tv World Stories Deutsche Welle January 20, 2021 10:15pm-10:30pm CET
a morning where for accept money from the new superpower will become dependent on the commission because of. the chinese state has a lot of money at its disposal. and that's how it's expanding the searching its status and position in the world. china's gateway to europe. starts feb 19th on d. w. . joe biden is sworn in as president of the united states taking the reins of power in the middle of an economic crisis look at the massive stimulus package at the center of biden's recovery plan and talk about what business can now expect in the new administration. and welcome to the program i'm seeing beers in berlin it's good to have you with us. joe biden has become the 46th president of the united states
states to unify the country and pledging that pledging rather to shepherd the u.s. into a post pandemic economic recovery and spoke in his inaugural address of the millions who have lost their jobs and the hundreds of thousands of businesses closed. take a listen to what else biden had to say with unity we can do great things important things we could right wrongs we can put people to work in good jobs we can teach our children safe schools we can overcome the deadly virus we can reward reward work and rebuild the middle class and make health care secure for all or the by the administration will have its work cut out for it one of its 1st priorities is a massive $1.00 trillion dollars stimulus package which it hopes can both soften the pandemic blow on workers and fuel the economy and by the treasury secretary nominee janet yellen made the case for the spending tuesday take a look almost
a 1000000 americans made fresh claims for unemployment benefits at the beginning of january that's 5 times more than before the pandemic the unemployment rate in december was hovering at 6.7 percent big challenges for the woman said to be key economic advice. keeping people safe well getting them back to work better 1st they ask but then there's the longer term project we have to rebuild our economy so that it creates more pressed spirit for more people and ensure is that american workers can compete in an increasingly competitive global economy no half measures here this last week joe biden announced plans for a $1.00 trillion dollars economic stimulus package interest rates will remain low as the federal reserve has already stated janet yellen plans to make the most of
this with new borrowing members right now with interest rates at historic lows this smartest thing we can do is act big in the long run i believe the benefits will far outweigh the costs especially if we care about helping people who've been struggling for a very long time. the u.s. economy has shed $10000000.00 jobs during the pandemic the goals of the biden administration are to reinstate those jobs and to revive the economy as a whole. or i will take a closer look at that stimulus package in just a moment 1st let's bring in yens quarter in new york hello yes yes give us a picture your best picture of the american economy in this moment as biden takes office.
to a standstill and the economy dropped in this speed and intensity that the country hasn't experienced before and then coming and some of this mess of a rebound also the strongest in history but we are still we still see about if you look at the labor market roughly $11000000.00 people to people being without a job we see millions of americans who might face eviction so we have some parts of the recovery economy that clearly recovered very strongly other parts and not so much a supply really very challenging times for me at least the most challenging if experienced them since i came here a good 20 years ago so joe biden will be the 5th president that i'm allowed to witness here being a correspondent in new york of an audio problem there is your 1st answer yes we got you here now i want to ask you about the business climate that comes in with this moment on the one hand you have you have the stimulus package this had to pass on
the other hand tax cuts would businesses make of this. you know well clearly i mean that is one thing that all to wall street for instance and also a lot of companies are watching very carefully is so what's going to happen was possible the tax increases i mean there are going to come sooner or later my guess is rather later than sooner because 1st it's really to get through this pandemic and that actually will decide how quickly the u.s. economy will recover what's happening with all the vix scenes for instance if you look at corporate america and the business world some so they really are looking for a calmer involved environment than what we've seen in the past couple of months and also when it comes to international trade so there's also the hope that the whole retore actually will get a bit better especially when it comes to the european union and the united states
and if you look at wall street overall we touched new record highs here was the s. and p. 500 was not stuck. in the business world and also wall street at least for now looking forward to the new administration. thank you. we want to talk a little bit more about that stimulus plan my colleague has been looking into the details there's a lot of elements to this plan what sticks out for mates the sheer cost because joe biden says the economy cannot get back on track on less the virus is brought under control and to do that he is spending an awful lot of money his $1.00 trillion dollar stimulus package in clude 1400 dollars in direct payments to most american households and he's also got $400000000000.00 in measures to control the pandemic these include a national vaccination program and
a plan to reopen schools safely in the spring he also wants to raise the minimum wage to $16.00 an hour up from $725.00 now taking a more long term view he's pledged to spend trillions more on infrastructure and clean energy on buying american made products none of this of course will come cheap as well as borrowing a whole lot biden is hoping to bring in additional cash by raising taxes on the wealthiest americans from $37.00 to over 39 percent. of. that stimulus plan you've been looking at this is there a common thread in these programs you know well i think in many ways biden's plan really builds upon donald trump's america for us rhetoric especially when it comes to investing in american products and in u.s. supply chains his method is a little bit more progressive though he's not promising to bring back jobs and coal instead he's investing in renewable and digital infrastructure like 5 g.
network and he's hoping that that will create 5000000 jobs jobs that are really desperately needed in this economy he also wants to prioritize entrepreneurship among women and people of color to address some of those systems systematic inequalities the american economy. we know that we've heard economists say that they're on board for the most part right they've been saying. spin big brother wall street is already all and they've really been rallying on this what do you say about this plan cheryl biden really wants to benefit from a very cheap lending environment he just want to pump more and more money into the economy but this is not without its perils of course the present the u.s. debt to g.d.p. ratio is 136 percent that's the highest it's ever been only set to rise under biden he does want to bring in more revenue by increasing corporation tax from 21 to 28 percent and as you mentioned earlier by increasing taxes on the wealthy but even that he's not going to break even and some critics also say that his plan to double the federal minimum wage is not going to be good for job creation all right so that
used to be a bad word now it seems like middle to crisis obviously much more of a call to spend one step back a little and take a look at the view from here in europe obviously there's a lot of hopes for this administration especially when it comes to trade there was a difficult relationship under trump to say the least you expect something to change under biden well the tone is already softening tonight european commission president came out and she said she was glad that she's not going to have a good friend in the white house but really that said biden and harris a lot of really contentious issues let's just look at big tech for example the e.u. wants a global digital tox and that would affect months of american companies like apple and facebook and amazon and while biden does say he wants corporate america to pay its fair share this may be a step too far even for him especially because he depends a lot on tomato nations from these big companies there's also the question of trade of course as you mentioned before trump came to office the e.u. and the u.s.
were negotiating what would have become the biggest trade agreement in the world but there doesn't seem to much opportunity from either side night to revive those talks and i think the one thing that could change that is if the u.k. and the u.s. enter trade negotiations that could spread them on a bit and finally the airballs boeing dispute that's been going on. for 16 years of writing it out so that you have seen both sides are funny to other there is some hope that could find a resolution under biden it's interesting though that the dispute has been going on well before a lot of the straightest beautiful 16 years of flu that's of china that's obviously on a lot of people's minds right now too that has geo political ramifications around the world that trade disputes we've seen biden signaled that he might continue to some extent transposes i mean how do you see that you know biden says he will be tough on china he has a lot of the same issues that trump it when it comes to what he sees as unfair business practices especially when it comes to state subsidized nation in china on
the insistence on joint ventures for foreign companies doing business in the country but he's really going to have to walk a fine line here between them in principle because the chinese economy is expected to become the world's biggest by the year 2028 overtaking the united states no big economy can afford not to do business with china so it'll be interesting to see what he does with this trade deal because about a year ago trump a great phase one of a trade deal with with china but all the macy's stuff like joint bases that was all kept for a face to be interesting on the road right salute does he want to complete the deal or an os and i think his policy towards china will be really be a defining feature of his presidency all right t w business reporter kate ferguson thank you so much. and now we will take a look at some of the other business stories making headlines. york based investment bank morgan stanley posted a 57 percent rise in its 4th 4th quarter profits volatility in the markets to the pen to make boosted the group's trading business earnings rose to more than 3 and
a quarter $1000000000.00 compared with just over $2000000000.00 a year earlier. the dutch subsidiary of air france caleb's halting all 217 weekly long haul flights to the netherlands excuse me from friday after the government there announced new coven 1000 rules new regulations out a requirement for passengers and crew to show a 2nd negative rapid coronavirus test taken just before departure. and that's it for me and the business team here ability as. she hopes the only way she can. tonya clegg obama supports belorussian activists who want to flee the country. their destination is neighboring lithuania. where they hope for a safe future far away from police violence and state oppression.
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