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Barclays and HSBC shares jump after Trump's legal blow to tariffs

The FTSE 100 was up 18 points as markets opened to the news but quickly reversed gains trading broadly flat.

Barclays and HSBC shares rose on Thursday(Image: PA)

Shares in FTSE 100 banking heavyweights surged on Thursday following a legal setback to President Donald Trump's tariff policies.

Barclays and HSBC saw their shares ascend over one per cent to 328.05p and 874.50p respectively, while Standard Chartered's stock leapt nearly two per cent to 1,158.00p, as reported by .

The uplift came as the US Court of International Trade ruled Trump's extensive tariffs "invalid."

US businesses and several states had initiated legal challenges, leading to a decision that Trump's 'Liberation Day' tariffs "exceed any authority granted to the President... to regulate importation by means of tariffs."

This verdict is poised to disrupt Trump's trade strategies and hinder his capacity to influence global commerce.

Upon opening, the FTSE 100 edged up 18 points with the news but soon relinquished those gains, trading broadly flat.

Tariffs battered banking stocks

HSBC, Barclays, and Standard Chartered, all with stakes in the geopolitical landscape, endured significant hits from the repercussions of Trump's tariffs.

HSBC boasts a substantial presence in Asia, with roots in Hong Kong and Shanghai, whereas Standard Chartered focuses heavily on emerging markets throughout Asia, Africa, and the Middle East, and Barclays' operations are sensitive to geopolitical shifts due to its sizeable investment banking division.