Today Programme
BBC Radio 4

From today, the US is imposing a 25% tariff on a series on $34bn worth of products imported from China and President Trump has warned that the US may target $500bn worth of Chinese goods.

China plans to retaliate.

"China has shown willingness to make a deal with the US," says Shuang Ding, senior China economist at Standard Chartered and a former IMF economist.

"Trump has scored points and his domestic approval rating has improved, so there seems there is no urgency on the US side to strike a deal.

"So trade frictions are likely to continue and even escalate before the US mid-term elections."

Today Programme
BBC Radio 4

Image source, Getty Images

What do supporters of President Trump, who will be directly affected by the trade tariffs, make of the situation?

Bob Worth has been farming soya beans in Minnesota for decades. His products have been targeted for hefty sanctions by the Chinese.

"I feel something had to be done, because our imbalance of trade was getting out of hand. We all feel it has to be done, but we hope he gets it done quickly."

Another Minnesotan tells the BBC: "Something has to be done because we have been unfairly treated for years and years and years."

BBC Radio 5 live

Image source, Getty Images

As the prime minister and her cabinet prepare for a crunch meeting at Chequers on the UK's Brexit strategy, former EU official Robert Madelin says there will be "a bonanza of bad news" from business if they fail to agree a clear blueprint for future relations with the EU.

Mr Madelin told Wake Up To Money: "We're already late for the engagement of a serious endgame and so if nothing happens clearly today, we are in something of a crisis."

The UK could choose to maintain EU regulatory standards after Brexit without any difficulty, Mr Madelin said

"If the UK government decides that British biscuits will stay the same, that's important, but it doesn't mean we've given away any sovereignty."

BBC Radio 5 live

Image source, getty

Sony Music chief executive Rob Stringer believes the global music industry is in its most exciting period for 20 years. He told Radio 5 live's Wake Up To Money that against all expectations, the industry was back to making the same amount of money that it made in the early 2000s.

"We had to re-work our structure" after the advent of MP3s and streaming, he said. "That brought discipline and structure into a business that hadn't necessarily worried about those facets in previous eras." As a result, the music industry was now "much leaner and sharper".

Mr Stringer added that developments in technology meant that the business of selling music would be "constantly evolving".

"There's going to be a new tool that the consumer can use every six months now," he said.

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