Stock markets around the world extended losses for a second day on Friday on fears U.S. President Donald Trump's broad tariffs on imports into the United States will hit global economic growth and China retaliation.

China announced that it will impose a 34% tariff on imports of all U.S. products, part of a flurry of retaliatory measures following Trump’s “Liberation Day” slate of double-digit tariffs.

European stocks continued to drop shortly after the market open today, albeit at a much slower rate than yesterday’s huge losses, as investors around the world continue to reassess their trades in the wake of the Trump administration’s announcement of sweeping global tariffs.