Global markets have tumbled, prompted by fears of a trade war between the US and other countries.

US President Donald Trump announced that he would impose tariffs of 25% on steel imports and 10% on aluminium, over what he described as unfair trade and bad policy by the likes of China.

It has sent shudders through the markets. US indexes reacted to the announcement, and fell when trading began this afternoon. The Dow Jones had fallen by 1.3% to 24,281, while the Nasdaq dropped 0.79% to 7123.

London’s FTSE is about 1.2%, just under 7,089 points. The Frankfurt DAX is down 1.9% at 11,959, while in Paris, the CAC has also dropped 2%.

Asian markets closed down after President Trump announced his tariff plans. Tokyo’s Nikkei close 2.5% lower, while Hong Kong’s Hang Send fell by 1.5%.

The Irish Stock Exchange remains closed today due to the weather so it has not had a chance to react.