Trade war: France hits back over US tariff threat on cheese and champagne – business live

Rolling coverage of the latest economic and financial news, as US proposes steep new tariffs on French food, drink, handbags and porcelain

8.38am GMT

Shares in French luxury goods makers are dropping, due to the threat of higher tariffs on their goods.

LVMH, which produces Moët & Chandon (yummy!) have fallen 1.5% on the Paris stock market.

8.19am GMT

Critics of trade wars point out that tariffs are effectively a tax on consumers, as they make imports more expensive.

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