Unpacking the details of the US-UK trade deal
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Let's take a closer look at what this UK-US deal really means. Good morning. This is the Marketplace Morning Report and we're live from the BBC World Service. I'm Leanna Byrne. So markets have been reacting to this new tariff deal between the US and the UK. The two sides announced a range of changes including slashing tariffs on car imports from 25% to 10% and cutting duties on steel. They'll also allow up to 13,000 metric tonnes of tariff to be cut.

of beef to be traded between the two countries each year, tariff-free. Having said that, most UK goods will still face 10% duty. William Bain is from the British Chambers of Commerce, which represents companies across the UK. It provides tariff relief, which is much needed in key sectors of the economy, like automotive, steel and aluminium products.

And we know from our contacts with businesses over the last eight weeks how much harm and damage that the very high 25% tariffs were doing in these sectors. So there will be a welcome from those sectors. But we are very mindful that there are many other industries, from clothing to industrial products, which still face these additional 10% tariffs. And we are not going to abandon our ambition to see those tariffs reduced further.

Meanwhile, the beef deal is sparking concerns among British farmers. Liz Webster from the group Save British Farming says UK producers could struggle to compete with cheaper imports. I'm very sceptical about doing deals with America in particular or any big food producers who've got a huge advantage over us. We're a small island with a big population.

And then some major sectors were left out of the agreement, most notably film and pharmaceuticals. Just this week, President Trump threatened to oppose a 100% tariff on foreign-made films. That's a big worry for the UK. Darren Jones, the UK's chief secretary to the Treasury, told the BBC that negotiations on those issues are still ongoing. We want to protect those sectors in the UK. British pharmaceuticals play an important role in the American supply chain, so there's already mutual benefit.

But in terms of film, but also broadly creative arts, whether it's music or theatre or art itself, we know this is a huge British export that is enjoyed by millions of people around the world. And we want to be able to continue to share that. I think President Trump said yesterday that James Bond has got nothing to worry about. And of course, we're going to continue to make the case to protect that both in the interest of companies in the UK that produce these goods and services, but also to the millions of people, including the American people that enjoy the benefit of them.

That was UK Treasury Minister Darren Jones. Now, China says its exports to the US fell by 21% in April compared to the previous year. The figures come as talks between the world's two largest economies kick off today in Switzerland. The BBC's business reporter in Singapore, Katie Silver, has been gauging market reaction to the talks.

Katie Silver reporting. Now let's do the numbers. Katie Silver

As we've heard, some optimism in global markets after the UK-US tariff deal and those US-China talks today. Europe's stock 600 is up four tenths of a percent and Japan's Nikkei 225 closed up 1.5 percent. And the owner of British Airways has ordered over 50 new planes from Boeing and Airbus worth billions.

Now, you know this company Inditex. It's the global fashion giant which owns Zara. Well, it's called for rules to be tightened for Chinese retailers Sheen and Timu, which can currently ship low-value goods to the EU and UK duty-free. This year, Zara is celebrating its 50th anniversary, and the BBC's Emma Simpson visited its headquarters in Galathea in northern Spain.

Zara is one of the most recognisable brands in the world. I'm standing in a big building right at the heart of the business for a rare glimpse behind the scenes at Zara HQ. It feels more like some big technology campus than a retailer with its sleek windows and gleaming white corridors. Mar Morcote is a pattern maker and has been here 42 years. What does it feel like to see...

The clothes you have made worn by women on the street.

When you finish the item and see that it looks good and it goes into production and then sometimes it sells out, it's marvellous. Zara is owned by Inditex, the world's biggest fashion retailer. It runs a host of brands, from Pullen Bear and Stradivarius to Bershka and Massimo Dutti. Oscar García Maceres is Inditex's CEO. He was born in 1975, the same year Zara opened its first shop.

Reaching the 50th anniversary of the company is an important milestone and for us these 50 years has been a long period of innovation.

Zara makes just over half of its clothes close to home. It has a factory here on site and owns and operates another seven nearby, producing small batches of garments. They also work with factories in neighbouring Portugal as well as Morocco and Turkey, enabling them to respond quickly to the latest trends. More basic staples are produced with longer lead times in countries like Vietnam and Bangladesh.

But it's Zara starting to lose its shine after posting slower sales growth at the start of this year. And now there are new names disrupting the market. The fast-growing, ultra-cheap online players, Shein and Timu, which ship their goods from China. Does that trouble you? For us, it's critical to provide customers fashion that should be

inspirational, aspirational, with quality, with creativity, with design and sustainable. What we have been asking for is a level playing field everywhere in order to have the same set of rules for any single competitors.

Zara revolutionised the way we shop, but it's now got to navigate a fast-changing landscape in fashion and in the world economy. Emma Simpson reporting and I'm Leanna Byrne with the Marketplace Morning Report from the BBC World Service.

Claudette Powell spent a decade in Hollywood building her career before making a radical change. She quit her job, gave away her belongings, and drove across the country to become a nun. I had nothing left. I had turned over my car to the community. I had no more savings, closed my savings account, my checking account, shut down my cards. And that's really scary.

I'm Rima Grace, and this week on This is Uncomfortable, is it possible to find financial security and eval poverty? Listen to This is Uncomfortable wherever you get your podcasts.