Shadow Chancellor of the Exchequer, Mel Stride, has warned that "trillions of dollars" have been wiped off global markets following Donald Trump's sweeping tariff announcement.

The stark warning comes as financial markets continue to reel from the US President's "liberation day" declaration on Wednesday.

Stride emphasised the urgent need for a UK-US trade deal as markets tumble.

Financial markets continue to reel from the US President's 'liberation day' declaration{ai:summary}<p>Shadow Chancellor Mel Stride has cautioned that "trillions of dollars" have been lost in global markets due to President Trump's recent tariff announcement. He highlighted the necessity for a UK-US trade deal as financial markets face significant turmoil.</p><p>#economy</p>

WATCH: Mel Stride issues stern warning over 'worrying time' as global markets 'lost trillions'

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