america's metal industry. welcome to world business report, i'm... target enright. batter the rate at which prices are rising is something that continues to trouble millions of people around the world. but in the uk there's been another fall in the inflation rate, which is now at its lowest for two and a half years. the global picture is somewhat mixed and that's giving central bankers — the people who decide how much it should cost to borrow money — plenty to think about. here in the uk, inflation for march has been reported today at an annnualised rate of 3.2%. that's a long way from its recent peak of just over 11%. the latest figures show a fall in the cost of meat and furniture, among other things.

but many forecasters had been banking on a more significant drop than this. so where does that leave the bank of england and its 5.25% interest rate? there had been an expectation that the bank's policymakers could reduce the cost of borrowing injune, but many forecasters now think it could be later in the summer. the uk's central bank has a similar dilemma to its us counterpart, where inflation is at 3.5% after last week's unexpected jump. and that stubbornness is why there's a growing wariness of cutting the cost of borrowing too soon. that was a point that was emphasised by the world's most powerful central banker, the head of the us federal reservejerome powell, during a speech in washington. we've said at the fomc that we will need greater confidence that inflation is moving sustainably towards 2% before it would be appropriate to ease policy. we took that cautious approach

and sought that greater confidence so as not to overreact to the string of low inflation readings that we had in the second half of last year. the recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence. evelyn herrmann is a european economist at bank jerome powell veijer, chair of the us federal reserve. —— mike batt was jerome powell. evelyn herrmann is a european economist at bank of america and joins us from paris. after this latest fall in uk inflation, we are still some way off the target of 2%. when do you think the target of 2%. when do you think the bank of england is going to make its decision to cut? . the bank of england is going to make its decision to cut?— its decision to cut? , the cutting cle is its decision to cut? , the cutting cycle is actually _ its decision to cut? , the cutting cycle is actually august - its decision to cut? , the cutting cycle is actually august now. - its decision to cut? , the cutting cycle is actually august now. i i its decision to cut? , the cutting i cycle is actually august now. i have to admit that into this week we thought that there was more of a chance that the bank of england might be confirmed to cut around

june. if the interest rates had continued to show a better slowdown, if the... inaudible enough to get the bank of england, so we are happy with our base rate of the bank of england cutting cycle in august... inaudible given inflation, it could be a lot more this year. we given inflation, it could be a lot more this year.— more this year. we had been expecting — more this year. we had been expecting perhaps _ more this year. we had been expecting perhaps the - more this year. we had been expecting perhaps the us - more this year. we had been - expecting perhaps the us federal reserve to kind of set the trend worldwide, but given whatjerome powell has been saying, it doesn't appear to be the case. people talk about following the fed. could the third's delay have a ripple effect across the world? —— could the federal reserve's delay... ... inaudible — inaudible the riht thin for our econom , the right thing for our economy, but of course _ the right thing for our economy, but of course we _ the right thing for our economy, but of course we are _

the right thing for our economy, but of course we are looking - the right thing for our economy, but of course we are looking at - the right thing for our economy, but of course we are looking at the | but of course we are looking at the federal reserve, and our us colleagues have pushed back their own expectations of cuts to december this year on the back of the report, on the back of the previous... report, that their economy is... strong and the recession dynamics are very strong. the latest cuts to the cycle could maybe have... inaudible no... from but from bank of england,...— no... from but from bank of encland,... . . ~ england,... bare central bank... inaudible _ inaudible you mention the european central bank there. in the eurozone, they were among the latest that are raising rates and it looks like they could be among the first to start cutting them. a big problem in the eurozone has been the lack of consumer spending. eurozone has been the lack of consumerspending. do eurozone has been the lack of consumer spending. do you expect cutting the interest rate could reinvigorate that?— cutting the interest rate could reinvigorate that? well, we would first... a reinvigorate that? well, we would first -- a 496 _ reinvigorate that? well, we would first... a 4% interest _ reinvigorate that? well, we would first... a 4% interest rate - reinvigorate that? well, we would first... a 496 interest rate in - reinvigorate that? well, we would first... a 496 interest rate in yourl first... a 4% interest rate in your areas of italy very tight. that is

not necessarily stimulating the economy, it is more about... the degree of tightness that the government currently exposes the economy too, so it will ease somewhat and help return to normal growth rates again in this area, but we are very far away from a place where policy would actually become... inaudible but that perspective is that rate cutting would have been injune, but arguably until we are back at in our estimate a i%... rate, the... inaudible 0k. evelyn herrmann from bank of america, thank you very much. now, one thing that can push inflation in the wrong direction is tariffs — the taxing of goods as they cross borders. nonetheless, us president biden is considering big increases in tariffs on chinese steel and aluminium.

in a few hours' time, he's expected to tell an election rally in the swing state of pennsylvania that imports from china are a threat to bothjobs and national security. his likely rival, donald trump, has already pushed the idea of 60% tariffs on chinese imports. michelle fleury is in new york for us. tell us more about what we are expecting to hear from tell us more about what we are expecting to hearfrom president biden. expecting to hear from president biden. �* u, , expecting to hear from president biden. ~ u, , , , biden. the american steel industry is obviously — biden. the american steel industry is obviously vitally _ biden. the american steel industry is obviously vitally important - biden. the american steel industry is obviously vitally important when | is obviously vitally important when it comes to making lots of things, whether we are talking about cars, bridges, roads and so now we are seeing joe biden preparing to ratchet up the pressure on chinese steel because what we understand its steel because what we understand its steel and aluminium imports currently from china face about a 7.5% tariffs, which were introduced under donald trump under something called section 301 of the trade act. apparently biden is directing his trade representative to consider

raising them, tripling them to 25%. but that is not the only measure. he is also considering asking her to look into, for example, what can be done about shipping. that is another area of concern that he is looking for action from the us trade representative. all of this is taking together is kind of making joe biden�*s economic message when it comes to manufacturing. it will be interesting to see how the chinese respond to this because efforts like this in the past have been viewed by the chinese and by beijing as the us trying to limit china's rise on the global economy, something they have not taken kindly to. haifa global economy, something they have not taken kindly to.— not taken kindly to. how much do you think this matters _ not taken kindly to. how much do you think this matters to _ not taken kindly to. how much do you think this matters to american - think this matters to american voters? donald trump once entire tariffs on chinese imports and joe biden now as well. how much do ordinary voters care about this? yes, if you look at the polls, they suggest that americans think that the us can afford to be tougher on

china. i mean, ithink, as you say, it loses an election year, so everything gets eaten through that lens, biden determined not to allow the former president donald trump to outflank him as being seen as tough on china. he is also determined to win pennsylvania. depending on location here is crucial, it is a state he considers a second home, steel and aluminium or particularly steel, i should say, is a big industry there and he is trying to woo big collar workers —— blue collar workers because although the democrats have support from blue—collar leadership, they are still not guaranteed to the support of the rank and file and so this is very much an election pitch, donald trump, as you said, for his part has also been making similar noises saying he would impose as much as 60% tariffs on chinese imports into the united states. at the same time, biden has left the door open and is also currently reviewing the existing tariffs in place, so i suspect over the coming months we are going to hear a lot more about trade policy of this type.—

trade policy of this type. michelle fleu in trade policy of this type. michelle fleury in york. — trade policy of this type. michelle fleury in york, thank _ trade policy of this type. michelle fleury in york, thank you - trade policy of this type. michelle fleury in york, thank you very - trade policy of this type. michelle i fleury in york, thank you very much. we are staying in the us. the safety culture at the plane—maker boeing is due to be scrutinised by two us senate committees today. the first will hear from a panel of experts who found major failings at the embattled company. the second will hear from a whistle—blower over his claims that 787 dreamliners could break apart because of production problems. the departing ceo of boeing has repeatedly said the company is focused on safety after the two fatal 737 max crashes and an incident injanuary where part of a cabin wall fell off a plane shortly after take off. john grant is a consultant to the airline industry with 0ag and joins us now. the bad headlines keep on being printed about boeing. more expected today. how much worse can it get for the plane—maker's reputation? that's a good question, i think you would have to say they can't get

much worse. they have been on a bad run for probably 18 months or so now and we know they are taking steps to address these issues, but, you know, reputational damage takes time to be repaired. and boeing are suffering the consequences now and they will suffer them probably for the next two or three years as the legacy continues. two or three years as the legacy continues-— continues. two or three years is what you're _ continues. two or three years is what you're saying _ continues. two or three years is what you're saying there. - continues. two or three years is what you're saying there. the . what you're saying there. the spotlight has been ongoing since of course, the 737 max was in the headlines for similar reasons several years ago. of course it is not easy for airlines out there to find other companies from whom they can buy their planes, but two or three years, do you think that is the timeframe of this crisis? 0r credit fundamentally shift the dynamics of the market? i credit fundamentally shift the dynamics of the market? i don't think it can _ dynamics of the market? i don't think it can fundamentally - dynamics of the market? i don't think it can fundamentally shift | dynamics of the market? i don't i think it can fundamentally shift the dynamics because there are two main suppliers of commercial aircraft,

boeing and airbus and airbus and boeing and airbus and airbus and boeing both have absolutely full order books. that is for the next seven or eight years at least, and a queue of airlines wanting to join those waiting lists. the biggest challenge for boeing is about the reputational damage, notjust the reputational damage, not just the safety reputational damage, notjust the safety aspects, which are crucial, but also about the delivery of aircraft off the production line. they are now delivering approximately eight 737 max blue a month off the production line because they have to be more zealous about checks. therefore cost was 36. at the end of the year if they continue at that pace, they will be around 200 aircraft short on the deliveries airlines are expecting from them. and those aircraft deliveries are important. john grant, deliveries are important. john grant. we _ deliveries are important. john grant, we will _ deliveries are important. john grant, we will have _ deliveries are important. john grant, we will have to - deliveries are important. john grant, we will have to leave it there, thank you forjoining us today. one other business story for you today. a czech billionaire has made a bid for a

a czech billionaire has made a bid for the company which owns the uk's royal mail. the company faces uncertainty over its future because the regulator 0fcom is considering whether to scale back its obligations over delivering mail to homes and companies in the face of mounting losses. daniel kretinsky�*s other major uk investments include stakes in the supermarket sainsburys and premier league football club west ham united. he has until the middle of may to make a firm offer. stay with us on bbc news for move more and more businesses coming up in a few hours' time, and more businesses coming on social media. catch up with the @bbcbusiness team and me on social media, i'm @tadthnright. goodbye.

hello, i'm cerebral current at the bbc sport centre. we are 100 days away from the summer 0lympics bbc sport centre. we are 100 days away from the summer olympics in paris and the countdown on to have the city ready in different ways to host the games. all permanent infrastructures are now complete in the building of temporary sites had started. 0ursports the building of temporary sites had

started. 0ur sports editor dan roan is in paris for us. 100 days to go until paris 2024 and the venues that will host the games themselves are rapidly taking shape. as you can see, we are here in a temporary venue, a 13,000 seat arena. it only began work here four weeks ago also and it feels like it is almost completed. injune it will be. this is where the beach volleyball competition will take place and as you can see it is here in the shadow of the most famous parisian landmarks, the eiffel tower itself. and this is really what organisers want these games to be remembered for, sustainable venues, 95% of the infrastructure intact for these games will either be existing buildings and venues or temporary ones like this. the only really new venue that is being built to host sport is the aquatic centre in the area known as st denis, that is also where the athletes' village is and

of course the olympic stadium itself. but organisers are