NORDIC WAVE – The FTSE 100 Index plunged 4.95% Friday, closing at 8,054.98—its steepest daily decline since March 2020.
The drop was driven by fears over the economic impact of newly announced U.S. tariffs, with banks hit hardest while utility companies saw modest gains.
The tariffs, introduced by U.S. President Donald Trump, include a 10% baseline rate on imports from Britain—the lowest among European nations.
British Business and Trade Secretary Jonathan Reynolds expressed disappointment, calling the tariffs an unfair reflection of current trade relations.
