Rachel Reeves pulls out of London Stock Exchange event after new Trump tariff threat

Markets down on Monday after threat to impose up to 25% tariffs on eight European countries over Greenland

Rachel Reeves has pulled out of a planned appearance at the London Stock Exchange to celebrate a new golden age" for the City, following Donald Trump's threat to implement tariffs until the US is allowed to buy Greenland.

The chancellor's withdrawal from the event, which was designed to be a celebration of business in the UK following the FTSE 100 soaring above the 10,000 mark for the first time, came as markets opened down on Monday morning after the US president's threat.