race destroying itself. we are ruining the basic elements of our existence and we're using too much water and we're killing. innocent life. our supplies will last for ever but they won't. when the rain stops starts march 20th on w. . the worst week since the global financial crisis markets around the world on the retreat as fears of the grownup i was continue to spread is germany and the economy here pet also coming up deal or no deal may be out of the e.u.

but the business of the brics it is only getting started the dust actually wants a trade deal with europe. business and want to johnsonville in the tabby with us global stocks tumbling from new york to asia the coronavirus continues to spread on a list already say this could be the worst week for the markets since the financial crisis a decade ago renowned economist nouriel roubini the man who predicted the financial crisis but he warns that the worst is yet to come and the federation of german industries calls it a stress test for the economy there's no longer any doubt that growth is set to take a knock the question is just how bad will it be. jim and come make a particularly dependent on china the industry association says january sales were down 20 percent from the previous month a result of the coronavirus. with the virus now spreading across europe trade

slumps travel restrictions and a drop in consumption are all on the cards. the german economy minister says aid measures are in place. this is not about traditional economic stimulus programs which often only provide a temporary fix it's about bringing forward measures that were already in the pipeline. and those include tax cuts the general aim is to improve parameters for the struggling german economy but will that be enough not for companies like look tense or at least the airlines share price has already fallen by a quarter nor will they remedy problems like supply chain collapse as the number of countries affected grows so does concern with some predicting that the global economy could slide into recession. i

had a foreign trade the association of german chambers of industry and commerce and to do that is chelsea delaney who joins us in frankfurt a very good morning to both of you starting with you mr tire the corona virus threatens to paralyze global supply chains can germany's export oriented business model cope. there is no economy all over the world but it's prepared in order like there's the business cycle is going normal and there's normalcy overall so this is. it's kind of a shock but at least we have the experience of our companies in china more than 5000 companies are working there and in february many production plants were closed and there is lack of personal and there is lack of flow as well that means that should be like a role model but we have to orientate what has happened there and what can we avoid

in terminal now you speak of her shock chelsea until this week certainly the market reaction was anything but shocked it was relatively mild that's changed how bad can it get all these lists of seen this week are quite dramatic the dax are in frankfurt for example it's on the verge of correction territory down about 9.5 percent over the past 5 days i think there's obviously a sense of shock in markets but how much further this this goes where it really bottoms out is really going to depend on how this virus develops and whether we see the type of quarantine measures that were put in place and china really come to europe or other parts of the world that could really have a devastating impact on unbusiness and i did see one report today that estimated if if we do see a global recession stocks could fall another 30 percent from here to quarantine

measures is a word i'd like to pick up on turning to forget tire if we because you mentioned that we sort of have to look at how china dealt with agency if if this is how we can deal with the coronavirus but quarantine would certainly put a lot of companies in germany and risk wouldn't it. absolutely we are we have a different model in invest in democracies so we have now to deal with that we have to put our focus that means the best economic policy is to put the focus on curbing further interactions and curbing the spread of the virus and for their businesses they are well prepared in order to deal with home offers to cancel some flights and gatherings but. trying to keep production as normal as it could be there and just very briefly for

the thai of those measures set in place by the german government for example tax cuts is that going to do the trick and really compensate for potential losses. tax cuts we need in interim in other places as well internationally competitive tax system but now it's the time in order to to to curb trying to hinder that virus is spreading into the kompany and from there that will lead to a closing down of production and services this is the 1st thing to do and then the 2nd could be that we think about tax cuts one step at a time then forget i had a foreign trade at the association of german chambers of industry and commerce and you know these chelsea dealing in frankfurt thank you so much to both of you. post rex its trade negotiations assets to begin next week the e.u. says a deal is possible if both sides agree to stick to promises made in the run up to

breaks it brussels hopes to preserve a level playing field and standards and regulations across the continent and london has indicated it may not play ball because it's better to have no deal than to compromise that's the message coming out of london at the end of the transition period on the 31st of december the united kingdom will fully recover its economic and political independence we want the best possible trading relationship with the e.u. but in pursuit of a deal we will not trade away our sovereignty or sovereignty britain wants to make decisions without being forced to abide by your regulations one of the main arguments of brecht's its supporters but brussels insists that there will only be a free trade agreement if britain continues to comply with european standards in the future. we want competition to defeat you but most to be fair

fair and treat free country or the e.u. is demanding that worker protection environmental regulations and tax planning meet e.u. standards british prime minister boris johnson says that's absurd the whole objective of doing what we're doing is the u.k. can do things differently and better when we're going to engage in some race to the bottom we can maintain the very highest standards we want. you know mutual recognition of each other's high standards and access to each other's markets. if there's no agreement by june britain is threatening to cancel all negotiations and brussels has also signaled that it's prepared if the 2 sides failed to seal a deal. and it feels like we've been there before many times let's bring in ed and professor of economics at the university of applied sciences in constance good to

have you with us so london is yet again threatening to walk away what do the brits really want. well as johnson presents himself as a strong trade negotiator and he pretends to have a very clear idea of how to agreement should look like and he referred explicitly to the deep and comprehensive preach trade agreement between the e.u. and canada as a rule model the problem with his vision is that the u.k. is by far not in the same bargaining position as canada has been and as long as border johnson is not going to accept this reality i'm afraid to say that we cannot expect real progress in the trade negotiations well is there any point to starting talks on monday then giving those positions and if there is a point started talking starting talks should the e.u. make concessions. well i mean there is

a structural problem. in the case of the u.k. i think it's easy to understand to see how negotiations work staying in the example of canada when the e.u. negotiated with canada there was a clear reference point how restrictive the canadian market is how law enforcement how electricity supply is regulated and based on this reference point negotiators could basically bargain for reductions and had an idea of what would happen if there is no agreement in case of the u.k. this is a fundamental difference we do not have a real outside option on the u.k. boris johnson refers to a so-called no trade deal scenario if no agreement is achieved what does this mean you know there are very critical rules on the w t o rules that will be the no trade really it's an area of which are not regulated access to fishery regulation of medical. the medical sector pharmaceutical sector

and so forth that means he tries to build up a threat scenario with a no trade deal scenario but the truth is we don't know how this legal framework will look like and that puts the u.k. into a very weak negotiation situation now the time for a trade deal was to negotiate on this very short anyway what happens if talks fail and britain actually leaves without a deal in june. basically that is a very huge uncertainty realistically i'm very positive mistake i expect that there will be a problem cation if there is no agreement to answer questions straight there will be on under regulated a range of questions creating uncertainty for investors for trade and this will hit the u.k. market this is the true you know there is no need to predict pretend that the u.k.

can regulate things without a deal that is simply not true all right professor. yelchin their fears of economics at the university of applied sciences in constance they're certainly going to be interesting to keep an eye on those talks should they said place on monday thank you so much for your insights thank you. business update here on d w at this hour of course we have more updates for you to come to do stay tuned in the meantime you can check the latest also online at our web site or you follow us on facebook and twitter meanwhile for me in the chamberlains thanks for keeping us company.

us.

welcome to our culture we are of course going to be at the bergen international film festival today and amongst other things looking at this. an extraordinary film about a family of exe and we'll be talking to the director of the film.

and the world famous old masters picture gallery in dresden is reopening the 7 years of renovations. but we begin at the balance and every year there is a golden bear for lifetime achievement award to someone in the film business this year it goes to the british actress helen mirren who's made over 60 films from playing a gangster small opposite bob hoskins in the long good friday to that memorable oscar winning performance in the queen and she is in my mind one of the greatest living actresses around bots i wonder what experts on this subject thinks film critic scott rocks is downtown at the festival snow arm a little biased but how do you rate the measure and as an actress.

yeah i mean how do i write her as an actress by lord she's obviously the queen you know won the oscar for the queen but i put her about that i put her as that as a.