Stock markets have dropped sharply after US president ... “This latest threat is worse than the worst-case scenario,” said Fiona Cincotta, senior market analyst at City Index. In early April, Mr Trump unveiled high tariffs on nearly every country ...

The top spender, holding close to $18.5 million of Trump’s coin, is called “SUN” and is held by a Seychelles-based crypto exchange known as HTX. Justin Sun, a Chinese national accused of fraud, known for spending $6.2 million on a banana and then eating it, is on HTX’s board and already has a financial relationship with Trump.

Stock markets across Europe dropped dramatically on Friday afternoon after Donald Trump announced plans to levy a 50 per cent tariff on all US imports from the European Union next month. The FTSE 100 dropped as much as 1.

President Trump’s associates and crypto entrepreneurs are rushing back to the market for the once-hot, but mostly troubled, investment vehicles called special purpose acquisition companies.