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Good morning from the Financial Times.

Today is Friday, April 4th, and this is your FT&E's briefing.

It is a new era in global trade. U.S. President Donald Trump's tariffs sent markets into a tailspin

yesterday. The scale of what we saw and also the manner in which it was presented definitely

has unnerved investors. And his trade policy has left the U.S. economy on shaky ground.

There are some economists now that see outright declines in GDP towards the end of this year.

I'm Mark Filipino, and here's the news you need to start your day.

Thank you. The tariffs Donald Trump announced on Wednesday rocked global markets. There were major stock sell-offs yesterday with significant drops in Europe's Stock 600,

the UK's Futsi 100, and Japan's Niki-2-25. In the U.S., the S&P 500 ended

the day down nearly 5%. I'm joined now by the FT's senior markets correspondent Ian Smith

to discuss the prognosis. Hey, Ian. Hi, Mark. So, Ian, the reason I say prognosis is based on something Trump posted on social media on Thursday. He said, quote, the operation is over, the patient lived, and is healing. Why weren't markets as optimistic?

So, yeah, the patient has certainly taken a bit of a beating. We've seen global shares fall everywhere.

Yes, we knew that Donald Trump was tariff man and that he would come with tariffs,

and he's been very clear about that.

There had been among investors' hopes that the tariffs would be more piecemeal,

...