in the philippines. feel for their livelihoods. and welcome to business asia want to get jones good to have you with us the u.s. china trade route enters a new chapter beijing has just announced it will impose tariffs on 60000000000 dollars of u.s. goods from the 1st of june this comes just 3 days after washington doubled to duties on a raft of chinese exports and while the economic saber rattling continues u.s. consume us stands to foot the bill. fish textiles in footwear if they're made in china they're about to get a lot more expensive for u.s. consumers. that's after the u.s. high duties on those goods to 25 percent more terrorist might be coming according to u.s. trade representatives president donald trump took to twitter to assure his people that china would foot the bill for the new terrorists saying we will be taking in billions of dollars in terrorists from china. and are of and house but speaking on

us t.v. one of trump's chief economic advisors was forced to admit that u.s. citizens were going to be splitting the bill with beijing in fact both sides will pay both sides will pay in these things and of course it was a tariff on goods coming into the country the chinese are paying no but the chinese will suffer g.d.p. losses and so forth with respect to a diminishing export market and goods that they may need for their own i just feel this but the president says china doesn't that china it pays the terrace they may suffer consequences but it's the u.s. businesses and u.s. consumers who pay correct and yes to some extent yeah i don't disagree with that again both sides both sides will suffer and as china has said it will retaliate with necessary counter measures but so far it's left observers guessing what that could entails. well we know that china just announced some counter measures and for

more let's go to our financial correspondent condé in frankfurt what exactly are those 2 measures is taking against the u.s. . well money good like you mentioned it's the increase on 60000000000 worth of u.s. goods and the china has restarted to as high as 25 percent on goods which it was taxing at 5 to 10 percent it covers around $4400.00 goods including animal products foods and vegetables and fruits and also what so clearly i mean this is like the latest response from china it has limited scope to maneuver there is no additional duty now imposed on goods that were not tags remember 90 percent of the goods have already been tagged imports from the u.s. have all been tagged so it has very few space left alone it doesn't have enough space rather to maneuver around so now so. this is a crucial for the economy are still not been taxed it seems to have time if it

doesn't have space it seems to have time because those retaliatory measures started to the 1st why. well if it's some sort of a time that they've given for the negotiators to arrive at a deal i mean it's still for tad grace period if i could call it because the us remember when you were actually went ahead with the dairy fights on friday it said that the goods in transit will not be impacted which means that the goods which left chinese shores on friday and would read to us before the 1st of june again 1st of june will not be impacted so clearly it's a tit for tat period both the countries would want a deal to be reached because they know that a trade war is not good for anybody. and they're reporting from frankfurt thank you so much. meanwhile the escalating trade war between the u.s. and china could benefit the european car industry as washington needs to focus on its the go see asians with beijing european trade commissioner cecilia mom stream expects washington to delay on a deadline for u.s. tariffs on imported from the e.u.

but she also says that europe is prepared should be imposed the e.u. has a list of u.s. products worth 20000000000 euros of which retaliatory travel terrorists could be never eat. the united arab emirates has launched an investigation after 2 saudi oil tankers were attacked off the country's coast the incident took place just outside the strait of hormuz a key passageway that is used to transport oil from the middle east to asia europe and the united states the assault comes at a time of tension in the region with saudi arabia and the united arab emirates firmly backing u.s. sanctions against fellow oil producer and rival iran. pakistan has reached an agreement for a $6000000000.00 bailout package with the international monetary fund the cash will be paid out over a period of 3 years and will require the country to reform its public finances and

slash public debt but will it be enough to tackle the country's economic crisis. pakistan is no stranger to cash injections from the i.m.f. the latest bailout will be the 13th it's received since the $1980.00 s. the country's finance minister says he hopes it will be the last but that will depend on the government's ability to tackle some pretty major economic problems like inflation which rose to 8.8 percent last month soaring government debt currently at well over 70 percent of g.d.p. and projections for a slowdown in growth from over 5 percent in 2018 to just 2.9 percent this year. the terms of the deal require pakistan to give up central bank control of its currency in favor of a market based exchange race. the i.m.f. also wants the government to improve its management of public enterprises and to end subsidies in the power and agriculture sector is. it's these kinds of

conditions that prime minister eman can had previously riled against seeking to raise billions of dollars in funds from countries like china instead. but in the end it wasn't enough now and once again pakistan has been forced to turn to the i.m.f. for help staving off an economic disaster. and for more let's bring in shock from. pakistan is highly indebted with sluggish domestic rez how will the $6000000000.00 bailout make a difference. well i think. more stability in terms of finance. it will also grow why more busy options do the box on the government or budget support from well good luck lenders and i think it will also improve box on success to global markets but the problem is the box on must.

to martin's big structural changes increased tax revenue so i believe. all of that producing is the question remains of the government can implement all these things. the funds the country has secured so far are not so it is a short term solution but pakistan must take some long. under dig a longer learning as well in mind and on top of all this prime minister promised to build a welfare state can't pakistan afford it will he deliver. well i believe the welfare state slogan was a political slogan of reelection they want to go on and on because he wanted to come to bob he used all that populism but i believe. now when he is in body understands that it is not easy to fix pakistan's economy. has a very strict

a monster working benefit of the country but it would also lead to a tsunami of price hikes inflation will increase and the poor people will bear the burden and that will create political instability and when that political instability is created it will become more due to kind of implemented this and it is a vicious cycle not a long term solution and it will remain a glock problematic fall for the government all right stephanie thank you so much that's ravaging the philippines lifted importer strictures on rice in march this year that it continues to impose customs duties on these imports ostensibly to make the domestic rice industry more efficient small rice farmers however in the province sounding the alarm. harvest time in the philippines. margery don't know one has been working in her family's rice field since her childhood about one 3rd of the native rice is cultivated in the province of new wave as see

how so far rice has only been imported to a limited extent now the government has loosened restrictions and don't no one is worried. because it was easier to farm back then we farmers had more control over the buying price of our harvest before we could sell our on husk rice grains at about $22122.00 pesos per kilo now it's 15 and a half pesos and may go lower. in the meantime more and more rice from thailand vietnam and india is offered on the market this brings prices down and small farmers like the one are forced to sell their harvests at a loss. small farmers like me are being driven deeper into poverty the low buying price of our harvest isn't enough to pay back our loans. only rice from abroad can supply the population sufficiently that's what the government says in

addition the greater supply will make grain more affordable but that could become a problem in the long run according to the representative of the local agricultural authority. in the middle east the law has had a huge impact on local farmers their usual earnings of 100000 pesos protect there are down now 250000 of them that will see farmers shifting from rice to other high value crops like onions and carrots to survive local rice production will decrease and our dependency on imported rice will increase rice exporting countries can take advantage of that and raise their prices in the end the price of rice for consumers will go up but we don't. margery don't no one together with other farmers thinks about how she can take action against the law everyone knows that protests alone will not be enough to make ends meet for rice farmers in the future. just enough time for this a special festival that really takes the cake it was held on sunday in hong kong to

coincide with the best day of the buddha as part of the festivities contestants climb a 20 meter tower covered in sweet buns the aim is to snatch as many of the traditional desserts as possible the higher up the better the men's race was won by a reigning champion coming getting is just desserts for the 3rd time but the real winners are hong kong's a baker as yourself thousands of pounds over the festival week. and that was business asia here on t.w. thanks for giving us company.

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g.w. . play . play play. this is news coming to you live from berlin america's top diplomat makes an unshared year's trip to brussels as tensions rise between the u.s. and iran mike bumpier holds stores have european allies as he tries to win support for washington's hard line position on tehran but ministers warn him against the conflicts in the region as they attempt to salvage the iran nuclear deal also the program filipino voters have been casting their ballots for crucial the senate seats in the country's.