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tv   Business - News  Deutsche Welle  November 6, 2018 12:02am-12:16am CET

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to trade or not to trade that's the question now facing multinational firms doing business with iran new sanctions are in force and they could mean big penalties. the u.s. midterm elections are almost here so is trump and omics working we go to virginia where the economic boom is lifting some cities while others are still waiting. i'm stephen beers in berlin thanks for joining us the u.s. has reimposed sanctions against iran forcing even more businesses to cut ties with a middle eastern nation leaders in tehran have compared the measures to a declaration of war caught in the middle are normal iranians whose daily lives are becoming much harder the headlines of iran's newspapers may be defined but the real story is bleak for many in the country above all the sanctions are taking a toll on those already struggling to make ends meet. i've come to the market to shop and you could tell the prices of goods are different than they were before
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when you want to buy something you can see the effect of the sanctions i mean even on top of all that it i don't know how long this is going to last. how long we can resist. and whether our government will be able to find solutions for the sanctions and save us. right now we're in a world cool and i hope we don't drown. the fear is quite real the trump administration sanctions package is designed to hit the most sensitive sectors of the economy simultaneously. from now on financial transactions with the iranian central bank and other iranian banks are prohibited thus cutting off iran from the international financial system that affects all sectors of the economy. in addition transactions with the oil and gas industry as well as the energy sector are prohibited in most cases but the sale of petroleum is iran's most important
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source of revenue finally all ports in the shipping industry are being boycotted that brings the transport of goods to a standstill since august the iranian government has been prohibited from buying u.s. dollars the iranian reality and government bonds may not be traded internationally nor gold and precious metals the ban on steel and aluminum exports to iran is paralyzing the construction and engineering industries the sale of aircraft and aircraft parts is also bad as well as industrial software the software that's needed for almost all modern machinery finally the sanctions prohibit transactions with the iranian automotive industry analysts believe washington threat to punish any companies or countries violating the measures will be quite effective but the moment on what we're experiencing at the moment is a phenomenon in which the u.s. uses its macro economic weight as a weapon so the sanctions are an economic weapon and global trade is very
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interconnected countries conducting trade with iran run the risk of losing their u.s. business and for most countries in the world doing business with the u.s. is much more important than their trade with iran at the youngest lived it seems to be working dine there to the french p.s.a. group which include situation in peugeot almost all international companies have withdrawn from iran or a in the process of doing so. the american economy is booming but not for everyone across the u.s. now with midterm elections only hours away americans are also set to render a verdict on trump a nomics a look at one state for genya suggest just how diverse their answers could be. richmond virginia a success story of the booming u.s. economy and to trump long gone are the days that big tobacco was synonymous for rich man's economic progress the economic strength of the state's capital is in
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banking finance and biotechnology now that richmond success is in stark contrast to other parts of virginia this is renault southwest of richmond in the blue ridge mountains of the appalachian region the old railroad town and transportation hub is home to three hundred thousand residents. see is editorial page editor at the times and reports on the region's economic woes the number one industry in wrong now is health care. you know the big employer years ago used to be the were of now it's a hospital chain the further west you go out of roanoke into more rural areas. the less fortunate the economy will be welcome to burst still virginia the birthplace of country music literally seventeen thousand residents live on the virginia side of town twenty six thousand more in the part that is in tennessee the state line goes right through town in the middle of priscilla's stage street city
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manager randall eats just about a year in the job is taking us on a city tour and his golf cart still has a pub rate of twenty three point six percent the town just lost another major employer a total of four hundred seventy people will soon be out of a job what was once the local go to shopping mall is no more that's reality in bristol despite trump anomic record job growth and tax reform economies are more complex than just one party being in control or one president being in control people will say that. mr trump is the one who has made the economy boom right now others will say that it was because of president obama i don't think either one can necessarily take credit there is hope a chinese company bought american merchant to mostar textile production impersonal city and that's a few hundred new jobs desperately needed a local private investor great points to invest they want to build a casino resort that is thinking big and outside the box as city manager brandy and
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that is a must for press still in this positive economic climate because you know worst case scenario is we have a situation where the national economy takes a dip and we go into a recession or depression. bristol will feel the brunt of that at some point and when that happens if we continue to lose businesses if people fail to spin and then burst will have a true had a client despite the current strong national economy people who need more investors and businesses betting on for still. let's go to our new york correspondent yens quarter for more on the economic impact of the upcoming election yes we know the global economy takes its cues from the u.s. economy so what's at stake with this election. well i mean history has shown that even if we would get congress that does not necessarily have to be bad for the u.s. economy let's say that republicans would. lose the majority in
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congress that would make it probably nearly impossible for u.s. president donald trump to push through new takes cuts we also might see more investigations into the u.s. president himself that could pose some uncertainty but also if we look at wall street toward is not necessarily the same as the u.s. economy actually the stock market has done well after midterm elections no matter what the outcome. and the latest economic numbers of course look so good from wall street so where exactly is the gap with main street. i mean if you travel the country you see for higher signs popping up in many areas in the united states we just last week got the biggest the wage increase in almost a decade the unemployment rate being at the lowest level in almost fifty years so consumer confidence being the highest in about eighteen years so americans overall
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i would say do feel a positive impact that the mood is not that great in the country in many areas does not necessarily depend on the economy but also on topics like immigration or health care ins korda joining us there from new york thank you yes. open for business that's china's message as it starts with the u.s. over trade beijing has colored itself as a champion of global markets while washington puts up barriers that's also the message behind a trade event being held this week in shanghai but the reality isn't so simple. the chinese government wants this fare to be seen as an event that stands for free trade industrial robots aerospace technology and vehicles are among the many items on display but this is an ordinary industry fair it's a show and it aims to highlight china's role in the business world some three
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thousand six hundred companies from nearly one hundred seventy countries and regions are taking part in the five day their targets a wide audience a variety of forums and workshops underscore the message that the chinese government wants to send amid the trade dispute with the u.s. . to formalize it would be to share shows that china is an open generous country in global trade. whereas the us unnecessarily launched the trade war and now symbolizes protectionism and you need lateralus and. them and. foreign companies also say that china isn't really an open market they face a number of barry is such as import tariffs rules that force companies to create joint ventures with local firms disadvantages when it comes to tenders it and industries that are closed off for foreign companies but china's huge market remains attractive despite the trade war. today are those who are staying out
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of it or somewhere in the middle we sell to both countries both countries are important i wouldn't rank them. washington has increased tariffs and impose new ones on chinese products in recent months and now the chinese government is ready to hit back. so a bit of a difference there between what you see and what you get that's all for us today you can check us out online at the w dot com slash business you can also find us on facebook and twitter i'm stephen beard slimmer len thanks for watching.
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