Of course this is dramatic. Of course markets are slumping.

A major global economic shock is taking place; its duration unknown, its severity anyone's guess, and no one has a surefire way of stopping it because it's all based on the proclivities of one man who is supposed to be our ally.

A rumour on social media fuelled a brief upturn for struggling US stock markets – but they swiftly swung back down again after the claim was debunked by the White House.

The chief executives of some of the world's biggest banks have held private talks about the carnage in financial markets and the global economy precipitated by President Donald Trump's tariffs blitz.

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China has threatened to "resolutely take countermeasures" in response to Donald Trump's threat of an additional 50% tariff on Chinese imports.

Asian stock markets have fallen dramatically amid escalating fears of a global trade war - as Donald Trump called his tariffs "medicine" and showed no sign of backing down.

Sir Keir Starmer promised "bold changes" as he announced he will relax rules around electric vehicles after carmakers were hit by Donald Trump's tariffs.