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| Stocks fall again as Trump tariff jitters continue | Stocks fall again as Trump tariff jitters continue |
| (32 minutes later) | |
| Shares slumped again on Friday as markets continued to react to the uncertainty surrounding the economic impact of US tariffs. | |
| European markets sank further after China hit back with retaliatory tariffs, with the UK FTSE 100 down 3.4% and Germany's Dax dropping nearly 5%. Asian markets had declined earlier. | |
| The sweeping new tariffs announced by President Donald Trump on Wednesday triggered a slump in global stock markets, with US markets having their worst day since the impact of the Covid pandemic in 2020. | The sweeping new tariffs announced by President Donald Trump on Wednesday triggered a slump in global stock markets, with US markets having their worst day since the impact of the Covid pandemic in 2020. |
| Traders are concerned the tariffs will increase prices and weigh on growth in the US and abroad. | Traders are concerned the tariffs will increase prices and weigh on growth in the US and abroad. |
| Trump told reporters on Thursday he thought things were going "very well", adding: "The markets are going to boom." | Trump told reporters on Thursday he thought things were going "very well", adding: "The markets are going to boom." |
| But on Friday markets continued to slide, then slumped after China imposed additional tariffs of 34% on all US goods from 10 April. | |
| Trump has said the tariffs will boost US economic growth, but some economists have warned of a slowdown in the US and in the global economy. | Trump has said the tariffs will boost US economic growth, but some economists have warned of a slowdown in the US and in the global economy. |
| The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has said the new tariffs "clearly represent a significant risk to the global outlook at a time of sluggish growth". | The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has said the new tariffs "clearly represent a significant risk to the global outlook at a time of sluggish growth". |
| She said the IMF was still looking into the "macroeconomic implications" of the measures and stressed the need to avoid actions that could do more damage to the global economy. | She said the IMF was still looking into the "macroeconomic implications" of the measures and stressed the need to avoid actions that could do more damage to the global economy. |
| Live: Follow the latest reaction to the US tariffs | Live: Follow the latest reaction to the US tariffs |
| At a glance: What Trump's new tariffs mean for the EU, China and others | At a glance: What Trump's new tariffs mean for the EU, China and others |
| Explainer: What are tariffs and why is Trump using them? | Explainer: What are tariffs and why is Trump using them? |
| Russ Mould, investment director at AJ Bell, said the "relentless selling" had continued despite investors "hoping the pain would go away". | Russ Mould, investment director at AJ Bell, said the "relentless selling" had continued despite investors "hoping the pain would go away". |
| "There are so many moving parts that getting your head around the situation [as an investor] isn't easy," he said. | "There are so many moving parts that getting your head around the situation [as an investor] isn't easy," he said. |
| "With countless sectors set to be hit by tariffs, it's difficult to know where to begin to comprehend the situation." | "With countless sectors set to be hit by tariffs, it's difficult to know where to begin to comprehend the situation." |
| Banking stocks fell on economic growth fears and expectations that central banks would make more interest rates cuts to encourage spending. | Banking stocks fell on economic growth fears and expectations that central banks would make more interest rates cuts to encourage spending. |
| Some economists are concerned about a US and global slowdown, meaning banks would be lending less, and lower interest rates mean banks make lower margins. | Some economists are concerned about a US and global slowdown, meaning banks would be lending less, and lower interest rates mean banks make lower margins. |
| HSBC shares dropped more than 7% while UBS fell about 6.7%. That followed sharp sell-offs of Asian and US banks on Thursday. | |
| The dollar index, which measures the US currency against six peers, had sunk 1.9% on Thursday, the sharpest drop since November 2022, but on Friday it regained some ground, rising by 0.6%. | The dollar index, which measures the US currency against six peers, had sunk 1.9% on Thursday, the sharpest drop since November 2022, but on Friday it regained some ground, rising by 0.6%. |
| By mid-morning on Friday: | By mid-morning on Friday: |
| The FTSE 100 share index was down 3.4% at 8,186 | |
| The Cac 40 was down 3.9% at 7,302 | |
| The Dax was down 4.8%% at 20,769 | |
| Friday's falls came after the tariff announcement triggered the steepest drop in US stocks since 2020 on Thursday. | Friday's falls came after the tariff announcement triggered the steepest drop in US stocks since 2020 on Thursday. |
| The US S&P 500 share index closed down 4.8% while the Nasdaq - which is dominated by tech firms - sank by nearly 6%. | The US S&P 500 share index closed down 4.8% while the Nasdaq - which is dominated by tech firms - sank by nearly 6%. |
| Nike, Apple and Target were among big consumer names worst hit, with all of them seeing their shares plunge by more than 9%. | Nike, Apple and Target were among big consumer names worst hit, with all of them seeing their shares plunge by more than 9%. |