FTSE hit as Trump turns up the heat

The FTSE 100 put in a lacklustre performance at the end of the week yesterday as Donald Trump turned up the heat on the US trade war with China.

The US President has threatened to impose tariffs on 500 billion US dollars (£377 billion) worth of Chinese goods, having already slapped tariffs on 34 billion dollars worth of imports.

China has responded with a 25% tariff on hundreds of agricultural, cars and seafood products, worth 34 billion dollars in total.

China’s prime minister Li Keqiang has said his country will defend itself against other nations’ tariffs.

China has filed a complaint with the World Trade Organisation over the US actions.

By the market close, the FTSE 100 was up 0.19% or 14.48 points to 7,617.7.

The Cac 40 in France was up 0.18%, while the Dax in Germany rose 0.26%.

In currency markets, the pound was up 0.33% against the dollar at 1.326.

Against the euro, sterling was flat at 1.129.

Brent crude prices were down by 0.84% to 76.902 US dollars per barrel during trading.

The biggest risers on the FTSE 100 were ITV up 7.4p to 180.4p, Severn Trent up 43p to 2,068p, National Grid up 17.4p to 876.5p and Vodafone up 3.36p to 191p.

The biggest fallers were Associated British Foods down 112p to 2,492p, Direct Line Insurance down 12.7p to 330.2p, Rightmove down 140p to 5,076p, Fresnillo down 26p to 1,123.5p.