Donald Trump's "Liberation Day" announcement of sweeping reciprocal tariffs sent the dollar plunging as global markets reacted to the news. It dropped roughly 0.8% against the pound, while the US Dollar Index, which compares the currency against rivals, also dipped by 0.8%.

The initial drop then levelled out as details of the US president's blanket 10% tariff and additionally 25% levy on imported vehicles emerged. Wrapping up his speech, the Republican signed an executive order that will bring them into effect. He said: "We have some very, very good news today. A lot of good things are happening for our country.

"[I will sign] a historic executive order instituting reciprocal tariffs on countries throughout the world.

"Reciprocal. That means they do it to us and we do it to them. Very simple. Can't get any simpler than that."

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