China hikes tariffs on US imports
Global News Podcast
BBC
4.2 • 7.8K Ratings
🗓️ 9 April 2025
⏱️ 29 minutes
🧾️ Download transcript
Summary
Beijing retaliates against Trump with an 84% levy on American goods. Also: we look at what aid is getting through to earthquake survivors in Myanmar and why olive oil is the target for Italian armed gangs.
Transcript
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| 0:00.0 | This is the Global News podcast from the BBC World Service. |
| 0:04.7 | I'm Nick Miles and at 14 hours GMT on Wednesday, the 9th of April, these are our main stories. |
| 0:10.3 | Turm Oil in Trade, Beijing has announced its retaliations to Donald Trump's recent tariffs against China. |
| 0:17.6 | We look at the impact of Ecuador's record cocaine export and a hijacking at gunpoint |
| 0:24.3 | in southern Italy, why olive oil is being targeted. Also in this podcast, nothing has come in for |
| 0:32.7 | the reconstruction, no donations, only food for the aid workers. More than a week on from the deadly earthquake in |
| 0:40.5 | Myanmar, just what aid is getting through. The largest round of US trade tariffs yet have come |
| 0:50.7 | into effect. Two trillion dollars worth of what Donald Trump's described as explosive levies |
| 0:57.0 | are now in place on about 16 nations. President Trump said they would be legendary in a positive way. |
| 1:04.1 | In a moment, we'll hear how Beijing has responded. But first, let's look at the reaction on the |
| 1:09.1 | financial markets. Across Europe and Asia, stock markets have fallen yet again, |
| 1:14.3 | and there's also been a big sell-off of US government debt or bonds. |
| 1:19.6 | Tonya Beckett is a presenter on BBC business. |
| 1:22.1 | She told me a little bit more about the bond market and why it's so important. |
| 1:26.4 | It's the debt market. It is packaged debt. |
| 1:29.3 | If I lent you $100, you wouldn't give me a piece of paper saying that I'd done that. |
| 1:34.6 | You would give me 100 pieces of paper. And each one of those would represent $1. |
| 1:39.1 | And it's simply that. It's just packaged up debt. And in this particular case, we're talking about |
| 1:44.0 | US government debt. And that is packaged up debt. And in this particular case, we're talking about US government debt. |
| 1:45.6 | And that is packaged up and traded back and forth according to how confident people feel in whether they want to lend the US government money or not. |
| 1:54.8 | The problem at the moment is they seem to be voting with their feet and saying they don't want to lend this money and they are dumping some of this debt on the market. So there's a lack of confidence in the US economy. |
| 2:05.8 | What will the sale of all this debt mean more broadly for the US economy? |
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