Stock market turmoil deepened on Friday, as China hit back at tariffs announced by US President Donald Trump, raising the likelihood of an extended trade war and damage to the global economy.
All three major stock indexes in the US plunged more than 5%, with the S&P 500 dropping almost
6%, capping the worst week for the US stock market since 2020. In the UK, the FTSE 100 plunged almost 5% – its steepest fall in five years, while Asian markets also dropped and exchanges in Germany and France faced similar declines.
The slump is expected to continue this week as Asian markets open deep in the red, while major US futures remain lower.
