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voiceover: live from singapore, now on bbc news, business today. the us supreme court grills the trump administration on the legality of its sweeping tariff policy. a drop off for bitcoin. we look at the the state of the world’s most expensive cryptocurrency. hello and welcome to business today. i’m steve lai. president trump is facing the biggest legal test yet of his economic agenda - as justices on the us supreme court question his sweeping tariffs. the court heard arguments on wednesday about the legality of his tariffs. a number of businesses and states say most of the tariffs should be struck down. they argue only congress has the power to impose

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what is, in effect, a tax. but donald trump’s lawyers say the president has broad autonomy in foreign affairs, including trade and tariffs. the supreme court justices are mostly conservative, 3 were even hand picked by donald trump himself - but even they were skeptical. alex capri is senior lecturer at the national university of singapore. i asked him for his assessment of the supreme court’s comments on trump’s tariffs. as you know trump has invoked the international emergency economic powers act.

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that allows him to regulate international economic transactions during a so-called national emergency. trump has called the trade deficit they’re running with china and other countries a national emergency as he has the fentanyl crisis, the import cross-border type of emergency. as you mentioned in your lead in these economic transactions do not cover tariffs, they do not cover taxes. that is clearly in the remit of congress, article one of the constitution says congress wears and collects taxes which by the way includes tariffs. the key argument which trump’s team is pushing that it is a national extension of other powers granted to the president under law. why is that distinction important? that’s a very important distinction because the executive branch, the president does have extensive power when it comes to foreign policy. it’s a very vague area.

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if they can call a tariff a tool of foreign policy, and say that the primary purpose of the tariff is not necessarily to collect revenue rather to enforce national security and defence, postures and economic strength as a national security issue they are trying to stretch that sort of definition if you will of foreign policy. china is hosting a vast import expo just days after xi jinping and donald trump agreed on something of a trade war truce. at least for the time being. beijing has been using the event to project an image of a country supporting free trade - and big name american companies and industry trade associations are at the expo in force to try and court chinese investment. our china correspondent stephen mcdonell is there and sent us this report. with the china us trade war on pause beijing is using the expo to show the world the country is not

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only open for business but wants to buy your stuff. certainly we have got plenty of big names from the corporate world here. from mining to cars, insurance, pharmaceutical companies, you name it. in theory it should be a great time for them to be diving into the local market here. but is it really? trading is very important but let’s make sure the agreements are followed and long enough that we can plan ahead. a couple of years is not enough. we need agreements going further out so that we can be assured we have trading partners to continue to move with. high-tech sector has been another key point of conflict between china and the us, particularly when it comes to the supply of computer chips and advanced software. the likes of qualcomm are here. they did not want to be interviewed.

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media people said right now is too sensitive to go on the record. when it comes to us companies it seems they are generally more confident following the meeting. a lot more work needs to be done to really build up business confidence here. this is a great start but can they hold onto until april and if they can april is when president trump wants to go to beijing. if he makes about long there is optimism that this is a durable base that people can grow from. it may be an uncertain time to invest but the companies here know china with its 1.4 billion people even the smallest increase in sales can mean a lot of money. stephen mcdonell, bcc news, shanghai. bitcoin slipped below the $100,000 on wednesday for the first time since june. the price of the worlds best-known and most-valuable cryptocurrency has been falling in recent weeks after hitting a record high of $126,000 in october. it has now bounced back over the $100,000 mark -

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but its drop off has raised questions about whether a further fall in price could be on the horizon. ryan rasmussen is head of research at bitwise asset management. i asked him what he puts this drop down to. it’s important to remember during these markets there is never never a straight up into the right right price momentum for crypto currency currency or other assets. this typically typically who drive and then pull pull back and huge ruts. you see see that in other assets around the the world, this is implied a healthy healthy reset of leveraged investors investors taking profits but we are are seeing today more and more investors investors stepping in to buy the the depth and used to in the crypto crypto currency market and that’s that’s why we believe bitcoin will will no longer have the 50, 60, 70% 70% drawdowns that historically it it had an we think the driver is is institutional investors coming coming to this space and allocating allocating good things like ets and

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and other vehicles that were not not available five years ago so we we think long-term investors are are stepping in all retail investors investors trying to train bitcoin bitcoin actively may be shaken up up and we think there was investors investors are here for the long term. term. one other thing impacting markets markets you briefly touched on is is there is uncertainty around tariffs tariffs and other elements from the the macro environment taking a front front seat now but we believe uncertainty uncertainty will settle bitcoin at at other crypto currencies will drive drive through the interview and into into next next year and beyond. also making news in business today. qualcomm has reported better-than-expected earnings and revenue for the fiscal fourth quarter. revenue for the us chipmaker rose 10% on the same period last year. qualcomm has been trying to elbow its way into the artificial intelligence sector, which has been dominated by nvidia. shares in doordash fell more than 9% in after hours trading after the american delivery company fell short of earnings targets in the third quarter,

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despite a more than 27% increase in revenue on the same period last year. it said it expects to spend “several hundred million “dollars” next year on new initiatives. duolingo shares shares have fallen as much as 20% after it estimated lower than expected bookings for the fourth quarter. the language-learning company’s downbeat forecast overshadowed a stronger than expected third quarter, with the company prioritising the incorporation of new ai tools in its language lessons. when tesla holds its annual general meeting on thursday theres one key question on the table - is the boss worth almost one trillion dollars? the board certainly thinks so - they have been pushing for elon musk to receive the eyewatering pay packet as a means of keeping him at the company, concerned he might quit without it. detractors say it’s a smack in the face of employees. our north america business correspondent erin delmore has

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been taking a look at how things might go. it’s the biggest in $878 billion pay package for its ceo elon elon musk. investors are set to decide decide whether to back the proposal. proposal. the meeting will shape shape the future of tesla and we we are asking you as shareholders shareholders to support his leadership leadership stop the tesla board want want he may quit if investors vote vote the package down. elon musk musk has in the past year become become synonymous with the task force force he laid on the federal government government cuts in enacted. a polarising polarising gamble that had stocks stocks sliding and sales slumping slumping from the us and europe and and beyond. elon musk splits his his time among the half-dozen or or so companies he heads and one one argument for the pay packages packages will incentivise him to to spend more of his time and attention attention on tesla and that only only he can realise the firm’s full full potential. the trillions that that he will create over the future future i think this is a no-brainer

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no-brainer move. some investors want want to deal with set a damaging damaging precedent. this really well well when on how the rest of the the companies think about pay packages. packages. doctor kristin is an early early tesla investor and founder founder and cio of the impact capital. capital. i’d like to ca ceo in place place and a package designed to really really look at how to drive innovation innovation as was a sustainable company. company. one that is looking up all all of the employees are not just just the one at the top. one thing thing that hands in the balance, balance, if investors vote down the the package they run the risk of of elon musk leaving tesla. that that could cost the companies shares shares to sink and make their own own fortunes suffer. we will be watching that closely here on bbc news - and we will bring you analysis of the outcome at the same time tomorrow. but for now, that’s it for this edition of business today.

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thanks for watching. i will see you again soon.

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voiceover: now on bbc news, a round-up of the day’s sporting action plus talking points, analysis and original journalism. bbc sport. hello - i’m marc tudor edwards. here’s what’s coming up. another day another goal for erling haaland as he helps city put borussia dortmund to the sword. demolition derby. ac milan and inter buy the san siro and get ready to knock it down! joy for amanda anisimova as she beats iga swiatek to reach the semi-finals of the wta finals in riyadh.

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