China has accused the United States of “provoking new economic and trade frictions” as it responded to US President Donald Trump’s claims that Beijing had violated a trade truce agreed by the two nations last month,

On Friday, Trump claimed via a post on his Truth Social platform that China had “TOTALLY VIOLATED ITS AGREEMENT WITH US", accusing Beijing of backsliding on its trade promises without specifying details. Trump declared the US would double tariffs on both steel and aluminium imports from China, to 50 per cent from 25 per cent, beginning next week.

The pound has now jumped by 0.5% against a weaker dollar, sending sterling back above $1.35. Gilt yields are rising across the curve. UK stocks have opened lower, with the FTSE 100 down 0.1% and the FTSE 250 falling 0.