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LONDON, April 9 (Reuters) - Risks of a hit to the global economy and further sharp falls in financial markets have grown due to U.S. President Donald Trump's import tariffs and the UK is exposed to the fallout, the Bank of England said.

"The probability of adverse events, and the potential severity of their impact has risen," the BoE's Financial Policy Committee said on Wednesday.

A major shift in global trade could damage the financial system by weakening economic growth, the FPC said in a summary of a two-day meeting which ended on Tuesday.

"As the UK is an open economy with a large financial sector, global risks are particularly relevant to UK financial stability," the FPC statement said.

The sell-off in global bond markets since Trump announced his tariff plans last week intensified on Wednesday.

British government bond yields soared across maturities with long-dated yields hitting their highest since 1998, tracking a leap overnight in U.S Treasury yields.

The FPC highlighted its long-standing concerns about risks around the world posed by high public debt levels.

"Risks associated with debt sustainability concerns, including sharp increases in government bond yields, could crystalise relatively quickly, particularly if accompanied by rapid capital outflows," the FPC said.

Financial markets seemed to be functioning in an orderly way but the FPC said it would pay particular attention to firms using highly leveraged trading strategies in core markets and risks in the private equity market from slower growth.

The FPC also said it was worried about the risk of reduced global co-operation which could make the financial system less resilient.

The committee warned in November, shortly after Trump's election victory, that higher trade barriers could hit global growth and cause volatility in financial markets.

In its statement on Wednesday, the FPC said it was confident UK banks would be able to sustain households and business borrowers even if economic and financial conditions turn out to be substantially worse than expected.

It maintained its countercyclical capital buffer requirement for banks at 2%, saying they were well capitalised but it would monitor their ability to withstand shock scenarios.

The BoE in February halved its forecast for UK economic growth in 2025 to 0.75%. The budget forecasts used by finance minister Rachel Reeves for her tax and spending plans see growth at 1%. However, Trump's tariffs plans have raised fears of a sharper slowdown.

(Reporting by William Schomberg and Suban Abdulla)