thank you very much, karishma vaswani. now let's brief you on some other business stories. have a bigger economic impact on the uk than on the european union, the former head of the european central bank has told the bbc. jean—claude trichet said the break—up was "totally contrary to the new world" of large emerging economies, the likes of china and india — with single currencies and single markets. argentina's economy shrank by 4.2% in the second quarter, its sharpest year—on—year slowdown since 2014. the slump comes amid a damaging drought — and a currency crisis that has prompted the central bank to raise interest rates to 60% and the government to cut spending. argentina has also requested a bailout from the international monetary fund. and now what's trending in the business news this morning. 0n bloomberg, alibaba billionaire jack ma says he can't create one million us jobs after all because of the trade war. 0n cnbc, retail investors in canadian cannabis are ‘buying air,‘ analyst says. on business insider: ‘the market is betting on a bidding war‘. the fight for sky m

let's get more on this story. 0ur asia business correspondent karishma vaswani is in tianjin and joinsishma, what has the chinese reaction been like? it's what everybody is talking about here today. this forum was supposed to be the discussion about the economic growth engines for china's future and the trade tariffs. i've been speaking to a lot of people out here. the mood is pretty sombre. china's economy can deflect the impact of the tariffs. there is a lot of domestic demand. the economy is something that has been growing relatively well, even though it's been slowing down and i think, the issue that is at the heart of this trade war, claims china has been stealing intellectual property. that is something that business people and academics have said, they com pletely and academics have said, they completely dismissed. but have a listen to what negotiations going forward could mean for china, according to jiang shixue. forward could mean for china, according to jiang shixue. the us always says, there is not $1 for $1 but china is not stupid enoughjust to suffer this kind of unfair p

karishma vaswani said this report from singapore. looking back the memories from a different life. years ago, this man thought he had the dream job, working for lehman brothers in london. but then the bank collapsed in dramatic fashion. there was a sense of shock and disbelief that this happened. will beget close down oi’ this happened. will beget close down or will we be bought? what do we do? he is survived by moving to a new career path entirely. he now runs a chain of successful in the stores across asia. and while the uncertainty of the global financial crisis spread to asia, it was not as bad as was the west. 0ut here in singapore's financial district, banks were also affected by their exposure to the global financial crisis. job losses, wage freezes, and cost cutting measures. many banks had to go through these experiences. singapore had courted dds bank was hit and had to write off millions of dollars worth of loa ns off millions of dollars worth of loans and investments. —— dbs bank. but within six months, dbs, like many in the region, had shrugged off the crisis, many tha

let's get more on this now from our asia business correspondent karishma vaswani who is at the forumt's get more on this now from our asia business correspondent karishma vaswani who is at the forum in tianjin. well, sally, he, like many chinese officials do when they go to these sorts of global forums, was trying to champion globalisation. that's something i've heard both the chinese premier and the president say. you heard it as well, it's the fa ct say. you heard it as well, it's the fact that china believes in globalisation. while not directly mentioning the us — china trade tensions that would seem ratcheted up tensions that would seem ratcheted up recently, he did say that the current economic environment has been challenging for china but that this country has the ability to cope with the challenges. interestingly, he also talked about how the international system by which trade has been governed for the last few decades, multilateralism, those rules must be upheld because not doing so won't help anybody. this obviously is criticism or consent. what many in asia see the trump

karishma vaswani, bbc news, beijing. what are the knock—on effects? now reports to pan is considering a bilateral trade deal with the us. that would lower tariffs on american agricutural imports, but allow japanese autos to escape higher tariffs. that's according to the nikkei. let's go to our asia business hub where shara njit leyl is following the story. lots of ripoll lots of ri poll effects lots of ripoll effects of this trade warand lots of ripoll effects of this trade war and this is one of them?m lots of ripoll effects of this trade war and this is one of them? it is, indeed. the japanese and us are hoping to get a head start when the japanese economy minister meets its us trade representative and counterpart. they are holding talks later today to lay the groundwork for a meeting between the us president and the prime minister shinzo abe. the president trump has made it clear he is unhappy with the two thirds of auto ex—boss and he wa nts to two thirds of auto ex—boss and he wants to have an agreement that addresses it. last year's us deficit w

karishma vaswani, bbc news, beijing.ing a closer look at how technology and innovation are changing the way people in india work and live as pa rt people in india work and live as part of a special series called reinventing india, looking at some of the biggest changes india has seen of the biggest changes india has seen over of the biggest changes india has seen over the past decade. two years ago, a small state in the north—east, was declared as the country's north—east, was declared as the cou ntry‘s fully north—east, was declared as the country's fully organic state, and since then prime minister modi's government has been trying to promote chemicalfree government has been trying to promote chemical free farming nationwide. will their organic revolution be able to reinvent agriculture across india? yogita limaye travelled near to the capital to find out. for nearly a decade now, no chemicals have been used in these fields. the rice that will be harvested here will be organic, as will all the produce grown across the

joining us from than during is asia business correspondent karishma vaswani.f traffic and people around you. is this a big surprise that jack ma is backing down on his promise to create i million backing down on his promise to createi millionjobs in the us? it's quite an unusual statement but i don't think it should take many people by surprise simply because of the nature of the relationship between the us and china right now. given what mr ma said, i think it's quite clear that relationship has soured quite dramatically, particularly this week. you've got to rememberjack ma is an icon not just around the world but very much so just around the world but very much so here in china, so what he says carries a great deal of white. i think we're seeing signs of this rising nationalism in china in defiance of what many people i've talked to in china are saying is an unfair attack on china's economy. one academic said to me that the continuing trade war, the attention that the us is putting on china at the moment in the form of these tariffs, it really feels like am

karishma vaswani is in our asia business in singapore. this happening, and if it does, it would bea happening, and if it does, it would be a major move in the tariff trade war? indeed, so far no signs and i have to say every time i have covered these rounds of tariffs coming in from the united states, we had the 3a billion and the 16 billion and now we are all waiting for the 200 billion. it takes a bit of time after the public consultations are completed before the trump administration implements them. but as he said, a lot of concern about this. in fact, overnight we have seen that in america, four tech giants issued a last—ditch appeal before this deadline came into effect to the trump administration to protect key products from being included on this list of chinese imports. the four me sent a letter to the us treasury, saying that the tariffs would lead to higher prices for consumers, delay investments and even possibly lead tojob delay investments and even possibly lead to job losses for us workers. lots of concern. we're still wait

charisma of al shahrani in tianjin. —— karishma vaswani in tianjin.f the other stories making the news. a british cave diver is suing tech billionaire elon musk for defamation after his repeated claims that the diver is a child abuser. vernon unsworth helped rescue i2 thai teenagers and their football coach from a flooded cave in thailand in july. mr musk has made several accusations against mr unsworth without evidence, including that he was a "child rapist". 0ne us firm likely to suffer the consequences of a drawn out trade war is fedex. it's reported quarterly profit which missed wall street estimates, mainly due to employee compensation and other expenses. its shares fell over 3% in after—hours trade. the firm is considered one of the bellwethers for the us. economy. formula one has agreed a $100 million sponsorship deal with a number of betting companies. fi's owner liberty media has signed a contract with inter—regional sports group for global rights to gambling sponsorships in the sport. the deal comes at a time of growing concern about the inf

our very own correspondence karishma vaswani.korea meet today at this time, moonjae—in is bringing the chiefs of some of the biggest conglomerates, including the biggest conglomerates, including the airof the biggest conglomerates, including the air of the samsung empire. i ask if this move is seen as moonjae—in easing his anti—corruption drive. the list of 200 people who will be going to pyongyang in a short while was announced and the blue house representatives said, trial is trial and workers work. scientists at the moment however, that's what many people are concerned about and south korea. this is a huge allegation that will be accompanying moon jae—in to pyongyang in their meeting with kim jong—un. are we likely to see some significant deals being forged between south and north?|j think forged between south and north?” think it would be difficult to see a significant deal in the near future because of the sanctions. how if you look at the members accompanying moonjae—in, there are ministers in the area of land transportatio

consider moving back to the us despite tax incentives back home. 0ur asia business correspondent karishma vaswanin william zarit. us companies do not think that ta riffs us companies do not think that tariffs is the best way to address the lopsided economic relationship. however, we ask our companies what do you want the us government to do for you? the number 1p was to level the playing field —— number one a nswer the playing field —— number one answer and the number to answer was promoted economic relationship with china based on fairness and reciprocal treatment and that is what the us administration is doing. now, is that the best way? maybe not. that i have a sense we are talking with the chinese, they are serious, they don't want a trade war, any more than most of us. so i think that we may be going in the right direction. after dutch dollar for dollar, it gets to a point where china doesn't have much in the way of american goods to retaliate, so what are some of the things that china could do to make life difficult for a american companies and are you already seen that? holding up certific

earlier, i spoke to our asia business correspondent, karishma vaswani.e world economic forum in tianjin, china. a lot of people that i've been speaking to here at the forum, which is often called the summer davos, obviously there's deal of concern about what's being seen as the most serious escalation of the trade tensions between the united states and china. you know, we're looking at something like almost half of everything that china sells to the united states being put under a tariff starting monday, september 2a, and then from january one, 2019, that tariff will go up from 10% to 25%. china's hit back, even though it says that it's a choice that it had to make to retaliate, putting $60 billion worth of american goods under a tariff as well. but i think it's really important to remember that all of this is something that china consistently says, that it's been put in this position by the us and by president trump, and that is why it has to push back. it is a choice that it wanted to make, it would rather discuss and negotiate and have some kind of re

karishma vaswani is there for us. the war of words now hotting up as well as the war on tariffs. i was sitting in on that speech the chinese premier gave about a couple of hours ago now. i have to say, i think the main message he was trying to relate to the international audience gathered in the room was that china understands its role as a global player has to be a responsible one was that he'll sit talked about the fa ct was that he'll sit talked about the fact that foreign firms can he said, would receive the same treatment as chinese countries in the country. that underlines the main message china has been trying to put out with regards to its position on the trade walk, that it is a country that wants to discuss, negotiate and a lwa ys that wants to discuss, negotiate and always puts itself in the position ofa always puts itself in the position of a victim in the trade war and is only retaliating to donald trump is matt harrison has not started it. critics would point out that some of the allegations levelled at the chinese over their actions in the past and things you hear

karishma vaswani joins us from tianjin in china. if you are at the tory initiative either chinese, ita third competitor of the american. what does this mean now all the mainland people? —— if you have a look at the retaliatory. it is important to point out that china doesn't have much more in the way it to retaliate because itjust doesn't buy that many product is, or that value of product, from the united states. that is at the heart of this trade disagreement, if you will, between the us and china. the us keeps saying that china sells far too much stuff to the united states and the other way it around it is not a fairer or level playing field. and us wants the chinese market to be more open to american companies. having said that, i think china is really under pressure and has been recently, to defend its position on the international stage. later today in about two hours time we will be hearing from the chinese premier, who will be addressing the delegates at the world economic forum here and it will be interesting to see what he has to say about this trade war that has really taken

addressing the event, and the us—china trade war is on his mind. 0ur asia business correspondent karishma vaswanierican businesses have been affected by this trade war. today, we got some signs of how chinese companies operating in the united states might be affected, too. alibaba‘s chairmanjack ma has rowed back on his plans to create a million newjobs over the next five years in the united states because of the trade war. he says that the relationship between the us and china has been soured as a result. mr ma was speaking at the world economic forum in tianjin on a panel on entrepreneurship. he didn‘t directly reference his plans in the united states but he did talk about the impact of the us—china trade war and said when he was speaking to chinese entrepreneurs or people who wanted to go into business, that they needed to plan for this for the next 20 years. he also spoke about the clash of these two countries. i thought it was very interesting when he said that china prioritises harmony, while the west prioritises competition. he said that for these two cultures to understand one another, th

beijing warned it will retaliate with the us says it is ready, as karishma vaswani reports.ver the last four decades, making everything from toys to circuit boards for the rest of the world. 0ne boards for the rest of the world. one of its biggest customers, the united states. but now almost half of everything china makes and sells to the us will be covered under the latest tariffs. president trump says this is his way of levelling the playing field. it should have been done many years ago, should have been done by other presidents and it isa been done by other presidents and it is a disgrace it was not. american companies also manufacture products in china and in a nod to their concerns, things like smart watches and bluetooth equipment have been left off trump's tariff list. china says it has no choice but to defend itself. translation: china has to retaliate against us measures to firmly defend our legitimate rights and interests and safeguard the global free trade order. china ‘s in middle classes are a big market for american products, which has kept us businesses in ch

to end our week long series on the crisis — our asia business correspondent karishma vaswani has beenories from a different life. ten years ago declan thought he had fought was a dream job, working for lehman brothers in london but then the bank collapsed, in dramatic fashion. it was a sense of shock, that this happened, will be closed down, will be get bored, what will we do? declan survived a pivoting to a new career path entirely, he now runs a chain of successful furniture stores across asia. and while it's true that the uncertainty from the global financial crisis spread to asia and wasn't as bad as it was in the west. 0ut here in singapore is financial district banks were also affected by their exposure to the global financial crisis. job losses, wage freezes and cost—cutting measures, many banks had to go through these experiences. singapore head dbf bank was head and had to read of millions of dollars worth of loans and investments. you keep asking yourself... within six months the bank like many businesses in the region had shrugged off the crisis thanks to growth in asia and

6,000 items, marking the biggest round of us tariffs so far. 0ur asia business correspondent karishma vaswaniianjin. we all knew this was intensifying, but this is an extra big step, isn't it? indeed. i think it but this is an extra big step, isn't it? indeed. ithink it really underlines just how serious the us is taking this trade war. up until this point, we had seen a smaller figure that had been placed under a american tariffs, but now as you point out, £150 billion worth of chinese goods going into the united states, products ranging from everything, things like rice, textiles, handbags are going to be on this list. that is from september 24, on this list. that is from september 2a, next monday, they will see at tariff of 2% more on these items. what that effectively means is that 110w what that effectively means is that now american what that effectively means is that 110w american consumers what that effectively means is that now american consumers and american businesses to buy these things from china will have to either absorb that cost or pass this on to a american shoppers. this is

karishma vaswani is in tiangin, with the view from china.r the last four decades. making everything from tories to circuit boards for making everything from toys to circuit boards for the rest of the world. and one of its biggest customers, the united states. but now almost half of everything china makes and sells to the us will be covered under the latest tariffs. president trump says this is his way of levelling the playing field. it should have been done many years ago, it should have been done by other presidents. and actually it is a disgrace that it wasn't done. but american companies also manufacture products in china. and in a nod to their concerns, things like smart watches and bluetooth equipment have been left off trump's tariff list. in return, china said it has no choice but to defend itself. china has to retaliate against us measures, to firmly defend our rights and interests and safeguard the global free trade order. china's growing middle classes are a big market for american products, that is what has kept us businesses in c

karishma vaswani is in tiangin in china and has this report.m toys to circuit boards for the rest of the world. and one of its biggest customers, the united states. but now, almost half of everything china makes and sells to the us will be covered under the latest tariffs. president trump says this is his way of levelling the playing field. it should have been done many years ago, it should have been done by other presidents. and actually, it is a disgrace that it wasn't done. but american companies also manufacture products in china. and in a nod to their concerns, things like smart watches and bluetooth equipment have been left off trump's tariff list. in return, china said it has no choice but to defend itself. translation: china has to retaliate against us measures, to firmly defend our rights and interests and safeguard the global free trade order. china's growing middle classes are a big market for american products, that is what has kept us businesses in china. that is what they are worried about losing because of this trade war. and for

beijing has warned it would retaliate, but the us says it's ready for that, as karishma vaswani reportsthe last four decades. making everything from toys to circuit boards for the rest of the world. and one of its biggest customers, the united states. but now almost half of everything china makes and sells to the us will be covered under the latest tariffs. president trump says this is his way of levelling the playing field. it should have been done many years ago, it should have been done by other presidents. and actually it is a disgrace that it wasn't done. but american companies also manufacture products in china. and in a nod to their concerns, things like smart watches and bluetooth equipment have been left off trump's tariff list. in return, china said it has no choice but to defend itself. translation: china has to retaliate against us measures, to firmly defend our rights and interests and safeguard the global free trade order. china's growing middle classes are a big market for american products, that is what has kept us businesses in china. that is what they are worried about

beijing warned it would have no choice but to retaliate — but the us says it‘s ready for that, as karishma vaswanilike smart watches and bluetooth equipment have been left off trump‘s tariff list. in return, china said it has no choice but to defend itself. china has to retaliate against us measures, to firmly defend our rights and interests and safeguard the global free trade order. china‘s growing middle classes are a big market for american products, that is what has kept us businesses in china. that is what they are worried about losing because of this trade war. and for china, it is the future at stake. it was moving away from the old model of growth into high—tech industries. but these trade tensions could hurt china‘s ability to get the technologies it needs. ultimately though, that would hurt america also. someone said, it is like a husband and wife, you can quarrel, but you cannot divorce, because you have children. all your babies, the multinationals in both countries, investment being settled there for decades. when two giants crash, the rest of us are caught in the middle. the bigger d