Mon. Sep 28th, 2020

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

7.48am GMT

The French government is furieux about America’s threat to impose a 100% tariff on some of its most cherished exports.

Finance minister Brune Le Maire has told Radio Classique that the move is “unacceptable”, and not what you’d expect from an ally.

“In case of new American sanctions, the European Union would be ready to riposte”

7.37am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

“sends a clear signal that the United States will take action against digital tax regimes that discriminate or otherwise impose undue burdens on US companies.”

Related: US threatens tariffs on French cheese, handbags and lipstick

Related: Trump to restore steel tariffs on Brazil and Argentina

The US placing steel and aluminium tariffs on Argentina and Brazil caught markets off guard. Traders have had US-China trade tunnel vision. As Americans would say, this came out of left field.

The new tariffs in South America are a reminder that with Trump as US President, a phase one trade deal with China doesn’t mean global trade just resets to the old status quo.

*FRANCE’S LE MAIRE SAYS U.S. TARIFFS PLAN ‘IS UNACCEPTABLE’

*FRANCE’S LE MAIRE SAYS EU WILL BE READY TO RETALIATE

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