British stocks closed higher on Tuesday in broad-based gains as investors cheered U.S. President Donald Trump’s delayed tariffs on European Union imports.
The benchmark FTSE 100 was up 0.7%. Earlier on the day, the index touched its highest level since May 5.
The mid-cap FTSE 250 gained 1.1%.
The market was closed on Monday for a bank holiday.
Trump said on Tuesday the EU’s move to set up trade meetings was positive and he hoped Europe would “open up” to trade with the U.S.
After a weekend call with the European Commission’s president, Trump paused until July 9 his threatened tariff of 50% on goods entering the U.S. from the 27-nation EU.
Meanwhile, the International Monetary Fund (IMF) nudged up its growth forecast for Britain this year to 1.2%, up from 1.1% predicted in April. It also advised finance minister Rachel Reeves to continue reducing public borrowing.
Despite challenges from U.S. tariffs, growth in UK is…
