Stock markets across Europe and Asia plunged on Monday as fears over the global impact of US President Donald Trump’s trade tariffs deepened.
The FTSE 100 opened more than 5% lower, following its steepest fall in five years on Friday.
Germany’s Dax plummeted 10% in the first few minutes of trading, before recovering ground, after Asian markets dropped steeply overnight, with Hong Kong’s Hang Seng experiencing its fourth-biggest one-day decline ever.
US markets were also set to open lower as economists warned that a recession in the country is now looking increasingly likely.
On Thursday, Trump announced tariffs on the US’s trading partners, many of which were steeper than economists had expected.
As traders digested the news, US markets experienced their worst week since the beginning of the Covid pandemic in 2020, with more than $5 trillion (£3.9tn) erased from the S&P 500.
Economists speculated that may countries would attempt to…
