the u.s. trade deficit surges to a ten year high another sign of the country strong economy and not the best news for its deficit hating president so what happened i'll give you the details. also the world's biggest tourism show gets underway in berlin but the choice of this year's showcase country proves controversial due to claims of state sponsored homophobia. i'm stephen beers in berlin thanks for joining us. the u.s. trade deficit surged to a ten year high in twenty eighteen despite the trumpet ministration placing tariffs on a large range of imported goods the commerce department said almost nineteen percent jump in the deficit in december contributed to this six hundred twenty one billion dollars shortfall slowing global growth and a stronger dollar are weighing on demand for u.s. goods last year the us posted record trade deficits with china mexico and the e.u.

. and let's go now to our financial correspondent in new york jose luis de haro jose this will obviously be taken as bad news by a president like donald trump was made eliminating the deficit such a major part of his campaign and his administration so what happened here. several things a good explain these are stephen first even the usa has imposed nearly twelve percent of its total imports of the american consumer has demanded more goods and services at a time that wages are rising and unemployment is low let's not forget either the tax cuts approved by the republicans in late two thousand and seventeen which increase consumer spending last year all these at a time when the us economy grew up over potential which also translated into a stronger dollar which made for cheaper to buy meanwhile a stronger u.s. currency made u.s. goods more expensive while weaker growth in the europe or japan for example reduced

the opportunity for made in america products also going back to lots of american companies are speeded up purchases at some point during last year to avoid their effect contributed to the widening of the trade gap so it sounds like some policies at loggerheads there with the tax credit for stimulating growth there's talk about a nearing trade deal between the u.s. and china what would that do to the deficit potentially. i disappointed stephen according to what we know so far be genies focusing most of the attention in promises to increase the buy in of more u.s. goods and services which reduce the trade gap if they materialize it but these increases will not be immediate and probably will to be gradual over the years which also generate a lot of other questions also some critics say that the negotiations are focusing too much on reducing the trade gap and not so much in tackling the structural changes in the chinese economy but deal or no deal what if it's true is that the us is an economy mainly based on consumption and services and has repeatedly run

larger trade deficits since the eighty's and perhaps even more pressure now on donald trump with these new numbers because they lose the heart of their forest in new york thank you jose it's. general motors is to close the first of five car plants today as part of a company wide restructuring the last chevrolet cruze is expected to roll off the production line at lordstown ohio the decision to close the factories cutting eight thousand jobs was heavily criticized by the u.s. president but g.m. says there is simply responding to changes in consumer demand. forty three years sixty million cars thousands of jobs know all of that is part of large times industrial history but at this rally some refused to give up hope. we're not backing down we're going to fight the good fight to keep g.m. lordstown here to keep these families here the last chevy cruze rules off the

production line waiting as the wing its demise in part to a fall in demand for smaller cars g.m. says many workers have accepted jobs at plant elsewhere scant consolation for the rest of this tightly knit community i have faith that lordstown can rise again i have faith that we will come through for us that that family will matter and our community will matter and that they will they will get us a product without the savior large time becomes the first of five plants across north america to bear the brunt of systemic changes in the global car market. and over to asia where china says it will change a key policy to ease foreign investment in the country beijing will no longer force foreign companies to give up technology secrets in exchange for market access according to a top economic official complaints that beijing demands the disclosure of intellectual property for foreign investors have been at the heart of the u.s. china trade dispute the chinese provisions designed to clarify investment rules are

expected to be rubber stamped at the annual meeting of the country's national legislature. so why would this policy change matter well china has an ambitious plan called made in china twenty twenty five it foresees the globe's second largest economy transforming itself from the world's factory floor into a high tech manufacturing hub by yes the year two thousand and twenty five now critics say that transformation will come on the back of technology developed elsewhere and often handed over by foreign businesses seeking access to for it to chinese markets a staggering nine hundred fifty thousand foreign companies already operate in china they've invested a total of some two point one trillion dollars so far that's the equivalent of a sixth of chinese total economic output last year that gives you a picture of the foreign business presence in china before the old rules or i should say under the old rules on intellectual property so the question remains is beijing willing to give up its plan transformation to settle

a trade dispute details are still sketchy but here's the chairman of the national develop development and reform commission. speaking wednesday. shooting the way is on to do we will protect and boost the system of investment for foreign companies we will ensure the legal protection of intellectual property belonging to foreign investors the e.u. sheens no administrative measures will be taken for a forced technology transfer this should provide a more powerful and comprehensive legal guarantee that once legislation is passed will fully comply so opted out. now to some of the other stories making news around the world the organization for economic cooperation and development has cut its global growth forecast for the coming two years the group warned the trade disputes and uncertainty over brags that would hit world commerce and businesses the o.e.c.d. is predicting three point three percent global growth this year all by three point

four percent next year. for more nissan boss carlos goannas left prison after being granted bail of almost nine million dollars goannas charged with underreporting his salary for years and passing on personal losses to nissan since his arrest his last top positions at nissan and renault and mitsubishi the auto executive has insisted on his innocence. tally and have begun applying for new welfare subsidies aimed at lifting up to five million people out of poverty the citizens income stream is a key reform for italy's populist government which wants to bolster the flagging economy critics however call it a budget gloating political giveaway. and saying in italy it's commonly said that all roads lead to rome and it appears that china's one belt one road is no exception italy is negotiating to join the ambitious infrastructure plan which aims to boost chinese trade it would be the largest economy to do so the move has already been rebuffed by the us and the e.u.

who view the project as a geo political power move by beijing. malaysia's this year's showcase country at the i.t.v. tourism fair and bring. len it's become a controversial choice the country made headlines recently for what critics say amounts to n.t. semitism and homophobia in january the government said it would stop hosting sports events with israeli participants and prime minister mahathir mohamad said homosexually was part of quote western values and he doesn't want forcible asians. a southeast asian paradise is how malaysia is presenting itself at the i.d.b. berlin. but the muslim majority country faced criticism in the run up to the fair over attending of jews in l g b t q people accusations the country's tourism minister rejects. us. you know they're coming over and we're never asking them what issue. orientation you know. what we

want to know on libya coming over to this. malaysia realize above all on the so-called allowed to resume the number of muslim tourists is increasing from year to year in total the industry marks new records every year one point four billion people worldwide travel abroad in two thousand and eighteen this brought in trillions in revenues around the globe china has sent the most tourists abroad but the most popular destinations are in europe. but mass tourism is also causing more and more problems in many places for example so-called over tourism in places like dubrovnik cruise ships with their masses of tourists are especially problematic. in the first in two thousand and eighteen the sexy these two organize cruise ship passengers the sixty that overnight the buses coming to the old city centers and we succeeded to have a much better check week without any day of congestion in the city. the climate

cost of tourism is also a topic at the i t b. so are human rights questions as organizers gear up for next year's fair with partner country oman. is goldman sachs going casual the legendary u.s. investment bank is loosening its dress code urging employees in a company wide memo to simply exercised quote good judgment in their attire. the company has traditionally favored business where collared shirts and suits for men and women although when twenty seventeen did loosen the dress code for its tech division the new memo the company noted the quote changing nature of workplaces toward a more casual environment. and i still have to wear a suit but that's it for me and the business team here you can of course find out a lot more about these and other stories online at www dot com dot. com slash

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