Live FTSE 100 hits record high despite Trump tariff threats
The UK's flagship stock index climbed as much as 1.1pc to 8,967.21 amid a sharp rebound in mining stocks.
Anglo American, Rio Tinto and Glencore were all up more than 4pc even after President Trump announced plans to impose a 50pc tariff on copper from August 1.
AstraZeneca, the largest company on the FTSE 100, climbed more than 2pc despite the US president's threats to impose 200pc tariffs on the sector.
Kathleen Brooks, an analyst at XTB, said: 'This may sound counterintuitive, President Trump has just announced tariffs on copper, and is threatening a 200pc levy on pharma imports, so why are these sectors rallying?
'The reason is that there has been very little concrete details about how tariffs will be applied, which is why we are seeing these sectors steal the spotlight: investors expect Trump to back-track.'
Jeff Ng of SMBC added that investors have grown somewhat 'numb' to the ever-changing situation.
He said: 'They know that there is still room for negotiation.
'A lot of these announcements, they start off with eye-catching numbers, but they are not totally final, and they are still subject to changes.
'Even if they are implemented, they could also be reversed in the coming few months to year.'
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