London [UK], April 5: The FTSE 100 Index fell 4.95 percent and closed at 8,054.98 on Friday, marking its worst daily drop since March 2020.
The plummet came amid fears about the economic impact of newly announced U.S. tariff increases. Banks were the hardest hit while utility companies were among the few gainers.
The last major daily drop occurred on the eve of the COVID-19 pandemic lockdown.
U.S. President Donald Trump has announced a new set of reciprocal tariffs on imports from all trading partners. For Britain, the rate stands at 10 percent, the lowest among European countries, however, British Business and Trade Secretary Jonathan Reynolds said the government is "disappointed" by U.S. additional tariffs, blaming that the 10-percent tariff is not a "fair reflection of how we currently trade."
Source: Xinhua News Agency
