We need to talk about tariffs.

Live from the UK, this is the Marketplace Morning Report from the BBC World Service.

I'm Leanna Byrne. Good morning.

We were expecting it and now it's happened.

President-elect Donald Trump has announced sweeping new tariffs,

25% on all goods from Canada and Mexico, and 10% on Chinese imports.

He says the measures will be used as leverage to combat illegal immigration and drugs like fentanyl entering the US.

In response, China has warned that no one wins in a trade war.

So let's get more from Beijing and speak to the BBC's Laura Bicker. Hello.

Hello, how you doing?

Good. I mean,

this is a big question, but what is this going to mean for China? So Beijing, I think, is trying to figure out what it means for them. Now, remember, Beijing will have been making preparations for a

Donald Trump presidency. They knew this was coming. And so they were worried about tariffs because all the way through

Donald Trump's campaign, if you remember, he pledged an additional 60% of tariffs on Chinese

goods coming into the United States. One of the things that Washington doesn't like is that China subsidises its industries.

And Washington believes that's unfair competition. So maybe is this a threat to try to change

China's ways or is it realistic? Well, last time around, Trump did impose tariffs. They have

stayed in place all the way through Joe Biden's presidency.

So the threat of more is a real worry for Beijing.

And the reason for that is right now China's economy is slowing.

It is not growing as fast as it used to.

Plus, on top of that, it has a property crisis.

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