The FTSE 100 opened sharply lower after US President Donald Trump imposed a blanked 10% tariff on the UK and all other countries, with much higher rates for some, such as China.
Shortly after the open, London's blue-chip index was down 127, around 1.5%, at 8,507.
Big blue-chip fallers include Asia-focused lenders Standard Chartered, HSBC and even Barclays.
Paper and packaging maker Mondi, US-exposed retailer JD Sports, life insurer Phoenix Group and tech investment funds Polar Capital Technology Trust and Scottish Mortgage Investment Trust have also been hit.
Meanwhile, Primary Health Properties has launched a counter bid for Assura Group, looking to disrupt a rival £1.6 billion offer, that's already been backed by the board, from KKR and Stonepeak Partners.
And Currys has turned up the dial on its profit guidance for the soon-to-finish financial year.
The electrical goods retailer said trading has been "robust" since January, echoing a similar post-Christmas statement at that time. Like-for-like sales growth has remained positive in the UK & Ireland and the Nordics, which had been softer over the festive period.
