european union goes on the offensive against us terrorists. is unfortunate because this is for the weekend in the transatlantic relations and it also increases the risk of severe turbulence in the markets globally. they used trade chief says the bloc will challenge u.s. terrorists at the world trade organization is this the beginning of the trade also coming up there are rumblings that german cars could be the ones to bear the brunt of tape for tat terrorists will america's love affairs with beatles be risen luxe enjoy. while some go up others come down china lowers tariffs on some imported consumer goods. this is your business update i'm helena humphrey in berlin thanks for joining me washington's innings have been deemed illegal by europe the e.u. trade commissioner to see among them saying the bloc will not take america's actions lying down of vowing to challenge the tariffs in

a case at the world trade organization in the us government well it certainly didn't waste a moment in following through on its threats. they began friday at six am central european time twenty five percent in part tariffs on steel ten percent an element the europeans reactions are clear. it is unfortunate because this is further weakening the transatlantic relations and it also increases the risk of severe turbulence is in the markets globally protectionism can never be a solution and this will hurt jobs here in the european union but also in the u.s. the e.u. has launched an official complaint at the world trade organization they want to introduce countermeasures such as tariffs on u.s. products like bourbon whiskey motorcycles and jeans or at some two point eight billion euros. new member states are meeting next week to decide on the exact list many economists agree with the measures will come europe has

a very big economy and a very important market for u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want to be you must use countermeasures to steer the process in the right direction. but it's those who are affected the most who are speaking out against new e.u. tariffs on u.s. products are taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. well for more on this we're joined by our correspondent teri schultz ate at brussels now terry of a new trade commission to see a bunch of them has said that when it comes to america first it will be met with europe united well it will block now be an agreement as to how to respond. so far it looks like it will be helena you know some of these measures were already teed up before today in the expectation that trump would follow through on these

threats as we know the complaint has been lodged at the w t o already and the lists have already been drawn up of the u.s. products that will be targeted and all this left now is for member states to agree on which one of them's will be one of them which ones of them will be selected for the important duties and so there could be some differences of opinion and we've seen a reaction that ranges from very strong from france for example to a bit muted from germany but so far nobody is suggesting that these import duties should go unchallenged by the european union now perhaps one thing you in the united states can agree on is china and we understand that the e.u. is lodged a complaint against china the world trade organization as well tell us more about that. it was interesting because the chinese foreign minister was actually here today holding talks with european union officials so he was meeting with federica

mcgreevy and other high level leaders while syria mom sure was preparing her speech explaining why the e.u. is taking china to the w t o so this may be a chance for the e.u. to show that it is not against the united states said in fact that you wanted to show that it doesn't take sides when it feels that the global trade rules are being threatened are being are not being followed so the case with china today is that it is has been forcing european union companies to share technology in exchange for doing business in china to sometimes even share ownership of the companies and says this simply can't go on and so at the same time as china and the e.u. are on the same side when it comes to opposing the steel tariffs the e.u. has sided with the u.s. which has long had complaints about international property intellectual property theft by china teri schultz ate in brussels for us this evening thank you

time to get the view stateside all financial correspondent so you should man ski is standing by sophie trungpa said in the past that trade was a good easy to weigh in to investors that feel the same all they. rattled by the european union's a vowel to fight back. yeah there definitely are and i mean thrums moves have caused a lot of resistance and criticism both from allies and rivals and there's also disappointment from companies or sectors that are intended to help with these terrors so for example the other many i'm association representing produces like the company and the c.e.o. of the group said they were disappointed by the tariff expansion because the real problem would be over capacity in china but these terrorists would do little to fight these imports also can make us rely on metal imports because there's simply

not enough domestic supply so our members off they can manufacture at the institute have also applied for exclusions from the terrace and then the canned food maker campbell soup said that it expects double digit increases on steel and aluminum prices with the higher costs weighing on profit margins boeing and caterpillar declined to comment but their stocks are down so i guess it's really not too far fetched to say they're not they friends of these terrorists so fishermans cue for us in new york thank you very much well in a further escalation us president donald trump is now may slap tariffs on german cars as well he says there are too many of them on the roads of america and too few u.s. cause he in germany to do american drivers really want to switch from a b.m.w. to a cadillac while our correspondent went out to gauge the mood on the streets of washington . luxury german cars are a common sight on the streets of washington d.c.

and the idea of blocking their import isn't so popular. people want to buy german cars they should be able to buy german cars if not they want to buy american cars they should buy american cars and should buy whatever they want i think they're good quality cars. a little more expensive maybe an american cars but probably. going to see better but maybe maybe a little better because i think guys may view of american cars that they fall apart pretty quickly and german cars down they tend to be nicer than i because their cars i think the engineering tends to be superior again impressions donald trump thinks there are too many of them in the u.s. even though german carmakers also run assembly operations that altogether provide tens of thousands of jobs for american workers but the u.s. president still sees the business relationship as an unfair one way street in twenty seventeen german automakers exported more than six hundred fifty thousand cars to north america but many also have huge factories in the united states that

employ more than one hundred thousand people in fact they built more than eight hundred thousand cars on u.s. soil last year alone. that means a ban on imports not only would fuel the tensions driving trade policy between the u.s. and europe it would also have major consequences for american jobs. well our brewing and trade it tensions among the world's top economies took over the agenda as the meeting of the g. seven finance ministers took place on friday canada's been one no representing the host country he said the group of seven officials decided to push back against washington's decision to impose state steel an element in terror starting friday he added that the u.s. tariffs also weakened the prospects for successful negotiations to overhaul the north american free trade agreement u.s. president donald trump said on friday he'd like to see separate agreements with canada and mexico. a while thanks in part to pressure from washington chinese consumers will likely pay lower prices on certain products from july that if that

is off to beijing else it's cutting tariffs on almost one and a half thousand imported consumer products european wines and american cosmetic products chinese consumers can choose from a wide range of imported goods but up until now they've paid a premium for the privilege tariffs on consumer goods have average forty nine of percent a good bit higher than the country's general import duties tariffs on consumer goods but now dropped to an average of six point nine percent. following pressure from the u.s. another trade partners china has pledged to increase imports and this move is part of the effort. we often the market adapt to the world economy and push forward economically. but china's not acting entirely voluntarily

president trump put pressure on the world's second largest economy this week by slapping additional tariffs on fifty billion dollars worth of chinese imports china's reductions could have the two nations reach a consensus on their ongoing trade negotiations u.s. commerce secretary will go ross is due to arrive in beijing on saturday for the next round of talks. well payment systems in credit card giant visa crunch across europe on friday the breakdown left custom a stock at tills and stores across the continent and looking in dismay at cash machines he just said late on friday it was working to fix the problem but his progress was being made some transactions with still being rejected as the backlog from the often went through the system music could not say how many transactions had been blocked rivals american express the most to call when not affected. that's it for me on the business team here. thanks for your company and see you again same

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