Countries hold summit over Strait of Hormuz trade crisis

More than forty countries take part in a virtual gathering in a bid to reopen the vital shipping lane. The UK is playing host to the meeting, joined by other countries across the world caught up in the trade crisis caused by near closure of the Strait of Hormuz, due to the US-Israel war in Iran.

UK Foreign Secretary Yvette Cooper opened the event by condemning what she described as "Iranian recklessness" in closing the Strait of Hormuz and "hitting global economic security". The talks are trying to find a solution to fully opening up the vital shipping lane.

Among those represented at the talks is South Korea – a country particularly dependent on foreign oil imports. Earlier its president put its economy on what he described as "a wartime footing" by encouraging people to follow a range of measures to preserve fuel, as well as proposing a special Government financial support package. We look at how the production of plastics are being badly hit.

And it’s a year since President Trump declared his ‘Liberation Day’, bringing in sweeping tariffs on countries across the globe. The latest US Trade figures published today - Thursday - show the US trade deficit widened in February to just over $57 billion…so has the policy been working?

Presenter: Sarah Rogers Senior Producer: Craig Henderson