All the day’s economic and financial news, as US president says Europe is “possibly as bad as China”, and EU threatens tariffs on more American goods

ISM have also reported that every commodity got more expensive for US factories last month.

That suggests that firms were scrambling to lay their hands on raw materials before a trade war breaks out.

Commodities up in price vs. commodities down in price, according to US manufacturers https://t.co/hOC15QG9so pic.twitter.com/7AYxiUHVlG

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Here’s our Brussels correspondent Jennifer Rankin on Europe’s threat to retaliate against America if Trump delivers on his threat to impose 20% tariffs on EU car imports.

Donald Trump will put a “tax on the American people” if he goes ahead with a threat to hit European carmakers with punitive tariffs, the European Unionhas warned.

In a hard-hitting paper, the European commission said Trump’s tariffs would be “self-defeating and would weaken the US economy”, estimating that almost $300bn (£228bn) worth of US goods could be hit by countermeasures.

Related: EU says Trump car tariffs ‘will put a tax on the US people’

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Read More Tariff fears drag markets down as factories are hit by trade war fears – business live

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