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Stocks fall again as Trump tariff jitters continue Stocks fall again as Trump tariff jitters continue
(about 1 hour later)
Shares slumped again on Friday as markets continued to react to the uncertainty surrounding the economic impact of US tariffs. European markets have slumped further after China hit back at US import taxes with retaliatory tariffs of its own.
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 UK's FTSE 100 fell 3.7% and Germany's Dax dropped more than 5%, with some companies seeing double-digit falls in their share prices.
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 declines add to large falls seen on Thursday as markets continued to react to the uncertainty triggered by the US tariffs.
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." The sweeping new tariffs announced by President Donald Trump triggered a slump in global stock markets on Thursday.
US markets had their worst day since the impact of the Covid pandemic in 2020.
Trump told reporters 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.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. In London, shares in Barclays bank and NatWest were down 10%, mining firm Glencore fell 10% and aero-engine maker Rolls-Royce was down 8%.
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.
Live: Follow the latest reaction to the US tariffsLive: Follow the latest reaction to the US tariffs
At a glance: What Trump's new tariffs mean for the EU, China and othersAt 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. Jane Sydenham, investment director at Rathbones, said banking stocks, firms with supply chains that were exposed to tariffs, and tech stocks had all been falling.
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. Investors had been buying into safe haven assets including gold and government bonds, she said.
HSBC shares dropped more than 7% while UBS fell about 6.7%. That followed sharp sell-offs of Asian and US banks on Thursday. China had been "under severe pressure" to respond to tariffs of 54% on most goods, she said, and its economy was big enough to be able to take such action.
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%. But countries with smaller economies were having to be more cautious, she added.
By mid-morning on Friday: The dollar index, which measures the value of the US currency against six peers, had sunk 1.9% on Thursday, the sharpest drop since November 2022, but on Friday it steadied, rising by 0.02%.
The FTSE 100 share index was down 3.4% at 8,186 Oil prices fell sharply as traders worried that the tariffs could slow economic growth and worsen trade disputes.
The Cac 40 was down 3.9% at 7,302 The price of a barrel of Brent crude slumped 6% from to $62 a barrel.
The Dax was down 4.8%% at 20,769 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.
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%.