The pound headed again in the direction of its highest stage in three years towards the greenback on Monday amid rising worries over the impact of Donald Trump’s commerce insurance policies.
Sterling climbed 0.7pc towards the greenback to as a lot as $1.356.
The transfer extends a rally for the pound that started at first of the 12 months as Mr Trump got here to energy.
It got here as Goldman Sachs warned that the US president’s plan to extend his steel tariffs from 25pc to 50pc “could also be contributing” to the gross sales of the US foreign money, in addition to a decline in shares.
In the meantime, China accused the US of breaking the phrases of a commerce settlement made final month. Final week, Mr Trump claimed that China had “completely violated” the deal.
China’s Commerce Ministry stated on Monday that it will take forceful measures to safeguard its pursuits.
A White Home official instructed CNBC that Mr Trump and Chinese language chief Xi Jinping could have a name “very quickly” however most likely not right this moment. Scott Bessent, the US Treasury secretary, yesterday stated a one-on-one name would enable the dispute to be “ironed out”.