Stocks slumped after Trump announced tariffs on a wide range of countries. A weaker-than-expected jobs report magnified the concerns about how these import taxes would impact the economy.

Trump's extensive new tariff regime on swathes of U.S. partners have reignited trade tensions, sending shock waves through markets.

European stock markets slumped to a five-week low on Friday after Donald Trump unleashed sweeping global tariffs, including a 39pc levy on Switzerland.