Rolling coverage of the latest economic and financial news, as US proposes steep new tariffs on French cheese, wine, handbags and porcelain
- Latest: Trump says China deal could wait until after 2020
- Trump says France shouldn’t tax US companies
- Trump: If anyone takes advantage of US firms, it’s us!
- Introduction: Trade war deepens
- French fizz, cheese, handbags all face 100% tariff
- France: We’ll hit back
Data firm Panjiva has calculated that America’s new proposed tariffs cover 4.1% of all French exports to the US, worth just over $2.4bn.
Cosmetics takes the biggest hit, followed by sparkling wine.
The largest import lines were: beauty products worth $842 million; champagne where imports were worth $806 million; handbags worth $434 million and; dairy products worth $202 million.
While shares slide, the pound is rising towards its highest level in six months.
Sterling has just hit $1.30 for the first time in six weeks, and is close to levels not seen since May.
Cable near to highest since May – few pips only away pic.twitter.com/huwVJ6jk58
@ICMResearch‘s penultimate VI poll of the campaign, first published by @ReutersUK, shows the Conservatives maintaining their 7-pt lead over Labour. The Conservatives are on 42% (+1), while Labour are on 35% (+1) https://t.co/0nXrFlaCdS pic.twitter.com/skui42cYo2