11.33 BST
Market slump accelerates as China announces
retaliatory tariffs
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 FTSE 100 on April 4 2025, morning trading
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%.
47m ago
12.40 BST
"Another
jolt of fear shoots through markets"
The
markets are “rattled” today after China’s retaliation against the US escalated
the tariff war, reports Susannah Streeter, head of money and markets at
Hargreaves Lansdown:
“Another
jolt of fear has shot through markets, as China’s threat of retaliation has
materialised. The big concern as that this a sign of a sharp escalation of the
tariff war, which will have major implications for the global economy. The
stock shock has shown up in even sharper losses with European indices sinking
deeper into the red. Brent crude has also dropped sharply as expectations of a
big hit to global growth and energy demand ratchets up.
The UK
may appear to have been dealt a better hand in this round of tariffs, but it’s
so interlinked with global trade, it’s set to be slammed by the harsh winds
blowing through the global economy.
These
kinds of market moves can feel incredibly uncomfortable, but anyone who has
lived through any market turmoil in the past knows how important it is to focus
on your long-term investment horizons and ride out short-term storms.
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