Transcripts For BBCNEWS Business Today 20241002

The two major sticking points between the international longshoremen� S Association and us Maritime Alliance are wages and automation. Workers are unhappy with the current contract, which spanned the pandemic, when Dock Workers stayed on the job and endured months of soaring inflation on automation, the Union Boss has been warning Dock Workers that their jobs could be replaced by machines. In response, the us Maritime Alliance has said its offering to keep the current ban on fully automated equipment. A strike could cost the us economy 5 Billion a day, according to Jp Morgan analysts. A range of Goods Flow through the East And Gulf coast ports, everything from raw materials and pharmaceuticals to clothes and toys, with the ports accounting for more than half of containerised imports. While consumers may not feel the impact of the strikes right away, if it extends for weeks, it could lead to shortages and higher prices ahead of the president ial election. Thats something new York Governor Kathy Hochul weighed in on. The potential for disruption is significant. Weve not had an event occur like this in our ports since 1977, and that lasted 12 days. Were deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the I947 Taft Hartley act, President Biden has the authority to order striking Dock Workers back to work, but the current administration has said it will not intervene and encourages all parties to keep negotiating in good faith. Tad dehaven is Policy Analyst at the free market think tank, the cato institute. He told us the timing of the strike is awkward for the White House but also for both president ial candidates. Well, i mean, its certainly quite the powerplay, and its not a coincidence that were just a little bit over a month away from the election. And so you have an administration that is, uh, proud of its of its pro organised Labour Record and by extension, Vice President harris is running on the same platform. And then you have the Wild Card of the republican ticket with president trump, whos also trying to siphon off union support. So this is a headache for the biden administration and again, by extension, for Vice President harris, because they really dont want to have to step into this situation. Uh, The Unions are very important for getting out the vote and such things. Uh, at the same time, the american people are, dont have short memories when it comes to inflation and higher prices. And the longer this goes on, the likelihood of higher prices and perhaps shortages grows. And thats obviously a headache that they dont want coming to the election from the White Houses perspective. So what impact could that have around so what impact could that have around the world . So how nervous are global financial markets about the disruption to the Worlds Number one economy . A question we put to jane foley, head of foreign Exchange Strategy here in london. The markets are certainly keeping an eye, but theyre not yet panicking about this. Now, weve got to remember that this Strike Or Fear of this strike has been known for quite some time, meaning that a lot of the us importers have been quite busy over the summer months importing more goods in preparation, of course, for the holiday season. Now, of course, that makes it a little bit more difficult when it comes to food importers, for instance, particularly if youre importing fresh fruit, for instance. However, weve got to bear in mind that the us economy is a relatively closed economy. It is, of course, completely independent in terms of energy and actually in basic foods. Its also independent. It does, of course, import some fruits depending on Weather And Coffee as well, but its not going to run out of of wheat for instance. It is a net exporter of some of these basic foodstuffs. So yes, the market is keeping a close eye. But i think if this were to run on for more than a week or two, i think its at that point that the market would start paying closer attention. That is the question, how long could this Go On For . Well boise butler the local head of The Union in philadelphia said they had no plans to end the strike early and theyre in it for the long haul. This is something i need to be done. We do not start then stop, we are not weak. What we can draw as far as the economy is concerned is unbelievable. We may be 60,000 members from maine to texas but what we control in the economy is billions and billions of dollars every day. Every day. What we want them to do is share. What we demand, demands are to share to japan now where markets have been volatile as the country confirmed a new Prime Minister raising questions about the direction of Asias Number two Economy Mr Ishiba will be sworn in at tokyos imperial palace later today here he is in parliament earlier. Mr ishiba won a tight Leadership Election within the ruling liberal democratic Party Or Ldp on friday narrowly defeating Sanae Takaichi a Hardline Conservative who would have been the countrys first female pm. Shes reported to have refused to serve in his cabinet. Investors have been unnerved by all this the Nikkei 225 plunged almost 5 per cent on monday although it has recovered some ground today. Professor seijiro . Takeshita from the University Of Shizuoka told us why. Actually, many were expecting Fumio Kishida to be the Prime Minister, at least many of the participants, who basically were giving Warning Signs to the Bank Ofjapan for their rate rise, so obviously they expected, basically, and much more buoyant stock market, but that wasnt to be. And mr issue bear, in my opinion, is saying thing, which is lets get some and mr ishiba, in my opinion, is saying a very rational thing, which is lets get some discipline into our fiscal policy, and we may have to raise taxes as well. Something that many other politicians should have said, but did not. But the real worrying thing that i got today is that when he announced his cabinet members, you are asking for a division within the lvp, and this is pretty bad news, especially considering that we have two major elections also coming up next year as well. Lets head to canada where, from today, a 100 import Tax Or Tariff on chinese made electric vehicles electric vehicles comes into force. Its a move the us has already comes into force. Its a move the us has already made and the European Union made and the European Union will vote on a similar will vote on a similar move this week. Move this week. All are concerned that china all are concerned that china is unfairly subsidising its car is unfairly subsidising its Car Firms and distorting the global market. Firms and distorting the global market. Our Business Reporter our Business Reporter jonathanjosephs has been jonathanjosephs has been speaking to Canadas Trade speaking to Canadas Trade minister about fears of a wider Trade War. Minister about fears of a wider Trade War. Chinese Car Companies are policy on chinese Car Companies are producing and exporting record producing and exporting record numbers of electric vehicles, numbers of electric vehicles, they have had huge financial they have had huge financial support from the Government Support from the government which says canadas tariffs on which says canadas Tariffs On Trade Rules mean that climate trade rules mean that Climate Tackling might be more tackling might be affordable but i was told that is not enough. We affordable but i was told that is not enough. Affordable but i was told that is not enough. We know china has intentional is not enough. We know china has intentional state is not enough. We know china has intentional state directed | has intentional state directed policy has intentional state directed the start of a new global marketplace but on the issue of canadian marketplace but on the issue of canadian canola, No One has ever canadian canola, No One has ever accused canadians of dumping into a market, they are failed dumping into a market, they are failed traders. You dumping into a market, they are failed traders. Failed traders. You say youre not interested failed traders. You say youre not interested in failed traders. You say youre not interested in a failed traders. You say youre not interested in a trade failed traders. You say youre not interested in a Trade War| not interested in a Trade War what your government is already looking at tariffs on chinese ev batteries, semiconductors and critical minerals. Are you sure that will not lead to a Trade War . It sure that will not lead to a Trade War . Trade war . It will ensure a level playing Trade War . It will ensure a Level Playing Field Trade War . It will ensure a Level Playing Field and Trade War . It will ensure a Level Playing Field and we | Trade War . It will ensure a I Level Playing Field and we will see an Level Playing Field and we will see an imposing of tariffs on steel see an imposing of tariffs on steel and see an imposing of tariffs on steel and our many products by China Steel and our many products by china that steel and our many products by china that will come into Effect China that will come into effect in the middle of october so what effect in the middle of october so what we are trying to do here so what we are trying to do here is so what we are trying to do here is stand up for a failed trading here is stand up for a failed trading system. In here is stand up for a failed trading system. Here is stand up for a failed trading system. In a world of increasingly trading system. In a world of increasingly fragmented trading system. In a world of. Increasingly fragmented trade, a solution seems a long way off. Seems a long way off. Now heres a question what would you do with a spare 25 Billion Euros . Well thats the enviable position that the irish government is in partly a result of a huge windfall from Tech Firms based there. Europes top court ruled that ireland has to tax apple ia billion euros after deciding its generous deal with the company was illegal. Today, the countrys finance minister, jack chambers, is delivering his budget and personal Tax Cuts are expected. Butjoe nellis from Cranfield University told us there are now questions about the future of Tech Firms in ireland. The big challenge for ireland, as i said, its not unemployment. Its actually keeping the Tech Firms happy because ireland is so reliant on the Tech Firms being registered there for tax purposes, that if there is a sudden change in sentiment towards ireland, then there could be an outflow of funds. So keeping them happy is critical. Now how do they do that . Well, ireland and the irish government will keep investing in the country, keep investing in education, keep making sure that the Talent Pool is there for the Tech Firms. But again, this is a challenge for all for sure. That is all of your business today, we will see very soon. Goodbye. Hello from the bbc sport centre. Sport centre. Im hugh ferris. Psg manager Luis Enrique says he doesnt want his decision to drop 0usmane Dembele to turn into a � Soap Opera and that there was no argument between him and the player. But the french interntional will not play in his clubs biggest game of the season so far. Psg trained without Dembele On Monday after the forward was left out for not complying with the requirements of the team according to enrique whose Side Face Arsenal in the Champions League later on tuesday at the emirates. But despite being one of the french champions best players this season. Dembele did not travel with them to london. Translation i believe it was best for the translation i believe it was best for the Team Translation i believe it was best for the team without translation i believe it was best for the team without a. Best for the team without a shred of doubt. I would redo it 100 times. This does not mean the situation is irrevocable or irreversible but what i consider the best situation for the team as this. I signed last year with psg to build a team and this is something i can guarantee until the last day i remain in paris as i will build a team. Elsewhere barcelona had had a perfect start to their season before losing their Opening Match of the Champions League to monaco and then they also tasted defeat in La Liga for the first time on saturday but will still be heavy favourites to beat Swiss Side Young Boys on tuesday. Translation we have only lost a Sinale Translation we have only lost a single Game Translation we have only lost a single game against translation we have only lost a single game against monaco i a single game against monaco but im not worried about it or what happened last season of the season before, both the Team And Club want to achieve success in Champions League and in order to make it, we must games and im very optimistic and positive