{"id":132798,"date":"2025-04-07T09:03:35","date_gmt":"2025-04-07T09:03:35","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/tariffs-latest-ftse-falls-again-on-opening-after-asian-markets-tumble-but-trump-calls-tariffs-medicine-sky-news\/"},"modified":"2025-04-07T09:03:35","modified_gmt":"2025-04-07T09:03:35","slug":"tariffs-latest-ftse-falls-again-on-opening-after-asian-markets-tumble-but-trump-calls-tariffs-medicine-sky-news","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/tariffs-latest-ftse-falls-again-on-opening-after-asian-markets-tumble-but-trump-calls-tariffs-medicine-sky-news\/","title":{"rendered":"Tariffs latest: FTSE falls again on opening after Asian markets tumble – but Trump calls tariffs 'medicine' – Sky News"},"content":{"rendered":"

UK markets have fallen sharply again on opening, following the trend of Asian stocks overnight. But Donald Trump has insisted the trade war is “medicine” for the US economy. Listen to Trump 100 as you scroll.
Monday 7 April 2025 10:01, UK
On Day 78, our US correspondent Mark Stone<\/b><\/a> is joined by the UK’s former ambassador to the US, Sir Nigel Sheinwald.
He served from October 2007 to January 2012 and has dealt with both Republican and Democrat administrations.
In this episode, the pair discuss whether Sir Keir Starmer has taken the right approach with Donald Trump – and if it’s now time to crank up the tone.
Sir Nigel also reflects on Peter Mandelson’s appointment as the ambassador to guide the UK through Trump’s second term in office.
If you’ve got a question you’d like Mark, Martha, and James to answer, you can email it to trump100@sky.uk<\/a>. 
You can also watch all episodes on our YouTube channel<\/a> – or follow Trump 100 here<\/a> wherever you enjoy your podcasts.
Germany’s incoming chancellor has warned it could yet get worse for international stock and bond markets.
Friedrich Merz said the state of the markets is “dramatic” and “threatens to deteriorate further”.
In a statement to Reuters news agency, he added: “It is therefore more urgent than ever for Germany to restore its international competitiveness as quickly as possible.”
The issue must “now be at the centre of the coalition negotiations”, he said, referring to his conservative bloc’s ongoing talks to form a government with the Social Democrats after his election wn.
He wants to cut tax, reduce red tape and lower energy prices.
Some more news now coming out of far-east Asia.
The Hang Seng index in Hong Kong has closed 13.2% down.
That’s its biggest drop in a single day since 1997.
As we reported earlier, Asian markets have shown falls across the board today, but Donald Trump insists he’s not budging on his tariff package – see 6.34am.
Some lines are coming out of China now.
Donald Trump’s “reciprocal” tariffs, as he calls them, are “typical unilateral and protectionist bullying”, according to Bejing’s foreign ministry spokesperson.
Lin Jian added tariffs in the name of reciprocity only serve US interests at the expense of other countries.
Threats and pressure are no way to deal with China, he said.
Trump hit China with a 34% levy on all goods last week – matched by Beijing in response.
Both sit on top of previous tariffs, meaning many goods now face rates in excess of 50%.
As our Asia correspondent Helen-Ann Smith<\/b><\/a> explained this morning, a trade war between the US and China impacts everyone – see 6.53am.
You can watch the Chinese foreign ministry briefing back on YouTube below:
The Russian rouble is down against the US dollar, as it responds to a fall in oil prices fueled by Donald Trump’s trade war.
The rouble was down 2.1% at 86.30 against the dollar in the over-the-counter market, as of 8.40am UK time.
The Russian currency is still up about 24% against the dollar this year, mostly on expectations of easing geopolitical tensions. 
What’s happened to oil prices?<\/b>
Prices for oil, Russia’s main export commodity, have fallen to their lowest level since April 2021. 
“A collapse in oil prices may lead to a weakening of the rouble, although not immediately, and only if the low price per barrel persists for a long time,” BCS brokerage analysts said. 
For context:<\/b> The Russian central bank said last week that Trump’s tariff hikes may slow down world economic growth and fuel inflation, while oil prices could be lower than forecast for several years as a result of reduced global demand. 
Analysts said that increased sales of foreign currency by the central bank, which took effect today, provided support for the Russian currency. 
Russia’s economy, mainly insulated from Western markets by sanctions, has escaped immediate damage from US tariffs but the Kremlin said on 4 April it needs to take extra measures to minimise the impact of resulting market turbulence. 
By Sarah Taaffe-Maguire<\/a>, business and economics reporter<\/b>
Initially, the pound got a boost from tariffs as the world’s reserve currency, the dollar, dropped, though sterling has now fallen back.
After Donald Trump’s so-called liberation day tariff announcement, sterling hit a six-month high of $1.32.
Those highs are now in the rearview mirror, with one pound equalling $1.29.
Against the euro, sterling continues to fall and is now at a \u20ac1.17, an eight-month low.
It means it’s more expensive to go on holiday in a euro-using country and to import EU goods.
By Neville Lazarus<\/a>, India reporter, in New Delhi<\/b>
Indian stock markets opened to a bloodbath in morning trading, which came in the early hours of the morning UK time.
Both the Nifty 50 and Sensex crashed around 5% each to a nine-month low.
The volatility index, which measures the fear in the markets, surged over 50% in almost all sectors as they turned red. 
One of the worst companies to be hit in morning trading is Tata Motors, with its share falling by more than 10% on the Bombay Stock Exchange. 
Britain’s Jaguar Land Rover, a wholly\u2011owned subsidiary of Tata Motors, was the first UK company to pause shipments of cars to the US for next month.
For context:<\/b> Donald Trump has slapped a 26% tariff on India, calling it a discounted rate. 
He’s often branded India as a “tariff king” and accused them of abusing trade ties. 
The US is India’s largest trading partner, with bilateral trade of about $130bn, but there is a trade deficit of $46bn in favour of India.
So far, India is not retaliating to the new tariff policies announced by Trump last week. Instead, it’s taking a softer approach, seeking concessions from Washington.
By Sarah Taaffe-Maguire<\/a>, business and economics reporter<\/b>
Amid all the focus on falling stock markets, it’s also worth looking at the oil market.
There, you’ll also see a plummet as a barrel of Brent crude – the benchmark oil price – has fallen even further than on Friday.
It’s now $63.63 for a barrel – at a low last seen nearly four years ago in November 2021.
The price is far below the average $80 charged in 2024.
The fall will mean it’ll be cheaper to fill up a car in a week to 10 days, but a sharp drop in the oil price is not a good sign.
Cheaper prices signify traders expect weaker demand for the fossil fuel due to a possible recession in the US, the world’s largest economy.
In Europe, shares have plunged to a 16-month low.
The pan-European STOXX 600 fell by 5.8% this morning, after recording its steepest one-day percentage decline since the COVID pandemic on Friday.
Germany’s benchmark index, the DAX, tumbled 6.6%, with Deutsche Bank shedding 10%.
France’s CAC 40, and the Swiss market index also fell 6%.
Figures are likely to change as the morning goes on, and could be different by the time markets close later today.
By Sarah Taaffe-Maguire<\/a>, business and economics reporter<\/b>
The big, more-than-2% falls we told you about at the moment the London Stock Exchange market opened were clearly just an opening salvo.
Now, the UK’s benchmark index of most valuable listed companies  – the FTSE 100 – has tumbled 6% at points this morning.
Were the market to close with such a large fall, it would be the biggest drop since before the pandemic, outpacing the fall seen as lockdown was announced in March 2020.
Not far behind is the FTSE 250 – made up of more companies operating in the UK than the FTSE 100 – having lost 5% during some moments. 
Be the first to get Breaking News<\/span>
Install the Sky News app for free<\/p>\n

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