the u.s. a further escalates the trade war against china and its biggest mobile company will probably get no permission to operate in the u.s. . also on the show european auto giants brace themselves for u.s. tariffs china is ready to retaliate and target american carmakers. and used car dealers are struggling to sell dirty diesels across germany a big smile won't do for vehicles that nobody wants anymore. some for business on the w. and how you got to get us welcome to the show we begin with the giant clash between china and the u.s. over traped asian stocks fell on tuesday as washington and beijing are ready to slap each other with thirty four billion dollars in tariffs on imports this friday on top of it all further restrictions for chinese companies doing business in the u.s. china mobile is the latest to encounter obstacles. seven years that's how long the

united states has been mulling over whether to allow china mobile to enter its marcus' finally a decision is near and the answer most likely is no response from the chinese foreign ministry fiery by its standards at least. she urged the united states to abandon cold war thinking zero sum games and active date concepts and to view the relevant issue correctly to stop guessing and posing an unreasonable pressure on chinese companies here and instead to provide a good and fair and minor meant for them to operate on to do more to increase mutual trust and cooperation between china and the us this would be good for both countries people. because the u.s. commerce department maintains that china mobile which has around nine hundred million customers worldwide poses a national security threat it's applied the same term to other chinese telecoms firms including that which is accused of doing business with north korea and iran

after already having violated sanctions. while way which the united states accuses of trying to spy on american people the backdrop to all of this at tit for tat terrorist spot between the united states and china that's showing no signs of letting up a far cry from the relationship of the world's top two economies hard when china mobile first applied to operation the united states back in twenty eleven and of course markets are watching all this very closely trading wrapped up early on wall street ahead of the fourth of july public holiday and we asked our financial correspondent what traders have to look forward to when they get back. investors on wall street certainly can take a breather on a fourth of july to get a ready for a big friday when all those tariffs whiz than the united states and china supposed to kick off we already saw it on tuesday that in general we got really

decent sales figures for the u.s. car industry but still stocks in the car industry headed south and the reason that there's still a big question mark if china actually might start to impose tariffs on u.s. car imports starting friday we still don't know if that's really going to happen we also got news on tuesday that the u.s. shipped my maker micron technology it actually was blocked for selling certain memory chips in china and that stock got under heavy selling pressure and took the entire market was it sold trade still is all the rage here on wall street and probably also across the globe. corporate news now and facebook shares dropped over two percent on tuesday following reports of an expanding investigation into the social network's role in the data sharing scandal involving british company cambridge analytic according to the washington post the widening probe now includes the securities and exchange commission the f.b.i.

and the federal trade commission facebook has come under pressure after a whistleblower revealed that british company cambridge analytical had collected personally identifiable information of up to eighty seven million facebook users without their consent the data could have been used to influence voters in several countries. and prices for u.s. crude have jumped to over seventy five dollars a barrel for the first time since twenty fourteen that's after iran's president hassan rouhani suggested oil shipments from neighboring countries could be disrupted if washington forces all of its allies from buying uranium oil saudi arabia pledged to fire up its spare production capacity though and coordinate deliveries with other producers to balance the market opec and. non-o. producers agreed last month to boost output after reducing production last year to ease the global glow. now the white house says the car industry is one area where the e.u. is clearly taking advantage of the u.s.

does the trump administration have a point the u.s. today on car imports from the e.u. is two point five percent at the same time the e.u. levies ten percent on imports from the u.s. so there is a big difference there but those figures only tell half the story when it comes to s.u.v.s and pickup trucks the u.s. auto industry's main source of income by the way e.u. cars are subject to twenty five percent tariffs the u.s. only to ten percent that's twenty five tariff date or rather that twenty five percent tariff dates back all the way to nine hundred sixty three it was then known as the chicken tax that's because it came in response to tariffs that france and west germany imposed on imports of u.s. chicken what does this all tell us well trade disputes are definitely not new and can be quite complicated with all these tensions you would think that car makers would be feeling a little bit under the weather the threat of america's punitive tariffs and the

consequences of the diesel gate scandal have formed the perfect storm for the european auto industry but the german lobby group vdare however is betting on clear skies ahead. the sunny bolin weather is putting a shine on the capital's cars german carmakers worldwide production is set to climb to sixteen point seven million vehicles this year the industry's top lobbyist down hard matters believes the companies are in good shape despite the diesel scandal but the trade dispute with the u.s. and the threat of tariffs could dampen the optimistic outlook. i'm very much concerned because. tariffs and trade barriers are nothing that is really good for global trade we need open markets common standards and low tariffs and that's the. this is the fact of success that we with the

automotive industry in germany had so far german car makers would struggle to compensate for losses in the u.s. which is not just an important export partner but a key production base eight hundred thousand german cars are made in the usa containing parts imported from the e.u. firms like diane let's send u.s. manufacturing cars to china they'd be hit twice over if the u.s. put up barriers on trade with china to. try to submit all our facts and to participate in conversations about this and as long as the decision has not been made we will fight for free trade trade bodies and manufacturers are hoping for an amicable settlement with the u.s. after all the last thing they need is yet another bump in the road. saying in the subject diesel vehicles could fall to just five percent of the e.u. car my market by twenty thirty that's according to a study by consulting firm alex partners the emissions trading scandal has damaged

easels reputation in europe and older engines now face bans in some german cities it's a nightmare for a used car salesman u.w. over reports. used car dealer but when asked land isn't spectum his latest purchase that many ten years old with nearly one hundred thousand kilometers under its belt and most importantly it has a regular petrol engine as are no longer buys used diesels he says they barely sell any more and if they do only at a loss this b.m.w. has been sitting on the lot for nearly a year even with a discount. for our faults or were they used to just get snapped up but now customers are very skeptical and hesitant. now because they still don't know what's watch will there be a diesel ban or not for customers that's a big headache. for now. and that's a headache for aslam to

a car that won't sell eats into his profits every day used car sits on the lot cos the money right now he has twenty seven diesel cars on his lot in the south of berlin the longer they sit there the less they're worth. about twenty kilometers northeast lies the cost car dealership you know but treadmill is picking up his recently purchased s.u.v. it's new and it's a diesel troubles confident that the latest models meet emissions standards and a fuel efficient he says that diesel debate doesn't bother him. as car for the car has powered style and it rides a bit higher but that's what i wanted and that's all i need. this is the right car for main street from. the father. but even new car buyers are turning away from diesels. car dealer thomas cox says he's not

worried new car sales remain buoyant even if customers preferences are changing. there's an aimless switching from diesel to gasoline engines so our overall sales figures are robust we're still seeing growth was selling more petrol powered vehicles and that makes up for lower diesel sales among consumers in. place. used car dealers though are facing an uncertain future. aslam says only one thing could help the german government needs to move fast to settle the issue of potential diesel bans only clarity can help restore customer confidence he says and help him move some of these used cars are languishing on his lot. before we go wednesday americans celebrate their independence day and one of the traditions in new york is the hot dog eating contest sponsored by nathan's famous hot dogs world

champion joey chestnut is defending his record of seventy three and a half hot dogs and buns in only ten minutes. that's all. goodbye.

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