Wall Street and FTSE 100 sink as Trump intensifies trade war fears – business live

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

6.49pm GMT

The Dow is attempting to recover from its earlier losses, but is still down 313 points today at 27,469.

Still more than two hours of trading left, so there’s time for a rebound – or deeper losses!

5.58pm GMT

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.

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