Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street

Global financial markets have been plunged into turmoil as Donald Trump’s escalating trade war knocked trillions of dollars off the value of the world’s biggest companies and heightened fears of a US recession.As world leaders reacted to the US president’s “liberation day” tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe.Experts said Trump’s sweeping border taxes of between 10% and 50% on the US’s traditional allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world’s biggest economy

IMF warns of ‘significant risk’ to global economy from Trump tariffs as markets slide

The International Monetary Fund has warned that Donald Trump’s implementation of swingeing tariffs poses a “significant risk” to the global economy, as stock markets continue to be hit by a worldwide sell-off by investors.Kristalina Georgieva, the managing director of the IMF, said it was important that the US and its trading partners avoided further escalating Trump’s trade war, while markets in Asia and Australia experienced further declines on Friday.“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” Georgieva said. “It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty

Meta faces £1.8bn lawsuit over claims it inflamed violence in Ethiopia

Meta faces a $2.4bn (£1.8bn) lawsuit accusing the Facebook owner of inflaming violence in Ethiopia after the Kenyan high court said a legal case against the US tech group could go ahead.The case brought by two Ethiopian nationals calls on Facebook to alter its algorithm to stop promoting hateful material and incitement to violence, as well as hiring more content moderators in Africa. It is also seeking a $2

Don’t weaken online safety laws for UK-US trade deal, campaigners urge

Child safety campaigners have warned the government against watering down landmark online laws as part of a UK-US trade deal, describing the prospect of a compromise as an “appalling sellout” that would be rejected by voters.A draft transatlantic trade agreement contains commitments to review enforcement of the Online Safety Act, according to a report on Thursday, amid White House concerns the legislation poses a threat to free speech.The Molly Rose Foundation, a charity established by the family of Molly Russell, a British teenager who took her own life after viewing harmful online content, said it was “dismayed and appalled” at the prospect of the act being a bargaining chip in a deal.The MRF said it had written to the business secretary, Jonathan Reynolds, outlining its concerns and urging him “not to continue with an appalling sellout of children’s safety”.The commitment to review enforcement of the OSA and another tech-focused piece of legislation – the Digital Markets, Competition and Consumers Act – was reported by the online newsletter Playbook, which said the legislation would undergo a review of how it is implemented and not a “do-over”

Gladiators cranks up the Big Villain Energy but still shows sport’s virtues | Emma John

It’s time to look north: this weekend, the ultimate obstacle race is back. An estimated six million of us will tune in to watch those finely tuned bodies powering themselves around the famously hellish course, with its exhausting series of hurdles. By the final straight, only the strongest will be left. We’ve already got our favourites. We’re already making predictions

Women’s chess takes centre stage with World and European titles up for grabs

Women’s chess takes centre stage this week. In Shanghai and Chongqing, there is an all-Chinese 12-game match for the women’s world crown between Ju Wenjun, 34, the holder, and Tan Zhongyi, 33, the challenger. The pair are closely matched on ratings (2561 to 2555) and level on head-to-head. The prize money pool is $500,000. Thursday’s game one, with Ju playing White in a Sicilian Defence, was a routine draw by threefold repetition in 39 moves