China has announced it will impose a 34 per cent tariff on imports of all US products, starting next Thursday, matching the “Liberation Day” levy imposed by Donald Trump.
The trade war escalates, as many assumed it would.
Britain’s FTSE 100 index fell 3.9 per cent to hit its lowest level since December on Friday, as Trump’s new trade tariffs caused another day of intense turbulence on the global markets.
He also claimed to reporters on Thursday that “the markets are going to boom”, and insisted that Sir Keir Starmer was “very happy” with Washington’s new 10 per cent tariff on UK goods.
The Economist
In response, The Economist led with this front page and wrote: “Donald Trump has committed the most profound, harmful and unnecessary economic error in the modern era. Almost everything he said—on history, economics and the technicalities of trade—was utterly deluded.”
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Related: FTSE slumps again as Starmer ‘very happy’ with UK’s tariff
