President Trump was seen declaring war on the world today again as global stocks came crashing down.
The news comes after a new wave of US tariffs came into play, including a 104% levy on Chinese imports and 10% on those arriving from the United Kingdom.
In London, the FTSE 100 fell more than 2% after opening, wiping out most of the gains made on Tuesday, following another major drop in some Asian stock markets overnight.
If followed by heavy drops in Asia overnight, with Japan’s stock index falling more than 5% at one stage over fears of an all-out trade war.
The Nikkei 255 ended the day down 3.9% at 31,714, the Hang Seng in Hong Kong lost 1.8% to 19,769, and South Korea’s Kospi fell 1.9% to 2291.
Meanwhile, the Shanghai Composite Index was trading roughly level at 3141 while the S&P/ASX 200 in Australia declined 1.8% to 7375 and shares in New Zealand also fell in the same manner. Countries are bracing for the worst and more economic damage from the import taxes on goods entering America from midnight Washington time, just after 5 am in the United Kingdom.