Trade war: Stocks slide as Trump says 'no deadline' for China deal – business live

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

1.23pm GMT

The US stock market is also heading for sharper losses in an hour’s time:

US Futures sliding now:

US Opening Calls:#DOW 27577 -0.78%#SPX 3094 -0.66%#NASDAQ 8243 -0.87%#RUSSELL 1600 -0.53%#FANG 2815 -1.34%#IGOpeningCall

1.08pm GMT

Just in: Britain’s FTSE 100 index of top shares has hit its lowest level since late October.

The Footsie has now lost 108 points to 7,177, its weakest level in six weeks.

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Source: The Guardian
Trade war: Stocks slide as Trump says 'no deadline' for China deal – business live