FX.co ★ UK Stocks Trade at 14-Month Low

The FTSE 100 experienced a significant downturn on Wednesday, plummeting over 3.5% and reaching a 14-month low, just shy of 7,600. This decline was triggered by a new escalation in the ongoing trade tensions between the United States and China. In response to recent stringent US import duties that impact approximately 60 nations, China announced a retaliatory move, imposing an 84% tariff on American goods. This means that some Chinese products are now facing tariffs as high as 104%. The trade war adversely affected major UK stocks, with pharmaceutical giants AstraZeneca and GSK both declining around 7% following President Trump's announcement of upcoming tariffs aimed at the pharmaceutical industry. Additionally, oil titans Shell and BP saw declines of 4.7% and 6.7%, respectively, as crude oil prices fell below the $60 mark. In related news, JD Sports released a consistent trading update but notably omitted any mention of potential risks from US tariffs, despite the company's significant presence in the American market.