Markets rally as Donald Trump hints at China climbdown
The London stock market ended the week on the front foot as US President Donald Trump opened the door to cut tariffs on Chinese imports.
The FTSE 100 closed up 0.3 per cent, or 23.19 points, to 8554.8 and the FTSE 250 gained 0.2 per cent, or 47.22 points, to 20,504.37 while the German Dax hit a record high in Frankfurt.
The rally came as the President said an 80 per cent tariff on Chinese goods entering the US ‘seems right’.
Trump’s trade war has seen the US slap 145 per cent levies on Chinese imports while Beijing has responded with 125 per cent taxes on US goods.
Boost: The FTSE 100 closed up 0.3 per cent, or 23.19 points, to 8554.8 and the FTSE 250 gained 0.2 per cent, or 47.22 points, to 20,504.37
US Treasury secretary Scott Bessent is due to meet Chinese officials in Geneva today to discuss trade. Posting on his Truth Social platform, Trump said: ’80 per cent Tariff on China seems right! Up to Scott B.’
Sentiment on the markets was also boosted by the trade deal between Britain and the US – the first of its kind since Trump’s ‘Liberation Day’ tariffs.
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