Treasury yields also fell sharply, amid fears of a weakening economy and uncertainty from the US president’s trade policy.

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

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…