Trade war threats become reality
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 4 March 2025
⏱️ 7 minutes
🧾️ Download transcript
Summary
From the BBC World Service: Fears of a trade war ramp up as tariffs go into effect on Chinese, Mexican and Canadian imports to the U.S., with more planned for Donald Trump’s second term. The increased duties on Chinese imports will affect a huge range of products from agricultural goods to toys – and are likely to raise consumer prices. Plus, an unexpected alliance could be forming in the electric car world.
Transcript
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| 0:00.0 | Trade war threats become reality. |
| 0:03.9 | Life in the UK, this is the Marketplace Morning Report from the BBC World Service. |
| 0:08.6 | I'm Leanna Byrne. Good morning. |
| 0:10.5 | So that trade war that was brewing has reached boiling point after President Trump slapped new tariffs on imports from Canada, Mexico and China. |
| 0:19.3 | Beijing fired back fast. The BBC's Mariko Ois is following this |
| 0:23.5 | one. Hello. Hello. Marika, we have a lot to talk about, don't we? I want to first start with |
| 0:29.0 | China. What are the retaliatory measures that China have brought in? Well, China has practically |
| 0:34.7 | immediately, within an hour or so, announced retiree tariffs on certain |
| 0:39.6 | products. And if you remember, we're talking about initially they had that 10% tariffs on |
| 0:45.1 | everything being imported from China into the United States. And then it was basically double to 20%. |
| 0:51.0 | And within an hour, they announced those retireatory measures. And when it was only 10%, |
| 0:55.7 | they also announced retiretary measures, but it only affected things like crude oil. And the US |
| 1:00.8 | doesn't actually really import lots of crude oil. So the impact was not really significant, and it |
| 1:06.7 | sounded like a bit of a symbolic measure. But this time around, those measures, you know, |
| 1:12.0 | 10 to 15% tariffs affecting everything from chicken, pork, dairy products to vegetables and fruits |
| 1:20.7 | and so on. So that will have a significant impact on prices of what gets imported into the United States. |
| 1:29.2 | What about Canada and Mexico? |
| 1:30.8 | Those tariffs kicked in as well. |
| 1:32.7 | Of course, they were put on hold for a while, while they negotiated the deals. |
| 1:37.3 | But then they kicked in and immediately we heard from Canada announcing retiree tariffy tariffs |
| 1:43.1 | on certain products worth about $100 billion US dollars. |
| 1:46.7 | Mexico says that they will announce something later today. |
... |
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