canada is getting tough on trade fighting back against the us slapping billions in tariffs on its neighbor also coming up live for us central bank faces prosecution for bribery corruption plain the country's financial system. the global trade dispute is hotting up canada joining the fray shopping almost thirteen billion u.s. dollars worth of tariffs on goods from the southern neighbor the movers in retaliation to washington's levies on canadian steel in alimony i'm match the dollar for dollar flanked by the workers whose jobs she's vowed to protect canada's foreign minister i have lined her country's response to u.s. tariffs on steel and aluminum these counter measures will only apply to goods originating from the united states they will take effect on july first and will remain in place until the united states eliminates its trade restrictive measures

against canada described as canada's biggest trade option since world war two there were toiletry measures are worth well over twelve billion u.s. dollars as well as imposing additional levies on american steel they also target range of u.s. consumer goods meeting canadian shoppers like sheila malloy will notice the effects she's already pledged to buy canadian wherever possible right now i'm looking for imported and then the product so if it was a product of the us i would probably go and look for another option now a worthy goal perhaps but when it comes to life's most essential items it can be a challenge to. love the cartmell. made in the us the moral qualms about toilet paper if you didn't know the trade spot was serious before now you do. and yes coulter is on wall street yes is this

an act of economic self harm on kind of this pot or is it the tough stance that's necessary to make trump reconsider. at least canada picked an interesting day too because canada is celebrating their independence day on july first then well that is the big question how do you answer to u.s. president donald trump is that the only language that he understands meaning to play hardball or not but one thing is for certain canada to a certain degree or some companies are already feeling the pain they are already a tariffs on the canadian the timber and lumber that is getting exported to the united states now steel and alum in your soul yet that you know is on and we will see if that changes anyone think that to me what is a certain surprise is why it on a drum is playing it hard with canada because those two countries of the u.s. and canada they have an almost even trade balance and that is not true if you look at the european union or countries like china so it's hard to understand why the

relation got really sort tense between the u.s. the two neighbors here ok and staying on the along similar lines general motors has released a statement saying u.s. imports tyrus on cons would be bad for american jobs why is g.m. so worried about import tariffs. well for once costs are going to increase general motors estimates that on average the cars that they manufacture might increase in cost of goods thinks thousand dollars on average that is true because materials get more expensive but also because they have to import a lot of technology from asian companies for instance and general motors is saying that they're going to have been a disadvantage to the competitors brought in the stock of general motors last year on wall street to almost about two and a half percent on friday and we heard that story that terrorists might be hurting

a couple of times this week i think back what holiday vincent said that they're thinking about putting some of their production outside of the united states or also at toyota who produce the toyota camry here in the united states also said that costs are going to increase quite a bit so we will see if the administration the u.s. administration is listening to those complaints and in the end might not impose those tariffs on cars in the amount of about twenty five percent seemingly not what trump intended to have a great weekend thank you very much latvia has acted as a money laundering hub with banks shuffling assets and dodgy transactions out of the likes of russia and north korea well now latvia's public prosecutor is chaunge central bank chief l. mas room should bench with accepting the offer of a hof a million euro bribe it paves the way for the trial of one of europe's most influential economic policy makers a makeshift shrine marks the spot in riga where

a lawyer working on the winding down of a bank was shot dead he was killed was driving his car. inspecting the crime scene today are jani speed and antonio correcto who work for an anti corruption agency. the murderers cast an ominous shadow over lockerbie as financial sector the killer and their paymasters have yet to be identified the state is in a high alert and interior minister said that there will be an assistance for other counties to search for their errors and law and all of those should not be placed again their next stop is the main offices of the a b l v bank which manages accounts belonging to citizens of the former soviet union the bank launder dirty money for years illicit funds were transferred to other e.u. banks or to offshore accounts. he threw up in banks did not properly check where

those money was coming from all the banks in the european union all in vain and the international system would accept those money with all its props laundering them unknowingly in one case in twenty sixteen one point three billion euros disappeared without a trace from banks in moldova hundreds of thousands of people lost their money triggering massive protests in the capital q shino. bank was named as the culprit. they just send it into the bank. for maybe a couple of dollars maybe a day and then to send the farther more varied spreads around the world the one point three billion euros has yet to be tracked down the government is now amending its legislation in an effort to challenge money laundering among the country's banks and the new generation of bankers also seems eager to end the criminal practice of the banks had. thirty thousand customers

in the span of one and a half year which for a total customer base of their own two million two point two million is a walk. bank has since been banned from trading in the euro or dollars owns latvia's banking regulator recently approved its liquidation corruption is also on the agenda as leaders of the african union member states meet in mauritania this weekend but that's not the only big issue as countries around the world scrap it out of a free trade africa is wondering if it will be caught in the middle. more trade is urgently needed in africa fifty five nations only conduct about sixteen percent of their business with each other the smallest amount of interest regional trade compared to latin america asia or europe but change is coming. the mayor and his forty african states have signed the agreement to create

a continental free trade area but we expect this to have a positive impact on africa as it will contribute to the strengthening of trade and the free movement of people and goods for the benefit of african citizens. it took two years to negotiate the african continental free trade area but it left a few countries out including economic heavyweights south africa and nigeria once they signed on the agreement will cover one point two billion people with a cumulative g.d.p. of two trillion euros it will be a boost for the entire continent but africa faces other problems too like corruption. among africa loses at least fifty billion dollars a year to illicit cash flows it is clear that retaining these resources on the continent what greatly helped finance its development we must go beyond words to demonstrate our commitment to fighting corruption with

a leap towards concrete action. transparency international puts african countries at the top of its corruption perception index a powerful deterrent for investors however the watchdog group has recently pointed to botswana rwanda namibia and some others who are making progress in fighting corruption and creating a better business climate american brands used to have a certain cool factor in china but as more homegrown companies appear on the market a trade ties between the two countries come under strain those days appear to be numbered. tea with foam made of cream cheese just one of the specialty drinks customers in shanghai have been lining up for this summer. haiti eat the company behind the popular beverage is a chinese chain with and that's all over the country. it's just one example of

a homegrown company giving us competitors like starbucks a run for their money. while american brands have long enjoyed an elevation stations in china research suggests their dominance is now beginning to play in. the local roads have been. this is becoming a very big concern there for brands because it's. just that you have to do with the way they go. the way that they are able to put into the city which is what the market with boards and they have a lot to love for companies. u.s. tech companies like apple are also coming under pressure from domestic firms i phones are kind for only ten percent of the chinese smartphone market as it's local companies like quad way offering lower prices and gaining ever more crimes as a result with the in your of american brands appearing to fade u.s.

companies may soon find themselves playing catch up. and now you've caught up with your business for this week for me and the business team thank you very much for watching.

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