welcome to "street signs." i'm karen tso. the tariff shockwaves hit europe president trump sparks fears of a trade war with plans of slapping duties on steel and aluminum. jean-claude juncker calls the tariffs a blatant intervention to protect u.s. industry saying europe will act firmly to defend its interests.

shares sink in lafarnge as they announce a 4 billion charge >> everything we sell is produced in the u.s. so we are from that angle, we are not concerned with the tariffs. the u.s. is the best building material market in the world and we are planning quite agile investment strategy for the u.s. and in italy it is said the current party manifesto lacks long-term substance. >> there is very little structural a lot of proposals to make people happy in the short-term shockwaves are being felt

across global stock markets after president trump said the united states would impose tariffs on steel and aluminum imports. tariff said duties of 25% for steel and 10% for aluminum would be announced next week stoking fears of a trade war. in europe big steelmakers are seeing a selloff salzgitte down 3.7%. and acrcelomittal said there are still producers around the world who should work the issue of overcapacity saying it was assessing the impact of u.s. tariffs on its business. in japan the president of nippon steel called the move regrettable. saying it would have an impact

on trade and lead to lower stock prices chery kang is in hong kong tell us about the local reaction given there are close ties with the united states on security across asia. what is the impact of this trade war as you see it? >> there was a big spook in terms of the market reaction on this part of the world, especially with countries like china, japan and south korea all seeing sharp losses, especially in sectors like steelmakers, automakers, and aluminum producers. not a single name was salvaged in the selloff the big factor was the fear. not knowing enough of what kind of trade ramifications this will have on steel makers and aluminum producers in asia and one of the former trade representatives who worked in washington during the obama

administration on our air earlier today said that this kind of action by the trump administration could motivate others to do similar measures. take a listen to what he had to say. >> if every country were to abuse and try to manipulate this exemption on national security grounds, it just invites messages from everyone you could literally see a collapsing of our rules-based trading system if you are going to play that card, we better be careful how we do it it would certainly invite every one of our other trading partners to act in the same way and hide behind that same veneer of protecting national interests. >> so not knowing what kind of retaliatory action we can expect out of china, that kind of uncertainty played a part in

today's session. as you were talking about earlier there, karen, this is resonating this idea of uncertainty, the nippon steel president talked about how the company is concerned that possible spread of protectionism to other countries would cause stagnation and confusion in global trade and that can perhaps explain the largest steelmaker in japan seeing some sharp losses coming through. of course we've got shares hitting the lowest level since june of last year, losing as much as 3.5% at some point really quickly, it's interesting to point out that japan, only 5% of steel exports end up in the u.s. the real worry is with these trade tariffs confirmed, what

happens to the cheap chinese steel imports? will they stay in asia without making their way to the u.s. and hurt the competitiveness of the japanese as well as south korean steel products that's the real question today the south korean government had a reaction saying they are talking to the trump administration remember south korean president moon jae-in said he is consider ing taking this issue to the world trade organization back over to you >> thank you very much the global reaction has been swift. the move will hit canada and south korea the most canada is the top steel importer into the u.s. and already vowed to retaliate against any tariffs. it is also the biggest importer of aluminum. canada's trade minister made it

clear ottawa would defend its industries >> any tariff imposed would be unacceptable any such decision would have an impact on both sides of the borders. canada would take appropriate measure to defend the workers in the steel and aluminum industry and defend our industry. we need to remind ourselves is that the united states has a trade surplus with canada of 2 billion. that canada buys more u.s. steel than any country in the world. any suggest than that canadian steel would cause a threat to national security is misplaced >> the move prompted a warning from the eu with jean-claude juncker calling it a decision designed to protect the u.s. steel industry rather than address any national security concern. in a statement he said we strongly regret this step which appears to represent blatant intervention to protect u.s.

industry and not based on national security justification. let's bring in rob carnell chief economist at ing joining us in singapore and renard renardo featherstone renardo, what is your response to the announcement of the tariffs? >> in our company we were surprised at exactly how drastic it has gone. there are different recommendations, different quota levels suggested he has gone for the harshest measure. it took us by surprise >> rob, what about you the market was concerned of more trade protectionism despite the steel industry warning it was not ready for that type of intervention because of the flow and effects to a bunch of other steel products in the united states how do you view this intervention by the trump administration >> it's classic trump.

we still don't really know what this is about. given his tendency to bark loud and bite less hard, we still have to see. there are vital questions we need to know before we can sort of start putting this through the spreadsheets and figuring out exactly what it's going to mean for regional and global gdp growth >> anyone who has looked at the steel story of late knows there's no transparency around product. some may come out of one economy or market be processed and sent off from another economy and country. it's hard to determine whether the original origin is for the product. what is the chance of this severely depressing the price of steel?

>> i think there's ra problem here, a lot of products -- and steel is one, but you could make the same point about everything these days the value chain is complicated you put on tariffs with a view to protect yourself from one country you hit another country. the third country effects could be substantial we need to think not just about steel or aluminum but what happens when china decides -- who have been patient and reasonable so far with threatening behavior we've had out of this administration, what if they start to retaliate agricultural tariffs this could spiral into an ugly trade war, bearing in mind global trade is not exactly strong right now it's taken a long time to recover financial crisis it's just about keeping track. the two are deeply connected if you hit one, you drag the

other down >> i take the point. there are a lot of important narratives that come out of this story. one also the fact that you had a recovery taking place in steel and aluminum and raw material prices if you got this type of protection, do you see inflation in certain consumer products in the united states and elsewhere? what is the takeaway message if you love at the moving pieces now? >> with all new conditions that are imposed on the market. there are always winners and losers the winners will be the u.s. steel industry the way they will use these tariffs to their benefit is pushing up steel prices. there may not be much demand to absorb the additional production they bring on stream, but they will push up pricing either they will collapsary oet

own profit margin or pass it on to the u.s. consumer >> what is the end product looking like for some of these consumers? if you think about it, in europe there's been warnings from consumer manufacturers, white goods products say raw material prices are going up and that means pressure to pass on higher prices for refrigerators or other white goods or see margins fall are we in an environment where you see cheaper goods in other markets because of effective steel dumping and that makes a more competitive market in the united states at a consumer level? >> the trump administration already tried restricting the imports of white goods coming to the u.s. so the u.s. consumer is not likely to benefit at the lower price globally for all the steel using commodities. steel is used everywhere aluminum is used everywhere. it's such a wide variety that

will impact it all trump is trying to do is protect employment in the steel indust industry so the ultimate thing for the u.s. economy is very questionable >> we have to leave the conversation there thank you for weighing in on the conversation today lafarge shares are under pressure after they outlined their overhaul plan. they posted a net loss of 3.1 billion swiss francs weighed down by an impairment charge in the fourth quarter lafarge launched a new five-year

strategy tar lettigeting 3% to . annette has more for us. >> the market reaction was disappointing. that was based on that bigger than impairment loss in the fourth quarter they were writing down assets in the likes of indonesia, philippines, algeria, egypt. that's weighing on the shares. at the same time the gross targets are still quite conservative so we're looking into an annual net sales growth target of 3% to 5% ebita growth of 5% so the more ambitious part is probably they are planning on having a free cash flow to over 40% of recurring ebita, and that their return on investment capital should be boosted to more than 8% now it's at 5% to 6%

that's the main criticism by a lot of investors and why the share price has been underperforming strongly of course also today's market environment and all that talk about a looming trade war is not really helping given that building activity is quite sensitive to sort of souring mood and economic sentiment. when i caught up with the new ceo i had to ask whether he was concerned about those looming tariffs from the united states >> everything we sell is produced in the u.s. we are from that angle, not really concerned about the tariffs. the u.s. is the best building material market in the world, we are planning quite agile investment strategy for the u.s. >> in another part of the interview, he was saying that of course if the world is going down the path of more

protectionism and a trade war, which could affect global economic activity, that's also a negative for lafarge holcim, because that is sort of defining whether people will spend money on infrastructure and building and that's where they're strong at looking at the regions, they're saying that the yilgunited stats one of the biggest growing markets in termsvestment space. asia pacific has been doing poorly last year, and they are quite positive on india. ov overall, the new ceo is bullish and that the new targets may be on the conservative end, so there's room to overachieve them >> annette, thank you very much for that. coming up, he gets his man

we'll have more on the figure that silvio berlusconi tapped to be his prime minister ahead of sunday's elections we use our phones and computers the same way these days.

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the european parliament president confirmed he will stand as candidate for prime minister sylilvio berlusconi's forza party. ta jsh ashg italian bond spreads have underperformed spanish counterparts, and they believe should the elections produce a result that sees current economic policy continue, the italian bonds have catch up potential. ubs selected a number of stocks

that they believe could provide good protection ahead of the election enel and intesa san paolo are also on the list there are some stocks that ubs viewers unfavors the makeup of the chamber of the deputies in the lower house could change following the outcome of the vote. center left parties hold a majority with the party holding 283 seats. the final poll from february 23rd predicts large gains for both center right parties including former prime minister berlusconi's forza italia. there is also an increase in the popular five-star movement there's been a blackout of remaining polls before the election

willem joins us from milan >> people have expressed some concern about the uncertainty, but a lot of business leaders and investors say there's nothing too much to worry about because nothing will change drastically. i'm joined by the founder and managing partner of new deal advisers i want to ask you about the policies you've heard during this campaign. do any of them have a detrimental impact on economic growth from your perspective >> basically my only concern is about the movement, because they could have an impact on the economy but not a positive one you need skilled people with a lot of experience in order to help the country to recover. we have already experienced in the last 18 months, two years, a slight recovery, but we need to

do more in terms of reforms, recovery of the economy. you can get them without, you know, with two things, economic and financial skills, on the other end you need to know the engine and how to make it work >> you are concerned that some of the candidates don't necessarily understand the engine of the italian economy. >> well, they don't have the experience rome was a very complex situation, of course, was almost in bankruptcy as a town. but nothing positive happened so far. >> this is a city now controlled in terms of local government >> yes >> in the north of italy, the powerhouse of the italian economy, we've seen significant recovery, national growth between 1.4%, 1.6%

do you think there are major structural reforms that need to be carried out do you think -- besides from that, do you think all the other parties would be committed to making those reforms >> under -- during the political election, you can hear a lot of promises, we as a country in italy, we have a long story of promises made by politicians and never to be delivered. but i think the last two years we have touched something concrete and at the end of the day, if you're able to get a large coalition because if you look at the other european countries apart from france, recently up in germany, at the end of the day it's a large coalition i think 9 gothe goal is a common one. they should be able to work in the same direction and to achieve the goals that we need you asked me about reform, we

can talk for a day about digitalization, bureaucracy and all this stuff, but you can't change a country in one year and 18 months. i need a team. you need stability you need this in order to achieve changes and goals. >> is one concern you have that the politicians in italy are not necessarily thinking long-term, they're making pre ing promisesa have a short-term benefit. >> to win the election. >> you sound cynical >> yes, i am >> do you think that's a widely held view? >> i think the large majority they want to hear promises, they want to hope for a better feature, but they are believing in a kind of populism. >> that's been one of the

threats we've seen across europe over the last couple of years. >> exactly france, holland. >> you're involved in the world of deal making, private equity, and you focussed on financing and funds. looking at what's happened across the italian banking sector, do you think the challenges businesses have faced when it comes to accessing credit will mean that in the long-term people turn away from the banks in italy to some extent in terms of looking for capital. will they go looking elsewhere >> i would say talking about international investors, there's still a lot of interest to the italian economy and companies. you can find very good opportunities in italy you know very good products in business and prices are cheaper compared to other countries, such address uk or usa so investors are still

interested my view with clients right now is they're not worried about the elections. on the other end in the banking system we experience a serious problem. >> i have to leave it there. i'm so sorry >> thank you >> back to you in london >> thank you very much for that. coming up on the show, we'll have the latest in brexit talks as the prime minister has warned there can't be frictionless trade outside the customs union and singleart. mke

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welcome to "street signs." i'm karen tso. these are your headlines the tariff shockwaves hit europe steelmakers trade lower afte president trump sparks fears of a trade war with plans of slapping duties on steel and aluminum. jean-claude juncker calls the tariffs a blatant intervention to protect u.s. industry saying europe will react firmly to defend its interests. shares sink in lafarnge as they announce a 4 billion

impairment charge. the ceo says the u.s. remains a crucial market despite the tariff market. >> everything we sell is produced in the u.s. so we are from that angle, we are not concerned with the tariffs. the u.s. is the best building material market in the world and we are planning quite agile investment strategy for the u.s. and in italy, antonio tajani will stand as berlusconi's prime minister, as it it is said the current party manifesto lacks long-term substance. >> there is very little structural a lot of proposals to make people happy in the short-term positive data around the uk, these are construction numbers the construction numbers picking

up in february the pmi at 51.4, versus january of 51.2. this is above expectation. this is led by the commercial sector, but still uncertainty related to brexit weighs on some order books out today. let's look at some of the market reaction across this morning we have euro/dollar trading at 1.2275 slightly higher in the u.s u.s. dollar is weakening to other currencies we are trading 1.3779 on the pound. you can see to the swiss, the dollar is weaker by a half of a percent. quick look at european markets, trading down by 0.6% on the ftse the dax is down more than 1.8%

1.5 off the french market. the italian market down 1.5. steel stocks in europe have been hit by the prospect of a trade war after donald trump announced he will pursue tariffs on steel and aluminum u.s. futures this morning, the dow trading down by 1.7% yesterday, 420 points, also indicating to open slightly weaker this morning. get set for more red ink on the screens today. the european council president, donald tusk, warned theresa may there can be no frictionless trade outside the customs unit and the single market talks took place with theresa may set to make a key speech today. the prime minister is expected to lay out five tests that any brexit deal must satisfy theresa may's speech later today will cap off another long week in politics which saw a number

of key players in the brexit saga speaking out. it started with journey corbyn's announcement that the party supports a new comprehensive customs union between the uk and the eu the government's trade secretary, liam fox, hit back stating any form of customs union with the eu after brexit would be a sellout for the uk. then came the draft brexit withdrawal agreement which proposes a common regulatory area on the island of ireland as a backstop option if no other solution is found. michel barnier claimed he was not trying to provoke anyone in an attempt to break the impasse, donald tusk told theresa may she needed to come up with "a better idea to prevent a hard border in ireland. joining us now for this

discussion is cybil cash and sam lowe from the center for european reform. speaking of headlines, you've been making some as well in regards to the irish border. tell us around today and what theresa may will say around these five key tests what points do you think she needs to hit >> above all else the question is who governs britain that's the decision that was taken in the referendum. that is the decision that's been endorsed by the house of commons, the elected body passed the repeal bill, the withdrawal bill, and article 50, which passed in the house of commons by 499 and the referendum itself was authorized by acts of parliament it's not like other countries where you just agree to have a referendum we have to have an act of parliament that got through the house of commons 6/1. the question is who governs britain. we want good working relations in trade with our friends in the

eu, but the fact is they have a completely different approach to the whole question of lawmaking. it is done by majority votes though votes don't really take place. it's a big issue american audience would understand it would be inconceivable for america to be governed by other countries, if i can put it that way in terms of the voting system >> right >> sam, weigh in on this we have seen theresa may's speeches be disruptive in the past, even this one mother nature interveneed what do you expect may to say and what do you think will be relevant for the audience? >> my fear is that she'll say little at all. she still has not managed to negotiate within the cabinet an actual position on brexit. what i would like to see is for her to spell out what sort of relationship she wants to have with the european union and what the consequences of that relationship are if, for example, we're going for

a high access root, this comes with obligations some of the red lines have to shift. or if you're going to have low obligations or none, spell out we'll have less access than now. just be honest about the tradeoffs. so far we've been living in a fantasy land >> what keeps cropping up? we keep resisting certain issues the i wish boarish border, it f we solved this >> it's been agreed in general that we don't want a hard border there's no need for it the former prime minister of ireland said you turn a blind eye to some trading. in practice we had no real hard border between north and south for a very long time furthermore, if you consider the fact you have the euro operating in ireland but the pound operating in england, there's

already a massive difference you have a different fiscal policy, different corporation tax. there's sort of -- it's the eu that is driving this they have their own preoccupation with their own legal system what they're doing is a threat to the constitutional integrity of the united kingdom. what theresa may said on that is completely right the british will never accept the idea of having the united kingdom be told what to do about its territorial integrity any more than america. this will not happen, it's just politics at play >> this is much bigger than political game this is the net result of what the european union is saying now about the irish question, amounts to a threat to the territorial integrity of the united kingdom and article 50, part of these

arrangements, says you can leave. it didn't say you can leave in bits it said you can leave as a country. believe it or not, the yew niund kingdom includes northern ireland. >> there's a reminder to the uk and europe that we have a potential trade war about to erupt around steel, which the uk still manufacturers somehow. isn't this a reminder to the uk there might be benefits being part of a much larger bloc when it comes to negotiations >> i think that's right. with liam fox's ambition that don't want to be in a customs union because we want to ensure we're completely free to negotiate new deals with the rest of the world, you have to ask yourself why do we think we'll do a better job as part of a larger block? probably not not saying we can't decide anything, but will they be of any worth?

not really it's a guilty secret that free trade agreements don't do much for aggregate gdp. it's very small. that headline european and canada agreement, ceta, is expected to increase gdp by 0.3% >> i simply say, imf said 90% of all future growth is going to be in the rest of the world it's not going to be in the eu our trade deficit with the eu in the single market is a disaster area in terms of deficits and surplus. these are office of national statistic figures. not invented last year it was 82 billion deficit. it went up by 10 billion actually our surplus went up by about 7 billion, it's accelerated. so the bottom line is for us to have an economic policy, which is not tied down and strangled

as it whereby the eu trade legal system is a huge advantage to us what about more specifically around a trade war we had this issue around steel today. what happens in a situation like this >> trade wars in themselves are not a good idea. but you have to ask the question why do they happen, not whether they happen, because the truth is the manner in which a lot of the trading does take place is based on protectionism the eu is a protectionist system within the framework of a customs union. that's the intention article 14 specifies what a customs union is nobody talks about this but the intensity of the customs union which is devised by the european union and its legal system does create problems. >> can i push back on some of this, it's article 24 ras well, not 14 but it keeps getting pit out oul

this growth is coming from elsewhere in the world they're starting from a smaller baseline 3% of eu growth is smaller than 40% growth in botswana we're talking about a different scale. just throwing out big pe percentages confuses the debate. >> actually the fact is that there is a distinct intention on the part of the eu for legal reasons, and they have a position, but this is not in the interests to be tied into this legal framework, because through the european court of justice, which they keep banging on about, the fact is we would then have to apply eu, european court judgments, that's completely inconsistent in the repeal act the american audience would understand there's no way that the american nation would ever allow itself to be subjected to an external jurisdiction >> i disagree with how that's being presented.

it's of course in our interests to remain broadly aligned with our biggest market by far, that is immediately on our doorstep >> we've got from 59% to 42% >> as the eu struck trade agreements with the rest of the world. when you take into account agreements it already has, our trade accounts for about 60% >> no one is saying we won't -- we're saying that we have to be able to decide that we can trade elsewhere on our own terms >> we already can. >> in the rest of the world in a way that will enable us to regain our sovereignty >> this is a common brexit discussion that's taking place, i want to get your view on steel. in this situation you have the u.s. promising tariffs the europeans threatening to retaliate. where does that leave the uk is it a casualty in a trade war? >> two things here

i spent 25 years living in sheffield. >> so you know something about steel. the reality was that the eu created this situation on its own terms. we became part of it we want to continue trading with the eu it has to be not only free trade but fair trade the british steel industry which is good in special steels has had a complete collapse in terms of the big steel we had port tolbert in the northeast as well. the reality is america faced the rust belt problem to put it in a nutshell, they themselves because of china and their dumping, which is basically what it is, have ended up in a very bad position i think the united states is right to put down a serious marker about the way in which this is operated because it has worked against american interests

we don't want to find that we are in a position where we are also being given the runaround by the eu on things like steel, but we will want to cooperate with them, but not on their terms. on ours. >> this disguises the fact that one of the big selling points of brexit was the idea that we were constrained by the eu and we will strike new trade agreements one of the trade agreements that was held up is one with the u.s. with trump's actions now, why would we think any agreement with the u.s. will be of our interest >> because i heard him say whe it comes to britain and the uk and the german question, he does not like the way in which germany is operating in terms of its surplus with the u.s., we have a problem as well because i gave you the deficit figures, which is 82 billion a year, and rising with regard to the eu there is a massive german surplus with us. over 100 billion a year in

relation to our trading with the eu >> we must leave the discussion there. thank you very much for the debate here on the set the london stock exchange group reported a sharp rise in operating roft for 2017. the figure jumped 47%. the rise came after the lse saw the clearinghouse pose record volumes. the total income also increased above analysts forecasts. coming up, more on trump's tariff plans and the daily response from europe more reaction after this for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain.

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shockwaves are being felt across global stock markets after president trump said the united states would impose tariffs on steel and aluminum imports. duties of 25% for steel and 10% for aluminum would sh announbe d

next week. stocks in the steel mraeshmakere selling off sharply. salzgitter is off 4.4% and acrcelomittal said there are still producers around the world who should work the issue of overcapacity saying it was assessing the impact of u.s. tariffs on its business. moody's has given its take on the tariffs saying canada and bahrain would be the most directly exposed countries asia won't face heavy direct effects but the moves will be credit negative for the asian steel industry and that u.s. manufacturers rely heavily on commodities, as a result manufacturers would face higher import costs which would have to be absorbed or passed on to customers. investment banks have been giving their take on the plan.

goldman sachs says the move is likely to escalate trade tensions and disrupt trade activity jpmorgan says the tariffs may not have a huge effect on the u.s. economy, however retaliatory action could have a larger impact with the bank citing the 2002 steel tariff example as not reassuring. the european commission has hit out at president trump's proposed tariffs jean-claude juncker said the move represented a blatant intervention to protect u.s. industry and that the eu will react firmly to defend its interests. germany's economy minister said the tariffs would distort world trade and saying europe would respond appropriately if the u.s. went ahead with the plans kenneth, coming up to the u.s. election, we saw this idea of bad trump, which markets were concerned about. then we got trump who was business friendly with the tax incentives, the good trump now we might be reverting to the

bad trump, the fears that the market had in the first place around trade protectionism how do you see it? >> i think you're right. the reaction yesterday was a combination of both jay powell testimony in front of congress as well as this surprise tariff announcement which nobody expected until next week, and they dropped that bomb yesterday afternoon. you saw how the market reacted steel stocks in the u.s. had a better day, but the broader market came under extreme pressure as a result of that conversation and what does it mean for trade and the u.s. economy. so there is some concern and the market as a leading indicator has said that yesterday and markets around the world are saying that this morning >> this is a market that has been fairly jumpy in recent weeks, looking for any excuse to sell off what do you make of those dynamics in the background >> listen, i think you're right. the market has been, ever since

we had that selloff in early february where the market plunged nearly 11% over two, three days, that extreme correction that came right back up, it was much too fast, much too nervous, you could feel the anxiety in the market and with theny f new fed chair, then thi week the conversation again about what rates will do, how fast they go up, and throw this on top it gives reason for investors and the trader types than the long-term investors to kind of get panicked and antsy you see what happens in the end i don't think the market will have a massive sell ja selloff. it might test the moving average, but that would not be the end of the world, it would shake the trees and then allow the market to adjust to the new world we're in >> the problem with the story is it could go many different ways.

we had an announcement about the levels of the tariffs, but there could be exceptions around certain countries. we don't know what the reaction could be around trade wars or nafta. this is still being negotiated we have a wall here telling you who some of the top steel exporters into the united states canada number one, mexico number four does this pour more poison on top of talks which have been challenging already for negotiators? >> i think it does it throws fuel on that fire. as we know, those negotiations -- he was very, very up front about those negotiations when he got into office this will cause more consternation in the markets, amongst negotiators and amongst nafta itself there will be -- it has the risk of being elevated now. yesterday there was some talk is he really going to do this maybe he will back off

he's had plenty of advisers telling him both sides of that aisle in terms of should he do it or shouldn't he he's not the kind of person to come out and say i'm going to impose these tariffs, and then tomorrow say well the market had a meltdown i don't think i'll impose the tariffs anymore. he won't make that decision. it's going to be interesting as we go forward to see how these negotiations take place and what it means to not only nafta but to global trade. >> quickly you mentioned jay powell at the fed. one issue is inflation coming through the mix if consumer products go up significantly what does the fed do with a situation like this that could slow growth but increase inflation? >> if the tariffs are going to pass costs on, that's a different kind of inflation. that's a forced price increase versus natural organic inflation. i think jay powell will be in an interesting spot what does he do about it again, this is a small segment of the economy so i don't necessarily think it's going to cause inflation to

skyrocket. the bigger concern is the monetary policy that's been around the world, in this country and around the world for the last decade, what's that going to do once it kicks in will inflation start to rear its ugly head and get so much momentum that it buzzes through 2% to 2.5% to 3%, and then jowl has got a problem on his hands at the speed of which he raises rates, how does he control it. can he control it or will it be out of control it will be a challenging time in this country and around the world. >> thank you very much for being one of the first early risers in new york today thank you for joining us today that's all for "street signs. thanks for watching.

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wall street plunges as president trump announces new tariffs on steel and aluminum imports. the global retaliation we're getting fresh responses from asia and europe to the new tariffs. we're headed live to china and europe. from a trade war to a new cold war what vladimir putin said exclusively to nbc news that's getting attention this morning it's friday, march 2, 2018 "worldwide exchange" begins now. good friday morning. a warm welcome to "worldwide