Markets brace for volatile week as leaders weigh up retaliation to Trump's tariffs

Markets are braced for another rollercoaster week as the most punitive of Donald Trump's tariffs kick in and world leaders weigh up retaliatory action, adding to fears of a global recession. Stock indices plunged by nearly $5tn last week, with markets in the UK and US suffering losses not seen since the early days of the Covid-19 pandemic, as investors took cover from the opening salvoes of a global trade war. With no sign of the Trump administration rowing back on its so-called "liberation day" tariffs, analysts warned of persistent market turbulence and an increased risk of all-out recession in…