
President Trump has defended his sweeping global tariffs
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Nick Miles
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Zing Singh
I'm Zing Singh.
Nick Miles
And I'm Simon Jack.
Zing Singh
And together we host Good Bad Billionaire.
Simon Jack
The podcast exploring the lives of some of the world's richest people.
Zing Singh
In the new season, we're setting our sights on some big names.
Nick Miles
Yep, LeBron James and Martha Stewart to.
Simon Jack
Name just a few.
Zing Singh
And as always, Simon and I are trying to decide whether we think they're good, bad or just another billionaire.
Nick Miles
That's good.
Simon Jack
Bad Billionaire from the BBC World Service.
Zing Singh
Listen now wherever you get your BBC podcasts.
Nick Miles
This is the global News podcast from the BBC World Service. I'm Nick Miles and in the early hours of Friday 4th April, these are our main stories. President Trump has said his policy of putting steep tariffs on US Imports is going very well, despite huge falls in stock markets. The new taxes have led the World Trade Organization to revise down its growth forecast. It now expects the global economy to shrink by 1% this year. The authorities in Gaza say an Israeli airstrike has killed over 30 displaced people sheltering in a school. Also in this podcast, this is absolutely a transformation. I don't think people were really expecting 4k for a start. The screen 1080p like this is really big upgrades that people weren't necessarily expecting going into it. The Japanese gaming company Nintendo has revealed the switch to the long awaited successor to one of the best selling consoles in history. Donald Trump has defended the tariffs he's announced on US Imports from around the world despite a global stock market sell off. Wall street suffered one of its worst days in recent years on Thursday. But speaking to reporters as he left the White House, Mr. Trump expressed optimism. I think it's going very well. It was an operation like when a patient gets operated on and it's a big thing. I said this would exactly be the way it is. We have six or seven trillion dollars coming into our country and we've never seen anything like it. The markets are going to boom. The stock is going to boom, the country is going to boom. We'll hear more about what the US President had to say in a moment. But let's hear from India, Vietnam, Japan and South Africa. And first from the U.S. we're a small independent company that's been in business in Michigan, USA for 67 years. A lot of our parts that come in, they're made of steel. So we've already been hit with the steel tariffs.
Zing Singh
But I think what was frightening today.
Nick Miles
Is that some of our components that.
Zing Singh
Come in come in through Taiwan.
Nick Miles
And now there's a 32% tariff on Taiwan.
Zing Singh
So in effect, when you couple the.
Nick Miles
32% with that 25% steel tariff, we're.
Zing Singh
We could very well be looking at 57% tariff.
Nick Miles
90% of our business is imported coming from latam countries. So most of the countries that we operate are going to be a 10% tariff. Food is already retailing at a ridiculously high price. And big box stores such as Costco, Walmart, I don't know how much more they can pass on these tariffs to the consumer. So in the end, it's going to come off our bottom line. I understand what President Trump is trying to do. He's trying to bring back agriculture, food production, which has been very important.
David Willis
I think around the world.
Nick Miles
People have seen since COVID how we are so interconnected as a global economy.
Salim Rehan
More than 60% of business comes from us alone. So this is a big setback. Already there were a lot of challenges.
Nick Miles
In terms of pricing.
Salim Rehan
Our customers were finding it difficult to sell at large scale. So reducing price is an option, but we will have to shrink our margins also. This is very labor intense business, textile and garment making. Something has to be done so that sectors like us should be incentivized to remain competitive.
Zing Singh
Many people in Vietnam were so optimistic about the prospect that Trump will be lenient towards Vietnam because the Vietnamese government has done so much to appease Trump and his administration. The thing is, so many US Companies have set up their factories in Vietnam to produce exactly for the US market. So that is going to add onto their prices as well. Most of these auto companies are more or less global, so the supply chain.
Yogita Limai
Is going to be disrupted.
Nick Miles
But I'm confident that the manufacturers in.
Zing Singh
Japan are pretty innovative. So that may become a very good.
Yogita Limai
Opportunity for the Japanese companies to get.
Zing Singh
Innovative in a rather interesting way.
Salim Rehan
In South Africa, there's significantly higher imports of automotive components from the US Versus the number going into the US in.
Zing Singh
Terms of exports as a sector.
Salim Rehan
We're really concerned and our priority is to look to try and find a.
Zing Singh
Mutually beneficial way of maintaining the US as the key trade partner for the South African economy.
Nick Miles
By one estimate, more than $1.5 trillion was wiped off the value of shares on Wall Street. At the start of Thursday's trading, shares in tech firms were the worst hit. Apple's value dropped by more than $250 billion. The dollar also fell. And there's been a slide in oil prices. Investors fear the tariffs will hit growth and drive up inflation worldwide. Despite all this, President Trump remained buoyant I heard more from our North America correspondent, David Willis.
Mark Ashdown
It was a fairly wide ranging conversation, Nick, on that flight to his Florida home. And Donald Trump conceded that there was going to be what he called a transition period. Whilst some trading partners transferred their manufacturing operations to the United States, he stressed that for companies that chose to make their products here in the US There will be no tariffs, of course. And he said that he'd already spoken to two of the five major automobile makers and maintained that they had already started moving aspects of their operations out of neighbors Canada and Mexico and into the US yet, for all of his confidence, it's worth remembering that Donald Trump has long hailed the stock market as the barometer of this country's economic health. And I think, much as he may pretend otherwise, he won't be pleased to see the sort of sharp falls that we've seen today. As you mentioned, both the NASDAQ and the S and P experience their worst declines in about five years. Retailers, tech companies taking a particularly bad hit. Both Apple and Amazon down more than 9%. Companies like Dell and Ralph Lauren experiencing falls of more than 15%.
Nick Miles
And David, in that clip we heard from Mr. Trump, he referred to what's happening as an operation that's going to work. To what extent do Americans like the idea of being operated on?
Mark Ashdown
Well, I think like people in many other parts of the world, Nick, American consumers are holding their breath, I can put it that way. They are waiting to see what all this means in terms of the price of goods in the shops. The stock market, of course, is not the economy. But the reaction that we've seen today is nonetheless an early, some would say visceral demonstration of the sort of widespread and growing concern that exists here over rising prices. The prospect of rising prices, the prospect of slowing growth, and of course, the prospect of a recession, as one analyst here put it. Traders are shooting first, Nick, and asking questions later.
Nick Miles
And no sign of any kind of dissent within the Trump administration? Far from it at the moment, Far from it.
Mark Ashdown
Although I think the closest we've come to that is perhaps some Republicans who voted in favor of a Democrat led measure in the Senate to prevent the tariffs being introduced on Canada. But that was both for Republican senators. It's a small protest, but it does underline the fact, I think, Nick, that there is concern at grassroots level to an extent at least, over what these tariffs could mean for industries here in the US Such as farming.
Nick Miles
David Willis in Los Angeles. The World Trade Organization has revised its forecast for global economic growth sharply downwards in the Light of the new US tariffs. In contrast to its previous forecast of 3% growth for the world economy, this year, the agency now expects a contraction of 1%. Jonathan Josephs reports the drastic scale of this reduction underlines that these US Tariffs pose the biggest challenge to the global trading system since, since the World Trade Organization began drawing up and enforcing the rules 30 years ago. The director general, Ngozi Okonjo Iweala says the tariffs will have substantial implications for global trade and economic growth prospects. She added she was deeply concerned about escalation and retaliatory measures which have already started making things even worse. Jonathan Josephs well, many people around the world see Donald Trump's tariffs as the moment the post war system of global trade was turned on its head. So are they right? Our business correspondent Mark Ashdown gave me his assessment.
David Willis
Look, in terms of trade tariffs, we haven't seen anything like this since probably the 1930s. An escalating scale of universal tariffs, anything from 10% for the ones that got off most lightly, up to 50% or so. And this all depends on what Donald Trump sees as the level of trade deficit, in his words, how much America's been ripped off over the years. He wants to level that playing field. I think the feeling now the hope among some countries is Donald Trump has had his big showman moment. He wanted that moment with a big ledger in the Rose Garden. So now the work begins behind the scenes to kind of mitigate the situation to improve those trade terms really for as many countries as possible.
Nick Miles
Now some people, the doom and gloom mongers, are saying it could lead to a global recession. It's far too early to predict that. But at what point does a run on the stock market that we've been seeing become pretty unsustainable and really worry?
David Willis
Well, I think yeah, day of volatility, to put it lightly, started out in the the Far east, spread across to Europe and then from the opening bell really in America, all the major indices were down. The NASDAQ very tech heavy, that one down 5.5% at one point. Now I believe 10% is what they call a correction, 20% a bear market. We don't really talk about crashes. And there is that mantra, isn't it? Shut your eyes. Over time the stock market will recover. So I think on days like this, the likes of Apple, Amazon, Dell, hp, Nike, Tesla, who saw billions wipes off their values, I think investors individual and pension funds will just sort of grit their teeth and hope for the best in terms of the sort of wide a global recession. Though. I mean, Donald Trump is convinced this short term pain is going to lead to long term gain. He said today on his socials that the patient has survived, it will get stronger. So I think his feeling is this has been a successful day. Of course, we do await the retaliation now from the likes of the eu, the likes of China. They've promised strong responses to this. In the UK They've talked about a calm and considered approach. But even here, they've published this afternoon this 417 page list of US goods potentially they could put tariffs on, so strengthening of their position there. But as I say, they are going to try and hope they can come up with a deal.
Nick Miles
Mark Ashdown, the southern African nation of Lesotho says it will send a government delegation to the United States to plead its case after Washington imposed 50% tariffs on its imports. Thousands of people in Lesotho are employed making clothes for the US Market under a tax free initiative set up more than two decades ago. Our Africa regional editor Will Ross reports. The owner of a clothing factory in the capital of Lesotho, Masseru, said waking up to news of the 50% tariff had been devastating for the country, but said he'd look for markets in Africa and Europe. Across Africa, tens of thousands of workers produce clothing for the US Under a tax free initiative known as agoa. It was partly set up to help countries trade their way out of poverty. Now Lesotho's government is warning of job losses. Botswana faces a 38% tariff on its exports because Donald Trump wants to get rid of a trait deficit. But that won't be easy. Botswana has diamonds. Will Ross, there's more concern in Asia as well to these tariffs. Bangladesh was number 16 on President Trump's tariff list, which was shown to the invited guests on the White House lawn. The South Asian country now has a 37% tax levied on its imports into the U.S. bangladesh's economy has grown in recent years and it's scheduled at the end of next year to graduate from the UN's group of least Developed Countries, or LDC status. But it's still vulnerable, as Tim Franks has been hearing from Salim Rehan, professor of economics at the University of Dhaka.
Salim Rehan
This has created a lot of tension among the business community as well as among the policymakers. And it's not only about, you know, that the tariff is not only imposed on Bangladesh, but also quite a lot of countries with which Bangladesh compete in US Market. The problem is Bangladeshi exporters. They face a lot of challenges at home because of the business environment or there is a High cost of doing business and various other challenges is there for the exporters. Now, this additional pressure coming from us, especially with respect to these reciprocal tariffs, that has created a lot of tensions and a lot of worriness, I can tell you.
Nick Miles
How much does Bangladesh export to the United States? I mean, how important a market is.
Salim Rehan
It as a single destination country? Destination US is the largest export destination for Bangladesh's exports. It's around between 15 to 20% of total export goes to the US and of course, a large chunk of it is readymade garments. And also I must tell you that Bangladesh is expected to graduate from the LDC status next year. That is another challenge the country is going to face where after the graduation, Bangladesh will not be able to enjoy many trade preferences the country enjoys at this moment. So all these things actually now made the whole situation very complicated.
Nick Miles
Well, it certainly is complex and there certainly is uncertainty. And as you mentioned, Bangladesh has actually been doing rather well economically. Hence it's the possibility that it will, as you say, graduate from LDC status, least Developed country status. You did mention at the start of the interview that there will be tariffs imposed on a lot of essentially your competitor countries. A lot of other Asian countries will have tariffs, some of which are considerably higher even than yours. So actually, in terms of a competitive disadvantage, you may not be in that sense in too bad a position.
Salim Rehan
We'll have to wait and see to what extent this new scenario translates into, as you say, that's competitive disadvantage for some countries or less competitive disadvantage for some countries over others. And this will be a very tough situation. I can tell you these countries will try to absorb this shock. And the countries which are better prepared with respect to they have better infrastructure, better competitiveness in terms of supporting trading institutions and low cost of doing business, and also more importantly, having more diversified export basket, they will be in a better position I think, compared to Bangladesh, which has a very concentrated export basket, low level of competitiveness. You also know that Bangladesh just a few months back had a very significant political transition. It's not only US's action which is important because there will be counteractions, and already there are some counteractions from many countries. That means the global trading regime is getting into a very uncertain territory. If the overall demand gets reduced in US market, all countries will suffer. And Bangladesh, with the kind of problems and challenges the country is going through, they will suffer or likely to suffer more than other countries.
Nick Miles
Salim Rehan, Economics professor at the University of Dhaka still to come, where there.
Zing Singh
Are clusters of Somalis in the west that there is higher prevalence of autism in the Somali community.
Nick Miles
Against these findings, the condition itself is said not to be recognized in Somali culture.
Zing Singh
Foreign.
Nick Miles
Sing and I'm Simon Jack and.
Zing Singh
Together we host Good Bad Billionaire, the.
Simon Jack
Podcast exploring the lives of some of the world's richest people.
Zing Singh
In the new season, we're setting our sights on some big names.
Nick Miles
Yep, LeBron James and Martha Stewart, to name just a few.
Zing Singh
And as always, Simon and I are trying to decide whether we think they're good, bad or just another billionaire.
Nick Miles
That's Good Bad Billionaire from the BBC World Service.
Zing Singh
Listen now wherever you get your BBC podcasts.
Nick Miles
Gaza's Hamas run Civil Defense Agency says an Israeli airstrike on a school sheltering displaced people east of Gaza City has killed at least 31 people, some of them children. Israel says it had targeted a Hamas command and control center. More details from Dan Johnson in Jerusalem. A statement from Israel Defense Forces says it targeted a site being used by Hamas militants to launch attacks on its soldiers. But Gaza's Civil Defense Agency says a school sheltering displaced Palestinians was hit in Tufa, northeast of Gaza City. Video from a nearby hospital shows children being rushed in in cars and trucks with very serious injuries. More than 100 people are reported wounded and the number of dead keeps increasing. The Hamas run health Ministry in Gaza says more than 100 people have been killed in the last 24 hours after Israel expanded its military operation in the north of the territory. Dan Johnson, Myanmar's military leader, is attending a regional summit in Bangkok after the number of people known to have died in last week's earthquake passed 3,000. Critics say he should have stayed at home to help oversee relief efforts. Nick Beek reports. The head of the junta, senior General Minong Lai, flew to Bangkok for a regional economic summit. He's been largely ostracized from the global stage, relying on support from Russia and China, so his presence today marks a rehabilitation of sorts. But the dire domestic reality to which he'll return will shape his immediate fate. There's now a short term ceasefire in Myanmar, but the Burmese people often see their fortunes as divine judgment on the deeds of their leaders. Rising anger, despair and disease would represent a new and dangerous threat to the hunter. Myanmar's military hasn't allowed foreign journalists into the country since the earthquake, but our correspondent Yogi To Limai managed to cross the border from Thailand and made her way to Mandalay, the country's second largest city. This is the second of her reports.
Yogita Limai
We've just stopped by the side of the street where we Saw that a funeral ceremony was actually just going on by the side of the street. And we found out that this is a funeral for a couple, Oong Kheng and Dao Mamarte. They were a couple in their 60s. And actually just behind the ceremony is their house, which is completely destroyed. I'm looking at it right now and just a pile of rubble and bricks, pipes, steel rods, the grills of the windows. I can see clothes, towels, what looks like a drying rack. Their bodies were found arms around each other. They were pulled out of the rubble not by trained rescuers, but by locals using basic equipment. There simply aren't enough rescue teams operating on the ground. And we saw more signs of how overwhelmed facilities are at Mandalay's main hospital that we managed to slip into. What we are seeing here is hospitals that are stretched past capacity and they can't even go inside because the building is damaged. And so people are just being treated here outside. As the rescue work continues and access to the epicenter of the earthquake in Sagain is reached, more people are expected to be brought here. Everything is needed here, blood, medicines, food. We saw rows and rows of beds full of the injured lying under a makeshift tent in the compound of the hospital. 14 year old Shwegi Tun Fo has bloodshot eyes caused by an injury to her head. She's responsive, but in a serious condition. Her family by her side in another bed. Zaza says she has an abdominal injury. Her daughter props her up. Everywhere we see families who are stepping in to do what trained medical staff should. There aren't enough doctors and nurses. I'm at a sprawling ground in the city where there's lots and lots of different tents and umbrellas put up where I can see families just camping outside. Some of them because their homes are damaged and they can't return to them. And just now I can see an aid truck has come in and people are queuing up to get some food supplies, some water. It just looks like a private vehicle, really. Someone in the city who's brought their car along and bought some supplies to distribute among the people who are here. Lots of children, families, but some very heartbreaking stories as well. We meet Dao Kinsaw Minh who breaks down as she tells us she's lost her home.
Simon Jack
I don't know anything anymore.
Nick Miles
My heart is still trembling.
Simon Jack
It's really difficult.
Zing Singh
My house collapsed.
Yogita Limai
It's gone.
Simon Jack
There is no one to rescue us.
Yogita Limai
Please help us. Even those whose homes are intact don't dare go inside. There have been multiple aftershocks in the days following the earthquake. This is a city living outdoors, a city living in terror.
Nick Miles
That report by Yogita Limai in Mandalay. It is Autism Acceptance Week around the world. Autism is a neurodevelopmental condition that affects how people communicate and interact and how a person's brain develops and functions from infancy through adulthood. It's a condition that is misunderstood. A new report from the UK has found that Somali children in Britain are six times more likely to be referred for autism than children from any other background. The condition itself is said not to be recognized in the Somali culture. There isn't even a name for it in the Somali language. So parents of these children with the condition have not been able to get the help they need, both in the UK and in Somalia, because they fear judgment from the community. So they struggle on in silence. But things are starting to change. In 2020, a Somali autism advocate introduced a new word, manga, meaning unique mind, to describe autism in Somali. And in Mogadishu, the Mustakbal Centre is helping such children find a place in society. Audrey Brown spoke to Noora Abe, the founder of Autism Independence here in the uk. How would she define autism?
Zing Singh
People with autism often struggle to communicate in situations. Although communication can be different level in the way it impacts them. They can struggle to socialise and interact with people. They often see the world from their own lenses. So, for example, they might not express their feelings, they may not articulate themselves if in trying to understand situations or respond to people in questions. The reason why we are talking about this is because in the uk, a study has found that Somali children diagnosed with autism six times more likely than other children. Is there an explanation for why this is the case? So I am one of the researchers who've done some research with Bristol University looking at autism and the Somali community. And a lot of the research that we have references have seen where there are clusters of Somalis in the west, that there is higher preference of autism in the Somali community. So why is this? It is yet unknown, but we know from the current research that there is a lack of early diagnosis, there's a lack of understanding, and one of the key things is there's no word for autism in the Somali language. I'm wondering if that's the case in other African languages as well. It would be interesting to find out. But is there scientific evidence that supports the findings in the uk? You also did say that in Somali communities in the west there seems to be a higher prevalence of autism diagnosis. The early studies that was carried in Sweden was The studies that has highlighted that something is not added up. These studies were later then followed in America and these studies show in the USA that there is higher preference of autism where there has been clusters of Somalis. For example, in Minnesota, there's higher population of the Somali community and those have shown where the study carried out high prevalence of autism. We are seeing in where we are for Bristol, we see in higher numbers of Somali children with autism within the system, although there hasn't been a particular specific studies that has looked at the numbers in the uk, but yet these studies, Fellow started in Sweden, fellow in there, in America, all have shown clusters of Somali people in the west have got higher preference of autism. So there are concrete studies, scientific studies, they are supporting this data. What about in Somalia? There are high incidence of autism and diagnosis of autism. My understanding of Somalia, I haven't seen any scientific research that showed the numbers or I don't believe there's the infrastructure in place to show this data. But I think to my understanding, from, you know, conversations and observations, there's an emerging numbers of Somali children with autism within Somalia. Often what we're seeing is that autism is perceived as a mental illness and that comes with high level of stigma and segregation. Actually, Hani Ali Mohammed is a parent in Mogadishu, actually bumped up against those attitudes in Somalia. So when her son was diagnosed with autism, she had never heard the word before and now she encourages other parents to educate themselves about their child's condition. So let's listen to her. There's been a huge difference in my son since day one. He felt like he was gone, but now he's truly alive again. I taught myself to love my son, be proud of him and not hide him from the world. Pani Ali Muhammad Noora. Do you think it's because people don't understand what's going on, that there's stigma attached to it? Well, absolutely. There is no educational system, there's no health system that supports the awareness of autism. There's often no hope for the young person to access the right support and therefore, very sadly, they are often either locked up or removed from society.
Nick Miles
Noora Abe, the founder of Autism Independence in the uk. Even if you've never played a video game before in your life, you've probably heard of Super Mario and Donkey Kong, two of the hugely popular characters created by the Japanese gaming company Nintendo. Well, Nintendo is also a giant in the video console world. Seven years ago, it launched the Nintendo Switch. It has sold more than 150 million consoles since then. Now it's come up with an upgrade, the Switch 2. These gamers in New York had the chance to try it out.
Simon Jack
It's a big step up from the original Switch.
Nick Miles
The graphics are quite impressive comparatively. I think.
Zing Singh
It's kind of bigger, I think, and I think it's like a good demonstration of what the Switch 2 is. Keep it warm.
Nick Miles
This, this is absolutely a transformation. I don't think people were really expecting 4K for a start. The screen, 1080p, like this is really big upgrades that people weren't necessarily expecting going into it. And yeah, Nintendo very clearly upping his game. But The Nintendo Switch 2 is being launched at a rather inauspicious time, with hefty American tariffs being put on Japanese imports. I asked our technology reporter Tom Girken, whether that's taken the shine off the launch.
Simon Jack
I was just at a big event in Paris with lots of other journalists, lots of other big gaming fans to talk about this console. And in amongst the chat of everyone holding these consoles and playing it for the first time and feeling really excited, there were a lot of conversations, I think even bordering on doom and gloom from people talking about the prices as they were announced. This is a very expensive console. In the current climate in the United States. It's going to cost $450 for a Switch 2. Now, to put that some context for you, you can buy a PlayStation 5 for 400 and then you get down to the cost of the games. Nintendo is suggesting people pay as much as $80 for a physical copy of Mario Kart World. Now, $80 for a video game. Even if you're not a keen gamer yourself, but your child might be, perhaps. Are you thinking you would spend that to put a present under the Christmas tree? It just seems like a lot of money to me and it's definitely going to dampen spirits. Clearly this is a result of the tariffs. That's why these prices have come out just, just now. And at the price point they are. We know for a fact that the tariffs on Japan where these games are manufactured are going to be quite significant. So that's having an impact here. But my goodness gracious me, there's no question that the shine and the excitement of this console is being impacted.
Nick Miles
And Tom, how price sensitive is the market for these games? Will many people say, look, I'll suck it up because it's a must have item?
Simon Jack
Nintendo has experienced this in the past when it released the 3DS, which was the sequel console to the DS. Nintendo released the 3DS at a very high price point and it found out very quickly that people weren't willing to pay it. Nintendo simply had to bite the bullet, drop the price significantly and even apologize to consumers and offered them free games by way of making it up.
Nick Miles
Do you think, though the general trajectory of the industry is upwards? Video Games, Games Market $200 billion around the world at the moment. Is it going to go up, do you think?
Simon Jack
Yes. As time goes on, video games get more expensive and we keep seeing year on year that number just getting pushed a little bit more. How high can we go? I think that there is definitely a price point where people are going to say, actually, that's just too much money for me. And of course, you would rather sell two games at $60 than one game at 80.
Nick Miles
So, Tom, what is special about this new Switch 2 that may mean it is a big seller? Despite the inauspicious timing, there is absolutely.
Simon Jack
No question that this is a heck of a piece of technology. When I was there holding it in my hands, the first thing I thought was, wow, it's like the original console, but the screen is larger. The screen is much more vivid, the colors are more vibrant, the graphics. What it's capable of under the hood is far superior to what previous Nintendo consoles have been able to manage.
Nick Miles
It's.
Simon Jack
It feels comfortable. It feels like an expensive piece of technology, which it is.
Nick Miles
Tom Girkin. And that's all from us for now. But there will be a new edition of the Global News Podcast later. If you want to comment on this podcast or the topics covered in it, you can send us an email. The address is globalpodcastbc.co.uk. you can also find us on X at bcworldservice. Use the hashtag globalnewspod. This edition was mixed by Nick Randall. The producer was Liam McSheffrey. The editor is Karen Martin. I'm Nick Mars. And until next time, goodbye.
Zing Singh
I'm Zing Singh.
Simon Jack
And I'm Simon Jack.
Zing Singh
And together we host Good Bad Billionaire.
Simon Jack
The podcast exploring the lives of some of the world's richest people.
Zing Singh
In the new season, we're setting our sights on some big names.
Nick Miles
Yep, Lebron James and Martha Stewart, to name just a few.
Zing Singh
And as always, Simon and I are trying to decide whether we think they're good, bad or just another billionaire that's.
Nick Miles
Good Bad Billionaire from the BBC World Service.
Zing Singh
Listen now, wherever you get your BBC podcasts.
Episode: Trump tariffs trigger steepest US stocks drop since 2020
Release Date: April 4, 2025
Host: Nick Miles, BBC World Service
In this episode of the Global News Podcast, the BBC World Service delves into the ramifications of former President Donald Trump's imposition of steep tariffs on U.S. imports. The discussion explores the immediate impact on the U.S. stock market, the broader global economy, and specific international responses. Additionally, the podcast covers significant events such as an Israeli airstrike in Gaza, the launch of Nintendo's new gaming console amidst economic tensions, the aftermath of a devastating earthquake in Myanmar, and the rising prevalence of autism in Somali communities in the West.
The episode opens with President Donald Trump defending his tariff policies despite a significant downturn in U.S. stock markets. Trump asserted, “[00:05] I think it's going very well... The stock is going to boom, the country is going to boom,” signaling his confidence in the long-term benefits of his economic strategies.
However, contrary to his optimistic outlook, Wall Street experienced one of its most severe drops since 2020. More than $1.5 trillion was wiped off the value of shares, with tech giants like Apple and Amazon seeing their valuations decrease by over 9% each. The broader market indices, including the NASDAQ and S&P 500, faced their sharpest declines in about five years, reflecting widespread investor anxiety.
The World Trade Organization (WTO) responded to the escalating trade tensions by revising its global economic growth forecast downward from 3% to a contraction of 1% for the year. Nick Miles reports, “[05:02] The drastic scale of this reduction underlines that these US Tariffs pose the biggest challenge to the global trading system since...”
WTO Director-General Ngozi Okonjo-Iweala expressed deep concern over the potential for escalation and retaliatory measures, which are already exacerbating the economic strain worldwide. The organization's forecast highlights the unprecedented nature of the current trade disruptions, drawing parallels to trade conflicts not seen since the 1930s.
The podcast features insights from various business owners affected by the tariffs. For instance, a Michigan-based independent company expressed fears of their costs soaring by up to 57% due to combined steel and Taiwanese component tariffs. “[02:55] We could very well be looking at 57% tariff,” the spokesperson stated, highlighting the severe financial pressure on businesses reliant on imported materials.
Internationally, countries like Lesotho and Bangladesh face significant trade barriers. Lesotho, heavily dependent on clothing exports to the U.S. under a tax-free initiative, is bracing for job losses due to a 50% tariff on its imports. Similarly, Bangladesh, a major exporter of ready-made garments, now faces a 37% tariff, jeopardizing its economic progress as it approaches graduation from the United Nations' Least Developed Countries (LDC) status.
Economist Salim Rehan from the University of Dhaka emphasized the compounded challenges, “[15:19] These countries will try to absorb this shock... but overall demand reduction in the US market means all countries will suffer, especially those with concentrated export baskets like Bangladesh.”
A tragic development in Gaza was reported, where an Israeli airstrike targeted what Israel claimed was a Hamas command and control center. However, Gaza's Civil Defense Agency countered by asserting that the strike hit a school sheltering displaced people, resulting in the death of at least 31 individuals, including children. “[05:38] Israel Defense Forces says it targeted a site being used by Hamas militants,” while eyewitness accounts depict harrowing scenes of injured children being transported to hospitals.
This incident underscores the ongoing volatility in the region and the humanitarian toll of the Israel-Gaza conflict, with Gaza's health ministry reporting over 100 fatalities in the last 24 hours following an expansion of Israel's military operations.
Amidst the economic turmoil caused by U.S. tariffs, Japanese gaming giant Nintendo unveiled its highly anticipated successor to the Nintendo Switch— the Switch 2. The new console boasts substantial upgrades, including 4K resolution and a larger, more vivid 1080p screen. “[28:52] It's absolutely a transformation... really big upgrades that people weren't necessarily expecting.”
However, the timing of the launch is challenging. The Switch 2 is priced at $450, a significant increase influenced by the tariffs on Japanese imports. Technology reporter Simon Jack noted, “[29:30] This is a very expensive console... it’s going to cost $450 for a Switch 2...” The high price point has dampened consumer enthusiasm, with concerns that the added costs might hinder sales despite the console’s advanced features.
The podcast also sheds light on the devastating earthquake in Myanmar, which claimed over 3,000 lives. Senior General Minong Lai, Myanmar's military leader, attended a regional summit in Bangkok despite domestic criticisms for neglecting relief efforts. The situation on the ground remains dire, with hospitals overwhelmed and insufficient rescue teams available.
Correspondent Yogita Limai provides a poignant report from Mandalay, describing makeshift medical facilities overwhelmed by the injured and millions displaced. “[16:47] People are just camping outside... families are stepping in to do what trained medical staff should,” highlighting the severe infrastructural and humanitarian challenges facing the nation.
Addressing social issues, the podcast explores the alarming rise in autism diagnoses among Somali children in the UK. Somali children are reportedly six times more likely to be referred for autism compared to peers from other backgrounds. “[21:07] There is a higher prevalence of autism in the Somali community... there isn't even a name for it in the Somali language.”
Researcher Noora Abe discusses the cultural stigma surrounding autism, which has historically hindered diagnosis and support. Advocate Hani Ali Mohammed shares her personal journey, stating, “[22:36] There is no hope for the young person to access the right support and therefore, very sadly, they are often either locked up or removed from society.”
Efforts to change perceptions are underway, with the introduction of the Somali term “manga” meaning “unique mind,” and initiatives in Mogadishu aimed at integrating autistic children into society.
This episode of the Global News Podcast provides a comprehensive analysis of the immediate and far-reaching effects of Donald Trump's tariff policies on the U.S. and global economies. Coupled with reports on geopolitical tensions, technological advancements amidst economic strain, natural disasters, and social challenges, the podcast underscores the interconnectedness of today's global landscape. Through expert interviews and on-the-ground reporting, listeners gain a nuanced understanding of the multifaceted issues shaping our world.
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