LONDON (AP) — President Donald Trump announced Wednesday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

The FTSE 100’s record high came as the value of the dollar plunged to a three-year low after President Trump sparked fresh fears about global trade. The US currency sank on Thursday to its lowest level since March 2022 against a group of major peers, leaving it down by nearly 10pc so far this year.

American and Chinese officials are meeting for a second day of trade talks in London to shore up a fragile truce over tariffs. Negotiations are expected to focus on Beijing's shipments of rare earths and Washington's restrictions on chip exports.