ such as equities and so i think those are two major— 2 are behind what is calming that are behind what istatrmng -w that are behind what istatrmng - markets and the stocks forward and in my i stocks forward and in my - i think— stocks forward and in my - i think the - stocks forward and in my - i think the fed i stocks forward and in my - - i think the fed moves opinion i think the fed moves more — opinion i think the fed moves more meaning _ opinion i think the fed moves more meaning they're - opinion i think the fed moves more meaning they're going i opinion i think the fed moves. more meaning they're going to lower— more meaning they're going to lower rates— more meaning they're going to lower rates more _ more meaning they're going to lower rates more - what - more meaning they're going tol lower rates more - what was so far. predicted so far. interesting because some _ predicted so far. interesting because some americans i predicted so far. interesting i because some americans have voicing their anger about prices persistently high prices despite donald pledged despite donald trump's pledged to bring those prices down. do think listening to that w inflation w start help that inflation might start help donald trump in that sense before the next midterms. the before the nest neidterrnse' recent data out of the us

things are moving in the right is behind direction and what is behind the or optimism and we could see the perhapswe'could see the rates federal reserve cut rates sooner than previously =—w-e wall street was :-= until september and now looking until september and now some saying you could see a some are saying you could see a rate cut over the summer. to the world of crypto now because after a rough few another much needed �*trump bump'.

crypto held by the government. of losses — after the trump administration appeared aweek a week_ took a aweek sudden a week took a sudden nosedive a week took a - sudden nosedive $95,000 to sudden nosedive from $95,000 to 88 and _ sudden nosedive from $95,000 to 88 and a _ sudden nosedive from $95,000 to 88 and a a on _ am 88,and.a,ha -- -. - .,,......, uncertainty and income regulation _ uncertainty and income regulation - a - uncertainty and income regulation - a bit l uncertainty and income - regulation - a bit slower z== é expected macroeconomic than expected macroeconomic factors— than expected macroeconomic factors affecting _ than expected macroeconomic factors affecting it _ than expected macroeconomic factors affecting it. us - factors affecting it like us aggressive _ factors affecting it like us aggressive trade - factors affecting it like us aggressive trade policiesl ww institutionalw £5 institutionaloff. causing institutionat's... . the causing institutionatsetboffs - the first time _ causing institutionat'setlfoffs - the first time since - for the first time since september— for the first time since september last- for the first time since september last year. for the first time since i september last year but for the first time since - september last year but closed below — september last year but closed below what _ september last year but closed below what i known _ september last year but closed below what i known . the - september last year but closedl below what i known . the 200 m looked like the average and it looked like the potential— average and it looked like the potential end _ average and it looked like the potential end of— average and it looked like the potential end of the - average and it looked like the potential end of the upward l a—i we have seen an w we have seen an all—time trend. we have seen an all—time high _ trend. we have seen an all—time high of— trend. we have seen an all—time high of about _ trend. we have seen an all—time high of about $109,000 - trend. we have seen an all—time high of about $109,000 per-

high of about ilg’agqqq per "wt "”"”””""’ and high of about ilg’agqqq per w www'ww'w and that high of about $199,592!) per w www'ww'w and that shook because it crypto wortd'becas- '. . crypto world becauseit�*had m previously been a positive months _ previously been a positive months - prices - previously been a positive months - prices going i previously been a positive . months - prices going up previously been a positive - months - prices going up in wave liquidatj about $1.1» billion. totalled about $1.4 billion. over— totalled about $1.4 billion. over the _ totalled about $1.4 billion. over the weekend - totalled about $1.4 billion. i over the weekend president socia- over the weekend president social medial over the weekend president- social media about trump spoken social media about the specific— trump spoken social media about the specific - currencies - the specific crypto currencies he is — the specific crypto currencies he is looking _ the specific crypto currencies he is looking to _ the specific crypto currencies he is looking to make - the specific crypto currencies he is looking to make a - neiatnne�*wtweing .o nea .e a - w neiatnne�*wtweing .o nea .e a - asset which i - asset which are strategic asset which are - theory, - strategic asset which are - theory, ripple i strategic asset which are - - theory, ripple solano price—wise there could handle. price—wise there w— could handle. price—wise there i huge because some - could handle. price—wise there i huge because some of- could handle. price—wise there huge because some of those is huge because some of those cons— is huge because some of those cons moved _ is huge because some of those cons moved 70% _ is huge because some of those cons moved 70% l some i is huge because some of those i cons moved 70% l some moved cons moved 70% in some moved and cons moved 70% in some moved - and 20% _ cons moved 70% in some moved i and 20% respectively. - 30% and 20% respectively. is 30% and 20% respectively. - is a _ 30% and 20% respectively. | - is e - economy 30% and 20% respectively. i - is a i economy and actually one that has historically _ actually one that has historically been i actually one that hasl historically been fairly historically been fairlvl historicall been fairlv e hostile from a regulatory point of view — hostile from a regulatory point of view. , ., �* ., of view. if you'tewooderiag . the im act of view. if you'tewooderiag i the impact on of view. if you'tewooderiag- i the impact on businesses about the—impaction businesses the world, check it out around the world, check it out the bbc for now, on the bbc website. for now, thanks for us. that's thanks forjoining us. that's it. goodbye.