​Global financial markets have been thrown into turmoil following President Donald Trump's announcement of sweeping tariffs, igniting fears of an escalating trade war. On April 2, 2025, President Trump declared a national emergency, invoking the International Emergency Economic Powers Act to impose a baseline 10% tariff on all imports to the United States, effective April 5. Additionally, higher tariffs were specified for certain countries, with Chinese imports facing a cumulative tariff rate of 54% starting April 9. ​ In retaliation, China announced on April 4 that it would impose a 34% tariff on all U.S. imports, effective April 10, mirroring the U.S.'s earlier tariff increases. ​ The announcement of these tariffs has had immediate and severe impacts on global stock markets. The FTSE 100, comprising the UK's largest listed companies, suffered a 5% decline, marking its worst one-day fall since the onset of the COVID-19 pandemic. Similarly, the Dow Jones Industrial Average in the U.S. ...