Trade fears deal FTSE a £40bn blow

WARNING Steven Mnuchin MORE than £40billion was wiped off the value of our biggest firms yesterday amid the global trade war.

The FTSE 100 suffered its second-worst day in more than a year, plunging 172 points to 7,509.

The slump, echoed on stock markets around the world, followed concerns about a trade clampdown by Donald Trump’s regime.

US treasury secretary Steven Mnuchin said planned restrictions on investment would apply “to all countries trying to steal our technology”.

Meanwhile, iconic US motorbike maker HarleyDavidson is to shift some production out of America.

The firm said the move was forced by spiralling costs from EU tariffs sparked by Mr Trump’s levies on steel imports.