Mariko Oi
speaker
33 appearances
5 recordings
1 series
first heard Feb 2025
last heard Apr 2025
Mariko Oi’s voice in public audio — every appearance, attributed to the second.
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Appearances
Thank you. it usually takes an enormous shock like those events to trigger something like that. But now analysts think that these tariffs may actually be just as big to push the world economy into a recession. And that's why we're seeing the sell-off to continue as European markets reopen for trade. And how are Asian governments reacting?
Are some of them trying to do a deal with President Trump? Well, the White House says that more than 50 governments, global leaders, are in touch with Washington to negotiate a deal. So I would assume that many of them are Asian governments because, as we were talking about it last week, Asian countries have actually been hit some of the hardest, some of the highest levels.
tariffs by the United States. Of course, China is a key target. But of course, other governments have also been hit hard by those high tariffs. So I'm sure they are negotiating. It is interesting, though, to see somewhat of mixed reaction from Asian governments. So Beijing was one of the first and strongest to respond to those tariffs last week, announcing those retargetary tariffs.
But for example, the Taiwanese government said that they're not going to retaliate, they're going to lower tariffs. import duties on American products. And Vietnam was doing that even before the announcements of the tariffs were made last week. And other governments are also scrambling to offer support for businesses that are directly affected by these tariffs.
So we've so far heard from the South Korean government, the Indian government, as well as Taiwanese governments offering some kind of help to those businesses. So a lot of negotiating, I'm sure, are taking place behind closed doors, but also those talks of offering support to their businesses, that's continuing as well.
I think a lot of commuters in London might be hoping for, you know, the punctuality and efficiency of the Japanese metro system, because, as you might know, you know, the Japanese capital is known for its, you know, really is a spiderweb of rail and metro systems. And Tokyo Metro is the biggest operator of subway train lines. And despite that, it's Tokyo Metro is...
Yes, exactly. That was the first thing that I thought of, that it's all good and well, as the boss was just talking about it, trying to copy what worked very well in Tokyo, in London. But as you said, in the U.K., drivers often go on strike, which is very, very rare in Japan. Obviously, there are very strong unions in the U.K.,
Whereas in Japan, you know, they do have unions, but they hardly ever walk out. So, you know, I put that question to Mr. Yamamura as well about how they're going to navigate this cultural differences between the two countries.
So that's Akiyoshi Yamamura, the president of Tokyo Metro. The company will start operating the Elizabeth Line in London in May. So we'll see how they navigate those cultural differences that we've talked about and whether they can actually really bring that punctuality of Japanese trains to London.
These latest data are from the first two months of this year, so January and February. So one can argue that it could just be a blip. But still, imports falling by almost 8.5%. That is a lot worse than many economists had expected. They were actually expecting a growth of 1%. So I was looking at what they were buying less of and saying,
It's things like crude oil, natural gas, other commodities like copper and iron ore. While interestingly, they're still importing more coal and soybeans. So it might be that demand in the world's second biggest economy is really slowing down. Also, it's interesting to note that exports grew by a lot less than what economists had anticipated.
Now, one can argue that economists just got it all wrong. But still, it is quite worrying because, as you said, the economy, the Chinese economy is facing many other challenges, not to mention this intensifying trade war with the United States.
Yes, absolutely. We've been talking about that ongoing property sector crisis for many years now. Basically, the sector has a huge debt. And as a result, a lot of the developers have defaulted. The Chinese government has been trying to restructure the sector, but that hasn't really worked out just yet. And that's kind of spread into how people feel about it.
So consumers haven't been spending a lot of money because they don't feel too confident about the economy. And also, the very high, especially youth unemployment rate has been noticed as well by many economists. So there have been many, many issues that are facing the Chinese economy. And then here comes a tariff.
So it's really interesting that just yesterday, the Chinese leaders have unveiled that they're at around 5% this year. And that's practically the same goal that they had for last year. And they just managed to hit that last year after pumping in billions of dollars into the economy to stimulate the economy.
So you know, with all these additional challenges, it will be quite a huge task for Beijing to actually achieve that target.
Well, I think it's fair to assume that they will probably announce even more stimulus measures. You know, they have been announcing quite a lot of them, but many economists and especially investors haven't been too happy with them, that they've been saying that Beijing needs to do more, something more radical to try and boost the economy.
on the Canadian economy, the Mexican economy, the Chinese economy, it will be really, really significant. But at the same time, the impact on the US economy is also something that economists have been warning about as well. But let's start off with Canada and Mexico, because the three countries, they have deeply integrated economies with an estimate of $1.2 billion worth of manufactured goods
crossing the borders every day. So you can see the sheer volume, the amount of products that get exported, imported between those countries. So for example, if you look at Mexico, for example, it accounts for nearly 80% of delivery trucks being imported into the United States. As for Canada, it accounts for, of course, about 60% of crude oil.
So for Canada, they do actually have a nuclear option of restricting access to energy, but that would be really contentious. So they haven't gone down that road. And Canada has so far announced retaliatory tariffs on certain products that are worth about 100 billion US dollars. China has also announced the retargeting measures.
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