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
Ouch! America’s stock market has fallen 1% at the start of trading in New York.
Trump then repeats his earlier argument that it’s wrong for France to tax US companies, through its digital services tax.
[America’s complaint is that the French plan is based on the revenues of US tech firms, not simply the profits they make in France]