London’s FTSE 100 index suffered its steepest one-day decline since the outbreak of the Covid-19 pandemic after China’s forceful retaliation to President Trump’s tariff shock brought the world closer to a full-scale trade war. The turmoil triggered across global markets by Trump’s announcement of a slate of aggressive duties on imported goods on Wednesday deepened as ­Beijing responded with additional ­levies of 34 per cent on US imports. China’s robust reaction dashed hopes for a swift settlement and raised the prospect of a prolonged tit-for-tat tax battle between the world’s two biggest economies that would squeeze corporate profit margins, rekindle inflation and cast a shadow on global growth. London’s premier index dropped 420 points, or 5 per cent, to close at 8,054.98, the biggest single-day

Source: The Times April 04, 2025 20:21 UTC