The UK is poised for the first tariff deal
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Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Attention, you early birds. When you make a donation to Marketplace during the first two days of our May fundraiser, it can make a huge impact. The Investors Challenge Fund has issued us a challenge. If we raise $25,000 in the first two days of this fundraiser, we'll unlock another $25,000 from the Challenge Fund.

We can't afford to fall short here. Please step up and show your support today. Give what you can at marketplace.org slash donate and thank you. Officials still don't know what caused a fire that led to worldwide air travel chaos. Live from the UK, this is the Marketplace Morning Report from the BBC World Service. I'm Leanna Byrne. So a few weeks back, London's Heathrow Airport, one of the busiest airports in the world, had

to close and cancel more than a thousand flights, all because of a nearby substation fire that knocked out its electricity. Now there's a report out looking into the incident, which the BBC's Theo Leggett has read for us. Hi, Theo. Hello, Leanna. What have we learned from this interim report?

The National Energy System Operator, which runs these things in the UK, has said the cause of the fire at the substation near Heathrow is still not known. It does add that the Metropolitan Police in London say that it's found no evidence to suggest the incident was suspicious in nature. So what we do know so far is that on Thursday, the 20th of March,

There was a fire in one of three transformers at a substation near to Heathrow Airport. That tripped out the other two. That deprived Heathrow Airport of not all of its power, but a substantial amount of power that affected several terminals and a lot of common systems operated around the airport.

The airport decided to close for safety reasons and runway lighting and things like that, essential safety systems were still working and there was backup power, but the airport closed down anyway because it felt it couldn't guarantee passenger safety. What this report does tell us is that power to the airport was restored by about half past six the following morning, but it took another seven hours to get the airport's internal network up and running properly.

And even after that, Heathrow kept the airport closed to passengers until pretty much the end of the day, because, again, it wanted to be sure that safety-critical systems were running before allowing passengers in. And the result, as we know, is some 1,300 flights in and out of the airport were either cancelled or delayed. OK, well, thank you, Theo, for taking a look at that, the BBC's Theo Leggett. Thank you so much for joining us in Marketplace. It's a pleasure.

Now, the US and the UK will announce a deal to reduce tariffs today. With the details, here's the BBC's Henry Zephyrman. The UK has been desperate for a deal of this sort with the US since President Trump unleashed his wave of global tariffs. This is not likely to be a comprehensive trade deal of the sort announced between the UK and India this week.

The details will be vital, though. The agreement is likely to reduce tariffs facing British steel and cars, while technology might be a big theme. The UK has very notably not ruled out reducing the digital services tax paid by some of the US tech giants. Henry Zephyrman reporting. Now, let's do the numbers.

Toyota is warning its profits will fall by 21% in the coming financial year because of its strain caused by U.S. tariffs. But better news for the German automotive supplier Bosch, which saw its sales jump by 4% compared with the same period last year.

Here's an interesting story. Ukraine is considering a shift away from the US dollar, possibly linking its currency more closely to the euro instead. The central bank governor, Andriy Pishny, told Reuters they're reviewing the idea as the country builds closer ties with the EU.

Now, in the last decade, China's cosmetic surgery industry has exploded. Every year, millions are opting for cosmetic procedures and the market is expected to pass US$55 billion in the next few years. But the surge in demand has led to a shortage of

qualified practitioners and licensed clinics. At the BBC's Eye, Italia Zou on covers. Abby Wu has become a poster girl for China's cosmetic surgery boom. On her social media, she talks openly about the surgery she's had and how much it all costs her.

more than half a million US dollars so far. The number is still going up and up. I don't think I'll ever stop trying to be more beautiful. In the past 20 years or so, I have had six nose jobs, four fat grafts, two liposuctions and three double eyelid surgeries. In the last decade, China's plastic surgery industry has exploded.

fuelled by new social media and beauty platforms. But the surge in demand has led to a shortage of qualified practitioners and licensed clinics. In one high-profile case, actress Gao Liu says she nearly lost her nose after cosmetic surgery went wrong. I was so scared I broke down.

It ruined my career as an actor. When she shared her story on social media, it went viral. Within weeks, the regional health body announced they were sanctioning those responsible.

But I've been investigating the surgeon who did that operation, Dr He Ming, and discovered that he only became a licensed plastic surgeon a few years after operating on Gao Liu, and that license should not have been granted to him because he was sanctioned at the time. To find out whether he has been presenting himself as a properly qualified plastic surgeon, we go undercover.

Dr. Heung-min confirmed that he has been doing nose surgeries for over 10 years. One of his staff told us that he's been called the region's nose king. According to an industry report, about 40,000 cases of botched surgeries and treatments happen every year. Our investigation has found that now young women are undergoing costly procedures and trapped into debt.

We've spoken to dozens of young women across China who share similar experiences of being scammed or pressured into so-called beauty loans. Authorities in China are trying to regulate the industry. We put our allegations to Dr He Ming, Qingya Clinic and the Guangdong Provincial Health Commission. They did not respond. The Chinese embassy in the UK told us the Chinese government...

consistently requires enterprises to operate in strict compliance with national laws, regulations and relevant policy provisions. That was Natalia Zouo with that report. And you can hear the full investigation, Make Me Perfect, wherever you get your podcasts. Just search for BBC, the documentary. And that's it from the Marketplace Morning Report from the BBC World Service. I'm Leanna Byrne. Thanks for listening.

Can we invest our way out of the climate crisis? Five years ago, it seemed like Wall Street was working on it until a backlash upended everything. So there's a lot of alignment between the dark money right and the oil industry on this effort. I'm Amy Scott, host of How We Survive, a podcast from Marketplace. In this season, we investigate the rise, fall, and reincarnation of climate-conscious investing.

Listen to How We Survive wherever you get your podcasts.