Business news live: FTSE 100 reacts to new Trump tariffs, Apple appeal €500m fine

Despite President Trump announcing a delay to the tariffs deadline – now 1 August – 14 nations have now been sent letters detailing a new tariff rate for them.

Several Asian nations have been particularly hard-hit, with rates up to 40 per cent.

In terms of the most business activity with the US, Japan and South Korea are the two countries who between them account for 8.5 per cent of all US imports – they both have 25 per cent rates starting next month.

Good morning! Welcome back to The Independent’s live coverage of the business world – today’s focus will be very much on tariffs and the latest impacts there, but also we have stock market news, one British company going into administration and plenty more besides.