Financial markets are now plunging following news that China has retaliated against the US over the tariffs announced by Donald Trump on Wednesday night.
In London, the FTSE 100 has now shed 313 points, or 3.7%, since the start of trading to 8173 points. That would be its biggest one-day decline since March 2023.
As this chart shows, the selloff has intensified in the last few minutes:
The selloff intensified after China’s finance ministry said it will impose additional tariffs of 34% on all U.S. goods from April 10 as a countermeasure to sweeping tariffs imposed by the US.
China’s State Council Tariff Commission said in a statement:
“This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,”
Banks continue to lead the sell-off in London. Barclays are now down 10% today. with NatWest down 9.5%.
Rolls-Royce, the jet engine manufacturer and services, were briefly down 12%.
Fears of a global economic slowdown are hitting miners; Glencore are off 8.7%.Share
Source: The Guardian
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