Stock markets LIVE: White House hails "highly successful week" as markets crash

The White House has hailed a "highly successful week", despite the UK stock market crashing to its worst level since the onset of the Covid pandemic. A release on its website read: "It was another highly successful week for the American people as President Donald J. Trump continues his relentless pursuit of strength, prosperity, and peace - and lays the foundation for America to be the global powerhouse for generations to come."

The US president also put on a show of strength on his social media platform Truth Social, writing, "ONLY THE WEAK WILL FAIL". This came after the FTSE 100 plunged just minutes after the move was announced by Beijing, falling to 8,160.40 and The UK stock market then closed 4.95% down, marking its worst day since the onset of the Covid pandemic in March 2020. The banking sector was hit the hardest, sending Barclays and NatWest plunging.

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