Amundi, UBS and State Street have suffered the largest outflows from ETFs offering exposure to US stocks, prompted by the onset of Donald Trump’s trade tariffs.

According to data from Morningstar, Europe-domiciled ETFs exposed to US-listed companies recorded outflows of €4.8bn between 2 April and 14 April. US president Trump announced his trade tariff plans on 2 April which led to turmoil on global markets.