exclusive interview with imf managing director christine lagarde. carol: this is "bloomberg businessweek." ♪

imf chief christine lagarde warned recently that rising tensions over trade mean the "system of rules and shared responsibility is now in danger of being torn apart". however, the imf is predicting global economic growth of a steady at 3.9% over the next two years. but that's only if the world can avoid a damaging trade war. consultancy oxford economics says that could knock at least half a percent off growth next year. here's the imf‘s tobias adrian. the economic recovery has remained resilient, despite market volatility. but investors and policymakers should not take too much comfort from today's relatively easy financial conditions. they should remain attuned to the risks associated with rising interest rates, elevated market volatility and an escalation of trade tensions.

more from our interview from christine lagarde.e had to say about president trump, trade, tariffs and more plus later on,en don't miss the interview with jack lew. rising bond yields, trade tensions, so much to talk about here g ow coming up "squawk on the street" returns after this ♪ with this level of intelligence... it's a supercomputer. with this grade of protection... it's a fortress. and with this standard of luxury... it's an oasis. the 2018 e-class. it's everything you need it to be... and more. lease the e300 for $569 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. >>> welcome back to "squawk on the street." let's get back to sa is sara in washington with more of her conversation with christine lagarde. >> there's a debate on wall street about whether we're in peak earnings. bob has been talking about it every day. there's a a debate about peak growth the global economy looks to be in good shape, but there's new risks and worries that this is as good as it gets >> we're seeing looming clouds

we review the week on "bloomberg best," an exclusive conversation with imf managing director christine lagardeand why she is urging european countries to spur further integration. director lagarde: many elements are there already, access to the entire markets, but they need to go a little bit further. abigail: first, more of the week's top business headlines. will restructuring at the top solve deutsche bank's problems? all that and more coming up. this is bloomberg. ♪ abigail: this is "bloomberg best." let's continue our global tour of the week's business story with china shaking up the oil futures market. rishaad: the global oil market getting a bit of a shakeup, china futures as the world's largest oil consumers. offering yuan denominated contracts to be bought and sold. it is a first for chinese commodities. the question we are asking, does is mean china will get a bigger say in pricing? >> this is a massive win for china, but very much a long-term one. we can't expect this to implicate features in the market in the short-term horizon. i am not even talking about weeks, saying the next few

imf head christine lagarde said they are an obstacle to global growth.of the week's top headlines. the congressional budget office sizes up the trump tax cuts and faces a deficit coming bigger and faster than first expected. >> they come up with a $1 trillion deficit, in 2020. >> this is bloomberg. ♪ ♪ juliette: this is "bloomberg best," i'm juliette saly. economic sanctions and brett a confrontation in syria putting intense pressure on the russian -- economic sanctions and a confrontation in syria putting intense pressure on russia. >> u.s. dollar moving through $62. fiscal weakening. yesterday a selloff for russian stocks sweeping across equities, other asset classes as well. russian traded stocks biggest fall in four years. >> are we in a new era? >> yes. announced by the u.s. treasury are a game changer. they apply to equities and other securities. old sanctions banned lending. anyone in the world dealing with bections, is liable to sanctioned by the united states. all links with conditions or events have been removed. sanctions are on anchored from

christine lagarde predicted growth of 3.9%, the fastest rate in three years while the short-term outlooks out beat. -- is upbeat, there are dangers on the horizon. reporter: the imf chief focusing on crumbling business confidence and gloomy projections while world bank president jim yong kim saw the climate as an opportunity to spread the money around. >> the challenge is to ensure strong growth will translate into inclusive growth so the benefits of global economic integration part enjoyed by all members of society. reporter: but the ongoing trade spat an lackluster productivity could ruin the upswing by as soon as 2020 christine lagarde warned. then there is this. >> debt is at an all-time high. his stands at $164 trillion, which is 225% of gdp of which the private sector accounts for two thirds. public debt in advanced economies is at levels not seen since the first -- the second world war. reporter: the lenders are clear, short-term the global economy is looking up. without immediate action stagnation and instability by ahead beyond the next couple of years. helen: resistance to u.s.

boss christine lagarde praises cryptocurrency and suggests it could transform the way people see and invest i would posit that it has already see you know transform the way people save and invest it's already done that she's saying it could do that the coin is a black hole and it is sucking in folks from all walks of life and money from all points on the globe and as it expands it just to war of the size of anything else trying to compete with it that includes various money regimes it also includes various high level bankers and economists so christine legarde is just the latest to get in to the bitcoin black hole and she'll be utterly transformed she'll be talking about the white paper soon everything she thought she knew about economics is over rule everything she thought she knew about the way the world works is now no longer viable she is now an apostle of satoshi welcome christine legarde bugan do. buga new. phone to do. low i also want to point out somebody else we've mocked many times over the years who also has come around because we did give him a lot of attention when he ha

liz: which is what christine lagarde said yesterday to us.e said don't breathe down so heavily, this is a new technology much like the internet in the 90s. >> and as we reported yesterday, all the u.s. icos, initial coin offerings, where you essentially sell, going public through a cryptocurrency, they have been halted right now. they're moving overseas. so this is a big thing, expect some sort of -- i guess backlash from the industry. if you want talk about ge. liz: please do, even though it's up today, the worst performer on the dow 30 today. >> $14. liz: it's above it now. >> i think we have to look that the with ge, how much of their businesses can they sell to generate cash flow? situation wasn't as bad, that was reported today. they got a spike on the stock, and, you know, you have to see how much they can sell the transportation business for and do they break it up to create revenues. they need cash, not revs, cash, that's the biggest issue with ge. other than that, this is a stock that, you know, here's the sad thing, there are a lot

. >>> coming up on the show, christine lagarde argues against trade tariffs saying they do not tackle trade imbalances. more from the imf managing director in a few moments. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. ♪ with expedia you could book a flight, hotel, car and activity all in one place. ♪ racing isn't the only and with godaddy, i'm making my ideas real. with godaddy you can get a website to sell online. and it will look good. i made my own way. now it's time to make yours. ♪ everything is working just like it should ♪ you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give th

haslinda amin had an exclusive conversation with managing director christine lagarde at the asia globalng kong. they discussed whether challenges of free trade have dampened optimism about growth. christine: what is clear is that there is momentum of threat-counter threat dialogue opening, and that is really what we should all be encouraging. whether you do as i said increasing trade, removing barriers, encouraging this level playing field to which everybody should contribute, it has to be done collectively. it cannot be done by exceptional measures, and cannot be a unilateral threat. it has to be collective. the world has been functioning in a more cohesive, efficient way when countries actually operate together, the big ones, the small ones. haslinda: the imf was founded to prevent precisely another trade war. are you concerned we are going -- headed in that direction on that path? christine: i very much hope that we are not heading in that direction. because number one, nobody wins a trade war. everybody has to lose out of it, some more than others. and those who have the most to los

abigail: this week, francine lacqua sat down with ims managing director christine lagarde, meeting inlin where lagarde gave a speech on strengthening the european union. she says integration is still short of what is needed. >> why has it been so slow? >> i would not say that. i would say that in times of crisis, when there was necessity, they eventually moved very fast. the euro area was clearly incomplete and needed to be strengthened. they put up a firewall, reinforced the banking system. i think they came to a closer accountability, but it is still short of what is needed. they need more talk, more accountability, and more to the point, they need to strengthen three things. the capital market, the banking union, and the central capacity that will signal to the rest of the world that they are shoulder to shoulder together, and will face the next crisis. >> on those points, especially the banking and capital markets union, it has been in the making, but will we get a real capital markets union and banking union in our lifetimes? >> in your lifetime? yes. in mind, probably. -- in min

sitting down with treasury secretary steve mnuchin and christine lagarde from the imf.e bell." david: stocks fighting for gains in the final moments of trading. the dow closing down slightly, snapping a two-day winning streak. both s&p and nasdaq continuing their climb, both up 2% for the week so far. i'm david asman. melissa: i'm melissa francis. this is "after the bell." more on market movers but here is what else we're covering in very busy hour ahead. new details emerging on the face-to-face meeting in north korea with mike pompeo and kim jong-un. what we know now. >>> conservative lawmakers demand attorney general jeff sessions look into allegations

boss christine lagarde praises cryptocurrency and suggests it could transform the way people see andinvest i would posit that it has already see you know transform the way people save and invest it's already done that she's saying it could do that the coin is a black hole and it is sucking in folks from all walks of life and money from all points on the globe and as it expands it just the wharfs the size of anything else trying to compete with it that includes various money regimes it also includes very high level bankers and economists so christine legarde is just the latest to get them to the bitcoin black hole and she'll be utterly transformed she'll be talking about the white paper soon everything she thought she knew about economics is over rule everything she thought she knew about the way the world works is now no longer viable she is now an apostle of satoshi welcome christine legarde be able to do. buga new. photos do you. visit law i also want to point out somebody else we've mocked many times over the years who also has come around because we did give him a lot of attentio

always good -- christine lagarde joins me. always good to have you.t wasn't that long ago about -- long ago that we were talking about how we were firing on all soldiers. -- on all soldiers. has it changed? january, weack in were forecasting 2.9% growth. we continue to be -- forecasting 3.9% growth. we continue to be optimistic. we are still saying that in the secure, we are clearly in our growth. we cannot be wasted. we are not -- we are now at the stage where our average growth around the world is close to what it was pre-financial crisis. let us not rock that both of growth. let's make sure -- that boat of growth. let's make sure investment is good. consumptions, confidence is key and trade which is the leading growth recently around the world continue to work for all. is it to say that having is perfect? no. the are issues that need to be fixed but it has to be fixed collectively, globally because our economies are all interconnected. the supply chain are organized in such a way that countries participate in the making of products and the selling

but imf head christine lagarde said they are an obstacle to global growth.xt more of the week's top , headlines. the congressional budget office sizes up the trump tax cuts and sees deficits becoming bigger and faster than first expected. >> they look at revenues and outlays and come up with a $1 trillion deficit in 2020. >> this is bloomberg. ♪ ♪ juliette: this is "bloomberg best," i'm juliette saly. economic sanctions and the threat of confrontation in syria putting intense pressure on the russian economy this week, including an intense slide for the ruble. >> another move on the russian ruble this morning. u.s. dollar moving through $62. another significant weakening. yesterday we saw a huge selloff for russian stocks sweeping across equities, other asset classes as well. russian traded stocks biggest fall in four years. >> are we in a new era? is this a new paradigm for russia? >> to an extent, yes. the sanctions announced by the u.s. treasury are a game changer. they apply to equities and other securities. yields sanctions were just bans on lending. the

taylor: we talk trade in an exclusive interview with christine lagarde.arol: this is "bloomberg businessweek." ♪ ♪ welcome back to "bloomberg businessweek." taylor: you can find us online at is this week.com. carol: opening the magazine this week, talking about the looming threat of a trade war between u.s. and china. the loss of unintended consequences, here is peter. >> the law of unintended consequences is a phrase we think we had forever but was coined in 1936. it says what you think it says. you do one thing, and you think you will get this result, but instead you get this result. the question is if the tariffs trump wants to impose would be like that. taylor: what countries would win and what countries would lose in the situation we are looking at? >> it looks like both are going to lose. trade wars are not good things to have. i should back up. if we actually do have a trade war. trump says he does not want one, and his advisers say the same thing. that putting out the tariffs is a way to force china to the it isning table, and actually true. the t

. ♪ oniette: coming up "bloomberg best," more insight from christine lagarde and other x -- distinguishedding conversations from china. >> president xi is prepared to give strong authoritarian guidance within the context of the market economy. juliette: this is bloomberg. ♪ best," is "bloomberg juliette saly. time to revisit the most interesting interviews of the week on bloomberg television, starting with haslinda amin's exclusive conversation with imf managing director christine lagarde at the asia global institute in hong kong. they discussed whether challenges to free trade have dampened optimism about growth. clear is that there is a momentum of threat-counter threat, dialogue opening, and that is what we should all be encouraging. we have a view to increase trade, removing barriers, encouraging a level playing field, to wish everyone should contravene. it has to be done collectively, not by exceptional measures. it cannot be by unilateral threats. the world has been functioning in a much more efficient way when countries operate together. the big ones, the small ones. >> the imf was

imf chief christine lagarde is the latest to sound the alarm over the risks of a trade war between the us and china. she said the rules that underpin global trade were "in danger of being torn apart". so what's next in the trade war and how did we get to here? on march eighth, donald trump signed orders imposing will 25% tariffs on steel and 10% on aluminium. canada, mexico and the eu were exempt. in retaliation, on april 9th china announced tariffs worth around $3bn on pork, wine and fruit. from here, things escalate quickly. the next day the us announced $50 billion on around 1300 chinese goods, from aerospace to medical equipment. then beijing announced taxes on 106 american products worth around the same amount — on some cars, planes and soy beans. the following day president trump said his administration would look into a further $100bn on more chinese goods. america has 60 days before the measures are enacted. at a senate hearing on market access challenges in china wednesday evening, one american senator laid the blame firmly at china's door. weather through force of technology

imf chief christine lagarde says rising tensions over trade mean the "system of rules and shared responsibilityw in danger of being torn apart." the imf is predicting global economic growth of a steady at 3.9% over the next two years. but that's only if the world can avoid a damaging trade war. consultancy oxford economics says that could knock at least 0.5% off growth next year. there's also the risk investors could be caught out by rising interest rates. the economic recovery has remained resilient despite market volatility. but investors and policymakers should not take too much comfort from today's relatively easy financial conditions. they should remaina financial conditions. they should remain a attuned to the risks of rising interest rates, elevated market volatility, and an escalation of trade tensions. the road ahead may turn out to be bumpy. robert parker is a member of the investment committee at global wealth management firm quilvest. nice to see you, bob. good morning. give us your take on this latest sort of line from the imf on how the global economy is doing, and their concerns

of mortgages on households government debt corporate debt continues to rise we talked about christine lagarde and the previous episode well the i.m.f. you know they came out with their world economic outlook we did refer to that recently but here's some of the data about how much debt there is now in the world since we were last here i am a sounds the alarm on global debt warns the united states stands out when looking at the big picture needless to say it's all about the u.s. china and japan these three countries alone accounted for half of the one hundred sixty four trillion dollars in global debt and private sector debt and speaking again to china its debt surge from one point seven trillion dollars in two thousand and one to twenty five point five trillion and twenty sixteen and was described by the i.m.f. as the driving force behind the increase in global debt accounting for three quarters of the rise and private sector debt in the past decade think of those numbers and remember that we're just talking about the housing bubble in toronto vancouver. los angeles new york a lot of it was dr

the imf chief, christine lagarde, said escalating trade tensions could reverberate through the localundermining confidence and taking off investment. she urged both sides to resolve their disputes through dialogue. because the world is so interconnected, the supply chains are involving so many different countries, regional, intraregional, into regionals, that it could affect the global economy —— interregional. it is better to cha—cha than to war war. that is the thing at the moment. looming global debt is on the agenda. there is the hangover from the financial crisis, a drop in commodity prices, and increased spending. this is what it looks in china where the public debt stands at about 51% of gdp. united states is twice that at 108%. japan, it has been doing its own thing, topping out at 236% of gdp. not everyone agrees on the debt problem being a serious issue. here is the view from the chief executive of an advisory house. 3.996 is the thing that grosses 2011. it something to keep an eye on, when you look at the risk of the global economy. it is not about that. it is more about p

china is funding $1 trillion worth of roads and rail and .ther transportation projects christine lagardeworried. the road initiative can provide much-needed infrastructure financing to partner countries. can also lead to problematic increases in debt. potentially limited other spending as that services arise and rise and creating balances -- >> new zealand has banned all future offshore oil and gas exploration. >> their prime and a stir announcing this move as part of a package of measures to tackle climate change -- they are prime minister announcing this move as part of a package of measures to tackle climate change. 22 licenses won't be affected by this. ailed thee has h decision as the end of the age of oil. the international benchmark its highesthit level since november 2014 on the ongoing tensions in the middle east. today, we are seeing that price fall back ever so slightly. as oil prices also playing into matters on the stock market today. oil companies seeing slight gains, mirroring the picture across europe. one company that is having a very good day is the low-cost airline, no

thursday i'm speaking with the head of the imf christine lagarde, and the imf tends to look at the entire picture of the globe and can look and see what's moving down, what's moving up? they have proprietary knowledge of gross domestic product. the u.s. looks good. housing starts up 1.9% for march. permits up 2.5% and that's one key data point. there are many that started to look good for this nation here. >> no, you're exactly right. since january, we've been fighting a slew of cross currents. some good, some bad. i don't think they're going to go away any time soon, but what we have to remember is that the fundamental attributes of the market remained the same, supportive of the market. growth, maybe it is stalled but not universal across the world, it is just in pockets. inflation is muted. it is not running away like people were scared of early in the year. monetary policy is accommodative. keep in mind, don't worry about the yield curve going inverted. we're still at a negative policy rate or real rates of 60 basis points. earnings are still good. valuations are good. overall the fun

taylor: we talk trade in an excuse of interview with imf managing director christine lagarde.arol: this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. taylor: and i'm taylor rates. you can find us online at businessweek.com. carol: and on our mobile app. opening the magazine this week, talking about the looming threat of a trade war between u.s. and china. taylor: and the phrase, i love the law of unintended consequences, here is peter. peter the law of unintended : consequences was actually a phrase we think we had forever that was coined in 1936. it says what you think it says. you do one thing, and you think you will get this result, but instead you get this result. so, the question is whether the tariffs that trump wants to impose would be like that? taylor: and what countries would win, and what countries would lose between the u.s. and china? : it looks like both are going to lose. trade wars are not good things to have. i should back up. if we actually do have a trade war. trump says he does not want one, and his advi

you wouldn't hear christine lagarde talk about fair trade in the past. >> no. i'm glad he is bringing something to light that is a concern for a lot of american corporations over the years. they were forced into giving their ip and how to do joint ventures over in china order to do business. there was no two-ways about it. the dialogue has changed and it changed at imf. the world trade organization or imf they're starting to get on board, the scales are now going to a level playing field and they weren't before. they were in favor of china. david: gary, there ises are the fact that a lot of these big international groups that represent the world order, if you will, were worried about getting squeezed out. these people are worried about their jobs. they saw if they continue just talking about oh, we need free trade, free trade, without any fairness involved, then in fact they might have been squeezed out by donald trump. >> absolutely. i think donald trump is, he is a game-changer and i think you're hearing from lagarde exactly what you're alluding to. she wants

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both organizations are predicting strong growth for the global economy this year and i've had christine lagarde predict its growth of three point nine percent that's the fastest rate in eighty eight years so the outlook is quite upbeat at least in the short term reason it was a case of good cop bad cop i.m.f. chief christine legarde focusing on crumbling business confidence and gloomy projections while world bank president jim yong kim saw the current climate as an opportunity to spread the money around the challenge now is to ensure that strong growth will translate into inclusive growth so that the benefits of global economic integration are enjoyed by all members of society but the ongoing china u.s. trade and lackluster productivity could ruin the upswing by as soon as twenty twenty lagarde warned earlier and then there's this. global that is at an all time high it stand it stands at two hundred and sixty four trillion dollars which is two hundred twenty five percent of g.d.p. off which the private sector accounts for two third. public debt in advanced economies is at levels not seen since

christine lagarde waiting into the u.s.na trade spat, warning protectionist trade policies would undermine global growth, airlines among the followers on the european market this afternoon, they are suffering as result of a hike in oil prices in the past 24 hours, brent crude is over $70 a barrel. genie: stephen carroll, thank you for that look at the business news today. now it's time for the press preview. let's take a look at what the papers are saying today. >> let's focus on syria, especially after the u.n. meeting tuesday. the meeting ended in a deadlock with resolutions presented by both u.s. and russia being vetoed. that impasse could open the path to unilateral strikes now and a lebanese french language paper says on its front page. from this pan arab paper, in a way, the city and the syrian suburb of duma that was the sight of this alleged poison gas attack on the weekend has become the poisonous symbol of syria, figuratively and literally as you see in this cartoon, the cartoonist betrays the toxic feature of dum

helena: the imf chief christine lagarde has been speaking.he has pointed to strong global growth, but she has warned that trade tensions could hurt the global economy in the long term. are the u.s. and china heating her warning, do you think? reporter: i'm not so sure. they might be listening to what she has to say, but for now it does not appear like they are following her advice. neither side seems to be ready to back down at this point. it is completely unclear whether this conflict cap be resolved -- can be result. helena: all right, our washington correspondent at the international monetary fund for us. thank you. the global glut that has kept while places down appears to be over. that is the conclusion of a panel made up of opec members in other oil-producing countries. a barrel of brent crude has hit a three-year high of $74. the panels is the opec-led agreement in place since january 20 17th has helped to cut oversupply. all the same, there have been fears that the recent buoyancy is spurring inflation come and u.s. president donald t

christine lagarde said tradeio restri hurt everyone. >> remember, the multilatter tt systt transformed our world over the past generation has created millions new jobs with higher wages. but thatysm of open trade based on rules and shared responsibility is now in danger of being torn apart. and this would, in our view, be an inexcusabl collective policy failure. >> she did not mentionhe u.s. and china by name. >>> trade, geopolitics, rate hikes, those are just some of the stresses being placed on this market resulting in severe volatility and now some investors are wondering if more choppiness is needed for the continuket to mike santoli takes a look. >> at a quick glance it mig seem the markets haven't done much since stocks began to struggle nine weeks ago. the s&p 500 sitng at almost exactly the same level it did on february 5th. the ten-year treasury yield and value of the u.s. dollar are both, likewise, nearly unchanged om that time. yet stocks have been extremely jumpy even as they've made no net progress, as swirling hard to read issue on trade, tech regulation and a federal pro

early arrivals included the former us secretary of state henry kissinger, the head of the imf christine lagardeump's daughter ivanka and her husband, jared kushner. well, in another example of the thawing in relations between north and south korea, north korea has followed the south in suspending its propaganda broadcasts across the border which separates the two countries. seoul said it was halting the broadcasts on monday as a goodwill gesture, ahead of this friday's meeting between the two countries' leaders. officials in pakistan say at least six police officers have been killed and several injured in a suicide attack in the south—western city of quetta. the bomber blew himself up when a police van was travelling along a road near the airport. police with assault rifles have been patrolling entry points to boracay island, just days before a six month shutdown and cleanup of one of the philippines‘ top tourist attractions. officials also conducted exercises simulating clashes with protesters, terrorist attacks and a hostage incident, but said there was no specific threat. a man accused of de

the managing director of the international monetary fund christine lagarde is warning of the risk involved in any escalation of global tensions over trade what card told an audience in a hong kong that tariffs raise prices and limit scheuer says and warned against protectionism in all its forms the guard also suggested the united states could offset the effects of trade deficit by cutting spending.

welcome back international monetary fund managing director christine lagarde told the i.m.f. and world bank spring meeting here in washington we've been covering what guard all week says she's concerned about concentration of ownership within the tech sector while dismissing the idea of breaking up the tech giants like guard told an audience at the meetings opening event that quote too much concentration and too much market power in the hands of a few is not helpful to the economy or to the wellbeing of individuals. guard also cautioned her audience to view this concentration of wealth in light of past historic examples a number of internet giants control much of the global movement of data and information and the founders of these companies count amongst the richest persons in the world so. does history repeat itself. and speaking of the i.m.f. their analyst reported this week that spain's per capita gross domestic product is now greater than that of rival italy the i.m.f. also projects that within five years spain will be seven percent wealthier than italy essentially rever

early arrivals include the former us secretary of state henry kissinger, the head of the imf christine lagardet trump's daughter ivanka with her husband, jared kushner. in toronto, the man accused of deliberately driving a van into pedestrians has been charged on 10 counts of murder. canadian police are investigating suggestions in social media posts that alek minassian may have been motivated by a grudge against women. he has no known links to any terror groups. 15 people were injured in the attack, which prime minister justin trudeau described as "senseless" and "tragic". our correspondent nick bryant has more details. on this street in toronto this morning, the length of the police tape became yet another gruesome measure of how long this killing spree went on. it stretched for over half a mile. a suburban neighbourhood enjoying the warmth of the canadian spring, turned with manic suddenness into a place of death and horror. a white rental van became a guided weapon. this is how the killing came to an end, in a stand—off with police. the driver urges the officer to shoot him, it looks like

the strong words come just hours after imf chief christine lagarde said the rules that underpin globalre now in danger of being torn apart. so, how did we get to here? on 8th march, donald trump signed orders imposing 25% tariffs on steel and 10% on aluminium. canada, mexico and the eu were exempt. in retaliation, on 9th april, china announced tariffs worth $3 billion on pork, wine and fruit. from here, things escalated quickly. the next day, the us announced $50 billion on around 1,300 chinese goods, from aerospace to medical equipment. then beijing announced taxes on 106 american products worth around the same amount — on some cars, planes and soy beans. the following day, president trump said his administration would look into a further $100 billion on more chinese goods. america has 60 days before the measures are enacted. cailin birch, global analyst at economist intelligence unit. it is like watching a tennis match, china says this, america retaliates. what needs to happen next to de—escalate things? what needs to happen next to de-escalate things? it is a tennis match, as he sai

early arrivals include former secretary of state henry kissinger, imf head christine lagarde, and presidentghter ivanka with her husband, jared kushner. plenty more on our website about the trump—macron bromance, the iran nuclear deal, and a look at what new us sanctions on tehran would mean. that is at bbc.com/news. or you can download the bbc news app. in toronto, the man accused of deliberately driving a van into pedestrians has been charged on 10 counts of murder. canadian police are investigating suggestions in social media posts that alek minassian may have been motivated by a grudge against women. he has no known links to any terror groups. 15 people were injured in the attack, the prime ministerjustin trudeau described it as "senseless" and "tragic". 0ur correspondent nick bryant has more details. on this street in toronto, the length of the police tape became yet another gruesome measure of how long this killing spree went on. it stretched for over half a mile. a suburban neighbourhood enjoying the warmth of the canadian spring, turned with manic suddenness into a place of death an

in other news, the international monetary fund managing director christine lagarde has warned that thehe fears that the current trade conflict between the us and china could lead to the world trade organisation's rules being "torn apart". shares in asos have fallen sharply despite the online fashion retailer posting a 10% rise in half—year profits to £29.9m. the firm said retail sales jumped 27% to £1.13bn for the six months to 28 february compared with the same period in the previous year. the shares fell as asos said it would spend up to £250m on its operations. and it's day two for facebook boss mark zuckerberg, who's giving more evidence later, when questioned by us policymakers over the data breach at the firm. yesterday, he told us senators his company was in a constant battle with russian operators seeking to exploit the social network. tesco is leading the ftse100 chargers this morning, shares in the supermarket chain have climbed around 6% after those super positive figures. micro focus international is the biggest technology company — it's also today the biggest faller on the

of mortgages on households government debt corporate debt continues to rise we talked about christine lagarde and the previous episode well the i.m.f. you know they came out with their world economic outlook we did refer to that recently but here's some of the data about how much debt there is now in the world since we were last here i am a sounds the alarm on global debt warns the united states stands out when looking at the big picture needless to say it's all about the u.s. china and japan these three countries alone accounted for half of the one hundred sixty four trillion dollars in global debt and private sector debt and speaking again to china its debt surge from one point seven trillion dollars in two thousand and one to twenty five point five trillion and twenty sixteen and was described by the i.m.f. as the driving force behind the increase in global debts accounting for three quarters of the rise and private sector debt in the past decade think of those numbers and remember that we're just talking about the housing bubble in toronto vancouver. los angeles new york a lot of it was d

back in two thousand and eight you need big daddy government big mama janet yellen big mama christine lagardeyou need these people to bail you out next year jamie diamond will be at burning man you'll see stark naked with honey slab all over his body rolling around on a mound of fire ants with fierce rock i'll be there taping it for the show he'll be our reporter on the ground will be on the plane and make it jamie diamond talking about the toshiba aka moto at burning man in twenty eighteen and that's a kind. of effect that coin has on the mind is jamie diamond is not as dumb man is not a stupid bag he doesn't have a functioning brain cells what happens is the block chain starts to reorient those brain cells like gravity effect on a star or a planet or this table or this earth it just changes the way the architect of your mind works especially if you're in the financial industry to begin to understand that you now are apostle of social nakamoto so i want to talk about like he had mentioned. that governments would respond if the individuals had too much sovereignty that they're going to smash