Worst week for US stocks since Covid crash as China hits back on tariffs

Stock market turmoil deepened on Friday, as China hit back at tariffs announced by 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%, bringing to an end 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.
Trump, who has vowed to remake the global trade order, dismissed concerns about the market shock, noting that the US labour market is strong.
“Hang tough,” he urged his followers on social media. “We can’t lose.”

Source: BBC