Trump tariffs live updates: FTSE hits lowest level in months after market meltdown enters second day

Bank shares are one of the heavier Fallers on the FTSE 100 this morning, as the British index has dropped to the lowest level since January 15, with the Asia-focused firm Standard Chartered by about 4 percent.

Mining and commodity supplies were also one of the Fallers, after specific rates on metal production, such as aluminum.

This came after further declines in the Asian markets, following heavy losses across the global stock markets on Thursday.

The Hang Seng index in Hong Kong was 1.5 percent lower and the Japan’s Nikkei dropped by 2.4 percent, blowing to losses in the previous session as traders continued the impact of Donald Trump’s tariff plans.

In the US on Thursday, the Dow Jones and S&P indexes have both suffered their worst days since 2020.

The FTSE is now 1.16 percent lower in the early morning trading, with Germany’s DAX index also tumbling 1.12 percent this morning and the Euronext 100 drops 1.49 percent.

The chart below, from the London Stock Exchange, has been showing the FTSE’s downward track over the past few days:

A Treasury Minister said the British government is negotiating ‘intensive’ and ‘in the pace’ to ensure an economic agreement with the US.

Asked why the government consulted on possible retaliation action, as most economists say it would lead to a bigger hit for the economy, the Secretary of Treasury told Treasury James Murray: ‘We negotiated intensively to protect an agreement as the Prime Minister went to Washington earlier this year.

‘It is clear that we are busy with businesses, we were through the whole process.

“The next phase of involvement is to ask their input on what possible measures in terms of the British response would look, because we want to involve businesses in the decision, and we must be clear that we keep all options on the table … We reserve the right to retaliate, but we want an agreement, and our focus is on it.”

Another day in the stock markets still looks a series of losses.

The FTSE 100 opened 0.64 percent lower; Nothing that approaches the extent of yesterday’s destruction of value in the US markets, but still a loud dwelling soil from earlier in the year due to Trump’s rates.

After Asian markets have suffered a similarly constant downward spiral overnight, the same is true in Europe: the CAC 40 in France, the DAX in Germany and the Euronext 100 is between two -thirds and a full percent this morning.

“Liberation Day has left markets in a shock. The situation is fluid, but we believe that rates do not disappear soon. While the US has a lot to lose, the EU shares stop relatively well, even in dollars,” analysts wrote at Barclays this morning.

Foreign Minister David Lammy said he regretted the return to protectionism in the United States.

Lammy said when he arrived in Brussels to meet his NATO recliners, Mr. Lammy told reporters: ‘The UK, like France, is a great maritime nation.

‘We are a nation that believes in an open trade, and I regret the return to protectionism in the United States, something we have not seen for almost a century. As you know, we consult with the business and the industry. At this time, we are working on the United States to bring about an economic agreement and an economic agreement.

“And of course we were absolutely clear that all options are on the table, as we ensure the national interests of the British population, which will currently be very concerned about how it affects the most important point for them and their economic well -being.”

Former Chancellor Jeremy Hunt revived the Brexite call to turn Britain into ‘Singapore-on-Thames’ by welcoming a low tax by the UK who welcomes free trade in response to Donald Trump’s rates.

Write in The TelegraphMr. Hunt urged Sir Keir to “resist the siren song of protectionism” and said: “Countries like Singapore demonstrate, openness can still produce excellent results. The past half century has grown the standard of living five times faster than ours.

‘Those who harm the idea of’ Singapore-on-Thames’ do not understand that the heart of their success was not a more difficult social policy, but the build-up of internationally competitive enterprises by the willingness to trade.

‘But Singapore did not invent free trade. The honor belongs to Britain. Even if others turn their backs on it, we must remember the benefits of one of our greatest gifts to the world. ‘

The UK is decorated for more market chaos on Friday, as the government is considering its response to Donald Trump’s rates.

The FTSE 100 dropped to a three -month low yesterday after the news that British exports to the US would face a 10 percent blanket.

An ‘indicative list’ published by the British government has mentioned some American products that can be targeted in its reply, including Bourbon -whiskey, motorcycles, guitars and jeans.

But an immediate response is unlikely, as Jonathan Reynolds, Secretary of Trade, told MPs that he would hold a four -week consultation on retaliation.

The government still hopes for an ‘economic agreement’ with the US to ensure exemption from rates, with Prime Minister Sir Keir Starmer promising businesses that it will ‘fight for the best deal for Britain’.

Donald Trump claimed that Sir Keir Starmer was “very happy” with Washington’s new 10 percent rates on British goods.

“We have a very good dialogue. I think he was very happy about how we treated them with rates, ‘the US president told reporters about Air Force One.

Mr. Trump added that he was open to negotiations on the rates as countries “offered something that is so phenomenal”.

Sir Keir said at the launch of his local government campaign in Chesterfield on Thursday that the world was at the beginning of a ‘new economic era’ in which ‘we should act differently and lead’-which is the response to the rates of Mr. Trump describes as ‘not just a short-term-tactical exercise’.

The prime minister said: “This is the beginning of a new era, we must understand that, just as we have for defense and safety, we must understand the changing world when it comes to trade and the economy.”

Turkey wants to negotiate with the US to lift the 10 percent additional rates announced by President Donald Trump, the Minister of Trade, Omer Botat, said this morning.

“We want to discuss the issue in negotiations with the US Department of Trade and Trade Representative … as there is a $ 2.4 billion surplus in favor of the US in trade between the two countries for 2024,” he said in a statement.

Donald Trump’s livestock tariff campaign offers a ‘significant risk’ for the global economic outlook ‘in a time of sluggish growth,’ warned the head of the International Monetary Fund.

Managing Director Kristalina Georgieva said officials still judge the macro economic implications of the tariff plans Trump announced this week.

“It’s important to avoid steps that could further harm the global economy,” she said as the world markets were bleeding yesterday.

“We call on the United States and its trading partners to work constructively to solve trading tension and reduce uncertainty,” she added.