Stock markets in Europe have fallen in early trading, following on from steep falls in some Asian markets overnight ahead of Trump tariffs coming into effect this week.
Japan’s Nikkei index closed down more than 4%, while in London the FTSE 100 lost around 1% in early trading.
It comes after Trump suggested that new tariffs he is set to announce this week will hit all countries, not just those that have the biggest trade imbalances with the US.
As the US president prepares to unveil a massive slate of import taxes on Wednesday – which Trump has dubbed America’s “Liberation Day” – Downing Street says the UK “expects” to be affected by US tariffs and is not ruling out retaliatory tariffs in response.
The measures will come on top of tariffs already imposed by Washington on aluminium, steel and vehicles, along with increased levies on all goods from China. (BBC)