Wall Street reopened for another tough day of trading after China retaliated against U.S. tariffs, fueling fears of an escalating trade war.
U.S. stocks fell again on Friday after the S&P 500 and Dow Jones indexes suffered their worst days since 2020.
Trade activity slowed after Donald Trump unveiled a full list of import tariffs for countries around the world.
The S&P 500 index, which tracks the nation's leading companies, fell 3.6 percent to about 5,200 shortly after stock markets opened in New York.
As a result, the index fell to its lowest level since August.
The Dow Jones Industrial Average, which measures 30 large U.S. companies, also fell 3%, while the tech-heavy Nasdaq index also fell about 3%.
Markets in Europe and the UK saw a tense session, with London's FTSE 100 index posting the biggest decline on Friday.
The blue-chip index fell sharply by about 4.5%, losing about 380 points by the end of trading.
In Germany, the DAX index fell by about 4.6%, while in France, the CAC 40 fell by 4%.
The latest round of unrest was sparked by China's announcement that it would impose a 34 percent tariff on all US imports, starting April 10.
The new tariff is in line with the US “retaliatory” tariff imposed by Mr Trump this week.
Roman Ziruk, senior analyst at financial services firm Ebury, said: “China’s reaction to new US tariffs, which include, among other things, a 34 percent levy on US imports, added to concerns in the market on Friday afternoon.
“Global stocks continued to lose value, and the US dollar gave up its previous gains.
“Investors are concerned not only about the immediate economic impact of these tariffs, which, given the trade imbalance between the two countries, will be significantly lower than the other way around.
“There are concerns that this move could lead to potential further escalation of the trade war by the US.”
Sourse: breakingnews.ie
