The FTSE 100 is expected to plunge today after Donald Trump enforced a whopping 104% tariff on Chinese imports. The latest levy came into effect after China failed to lift its retaliatory tariffs on US goods by yesterday’s proposed deadline from the White House, sparking fears of a major trade war.

The Asian markets took a plunge after the latest tariffs kicked in. The Japanese Nikkei 225 dropped by 4.3%, the South Korean Kospi fell 1.4% and Hong Kong’s Hang Send tumbled by 1.5%. US stock markets also took a blow following the announcement last night – Wall Street fell, with the S&P down 1.6%, the Nadsaq losing 2.2% and the Dow Jones dropping 0.9%.

Meanwhile, the FTSE 100, which ended the day of trading on a positive 2.7%, closed before Donald Trump’s announcement and is expected to drop today. Karoline Leavitt, the White House press secretary, said: “Countries like China who have chosen to retaliate and try to double down on their mistreatment of American workers are making a mistake. President Trump has a spine of steel that he will not break and America will not break under his leadership.”

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