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FTSE 100 crumbles again as Trump's 'Liberation Day' tariff assault continues

Jan 23, 2026 By

The FTSE 100 had a gloomy start on Friday, still feeling the effects of Trump's 'Liberation Day' comments as it opened in negative territory.

In early trading, the United Kingdom’s leading index was down by approximately 1.2%, with its mid-cap counterpart, the FTSE 250, also seeing a decline of nearly 1%, as reported by City AM.

Banks were among those feeling the brunt during market opening, extending a downside pattern from Thursday's session.

Natwest shares dropped over five per cent, while Barclays took a hit exceeding four per cent.

Following its position as Thursday's biggest loser on the FTSE, Standard Chartered’s shares continued to wane, experiencing another fall of over four per cent.

Conversely, British American Tobacco and SSE emerged as top performers in early dealings, each securing gains in the region of two per cent.

Likewise, the retail giant behind Primark, Associated British Foods, saw its shares ascend over two per cent.

AJ Bell’s investment director Russ Mould commented: "With markets having suffered their worst week in five years, investors were hiding under their duvet on Friday hoping the pain would go away."

He went on: "Unfortunately, the relentless selling continued, with markets falling across Asia and Europe and futures prices suggesting the US will follow suit upon commencement of trade later today."

Mould further remarked that "countless sectors" are poised for impact from tariffs, yet the plethora of "moving parts" presents a challenge to "know where to begin to comprehend the situation."

"Investors looking to buy on the dip were spoiled for choice given the sharp declines seen on the market this week. It's now a question of when investors feel brave enough to go shopping. Today's extended sell-off implies investors are still too nervous to take the plunge," he added.

On Thursday, the FTSE 100 experienced a sizeable drop, shedding 133 points and closing at 8,474.74 – a 1.6% decrease from the previous day's total.

In a bold move, Trump imposed a baseline 10% import levy on all countries trading with the US during his Wednesday address, with increased rates for those classified as "worst offenders."

A 10% import tariff was levied on the UK while the European Union suffered a steeper 20% hike.

Commentators have noted with surprise that 'Markets appear to have been unprepared' for such trade measures.

Stocks across Europe also faced a downtrend, with Germany's DAX falling 0.8%, France's CAC 40 dipping by 0.9%, and Amsterdam’s AEX index experiencing a 0.5% decline.

The announcement of tariffs contributed to Wall Street recording some of its most substantial losses since 2020.

On the Nasdaq Exchange, big tech firms including Apple and Nvidia saw sharp drops, declining nine and eight percent respectively.

The S&P 500 was not immune to the downturn, with a near five percent fall, while the Dow Jones Industrial Average saw a four percent dive.

Hargreaves Lansdown's head of equity research Derren Nathan commented: "Despite months of sabre-rattling by Donald Trump, markets appear to have been unprepared for the depth and breadth of tariffs announced by the White House."

As a result of the tumult across the pond in the US and the White House's significant measure, "The FTSE 100 is set to open down a touch further, after US stocks suffered their worst day in five years."

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US dollar on the longest losing streak since 2015 as de-dollarisation fears grow

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HSBC and Barclays shares tumble as Trump's new tariffs shake up FTSE 100

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Cash ISAs fall out of favour as 57% more people put money into Stocks and Shares ISAs

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Bank of England contacts lenders over Trump's tariffs as Reeves says 'banking system is resilient'

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