FTSE 100 hits record high as pound falls after US president says he will impose 25% levies on steel and aluminium imports

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UK steelmakers have warned that the imposition of new US tariffs would be “a devastating blow” to the industry, after Donald Trump said he would announce 25% tariffs on steel and aluminium imports into the US.

Gold reached a record high and aluminium prices rose as financial markets were rattled by the US president’s comments, which caused concern in the UK and the EU.