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02:34is going to be a part of the new world system, the new world structure.
02:40And that sort of dumping of goods into more open markets
02:45actually creates an existential threat to those domestic markets
02:50because cheaper product coming in en masse
02:55obviously undermines domestic manufacturing capability.
02:59We're going to have to see defensive measures taken by other nations and other markets
03:05to protect their domestic production capability.
03:08So you enter a world whereby tariffs become the norm as nations seek
03:14to not just defend their domestic production capability
03:18but also to secure their domestic marketplace.
03:22It's a challenging environment but that's not an encouragement for businesses to retrench.
03:26I think it's about businesses having a more resilient approach to their international trade.
03:342025 also marks five years since another global shift in trade, Brexit
03:39leaving the European Union post many challenges for the United Kingdom
03:44and while the two parties have reached a new trade deal
03:47our reporter Emeline Nsinghi Nkosi finds out that some communities in the UK
03:52have found a silver lining in this new reality.
03:56Hi Leila, I'm in Tilbury in South East England
04:04where the Thames Freeport is reshaping trade.
04:08Thames Freeport is a special economic zone
04:11designed to regenerate the East of London.
04:14Ruth Kelly is at the helm of this transformative initiative.
04:18With a wealth of experience in both government and business
04:21she's driving Thames Freeport's vision to redefine the UK's trading landscape.
04:25We want to be a supply centre for sustainable construction
04:30and other high manufacturing opportunities
04:32and that means working really closely with our European partners
04:36to attract trade and to attract added value manufacturing.
04:40The community is already reaping the rewards.
04:43I've always brought my grandchildren here
04:46but now there's more going on, more activities for them
04:51and it's just a lovely, warm, safe environment.
04:55The community is going to benefit from the extra apprenticeships
04:58and the skills that have been created to fulfil the high value jobs
05:01that are coming to the area.
05:03The Freeport is going to create tens of thousands of good quality jobs in the future.
05:09Thames Freeport isn't just charting a new economic path.
05:13It's also creating new opportunities for these communities
05:16and building a stronger, more connected future for the UK.
05:24While trade negotiations may lead to a fairer outcome for all parties
05:28how does using tariffs as a so-called bargaining chip change global trade as we know it?
05:34I put this question to Eddie Fishman
05:36who's a former US diplomat based in New York
05:39and author of the book Choke Points, The New Economic Warfare.
05:44As I talk about in my book Choke Points that came out earlier this year
05:48we are living in an age of economic warfare.
05:51Sanctions, export controls and indeed tariffs
05:54have become the primary way that big countries are competing with one another.
05:58Countries around the world are seeking what I would call economic security.
06:01They're trying to reduce their vulnerabilities
06:03to other countries' ability to impose economic pain on them.
06:08What does the new global economy look like?
06:10I think what we all need to earnestly hope
06:11is that just because there's going to be less interdependence
06:14between the US and adversaries like China and Russia
06:16that we can still retain interdependence
06:18between the United States and close allies.
06:22Now it's time for our regular feature
06:24Business in 60 Seconds.
06:26Start the clock.
06:27Amazon is set to release its Q2 2025 financial results
06:31as it unveils new robotic systems
06:34equipped with advanced sensory capabilities.
06:37The e-commerce giant aims to automate warehouse operations
06:40and boost efficiency by having the robots work alongside humans
06:44through increased levels of automation.
06:47Samsung is gearing up to announce its second quarter 2025 earnings report
06:52as it enhances digital payment solutions with the tap-to-transfer feature in its wallet.
06:57The innovation taps into the financial technology sector,
07:01positioning the well-known South Korean electronics company
07:04as a significant player in the peer-to-peer payment market.
07:09And L'Oreal is set to report its Q2 2025 performance,
07:12building on the successful launch of the Cell Bioprint device earlier this year.
07:17The personalised skin analysis technology has generated strong consumer interest,
07:22positioning the worldwide cosmetics company at the forefront of the skincare market.
07:27While the recent instability has rocked global trade,
07:32it's not entirely uncharted waters.
07:35Countries all over the world will want to find a steady and calculated strategy
07:39to soften the impact on the economy and, more importantly, on the pockets of the consumer.
07:44Well, that's all the time we have for on this edition of the show.
07:48Thanks for watching.
07:49Please do check out Euronews.com for all your latest business news
07:52and join us again next time on The Exchange.
07:55Euronews
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