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 election
- 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
Donald Trump’s suggestion that a China trade deal could be delayed by a year could just be a ploy.
Chris Rupkey, chief financial economist at MUFG, explains (via CNBC):
“We have seen this movie many times before … where the president throws out remarks during trade talks that in retrospect have just been a negotiating tactic, especially when he starts off by saying China wants a deal more than he does.
London’s losses today are partly due to a stronger pound, which is trading over $1.30 again tonight.
Connor Campbell of SpreadEx explains:
The FTSE’s day was made that bit worse by the pound’s own gains. The latest Kantar poll put the Tories 12 points ahead of Labour, contrary to many other surveys showing a shrinking Conservative lead.