British equities tumbled on Wednesday led by declines in healthcare and energy stocks, as U.S. tariffs took effect, diminishing hopes of concessions from President Donald Trump and deepening fears of its damage on the global economy.
As of 1025 GMT, the blue-chip FTSE 100 index dropped 2.8% and the midcap index slid 2.7%.
U.S. President Donald Trump's sweeping tariffs, including massive 104% duties on Chinese goods, have upended a global trading order that has persisted for decades.
Although Britain faces the lowest import duty rate of 10%, the Bank of England has warned that global economic risks have increased and the UK remains particularly vulnerable as an open economy with a large financial sector.
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