The pound is emerging as an unlikely haven from the global financial market jitters over US President Donald Trump’s trade tariffs. Sterling gained against a broadly stronger US dollar Monday despite shaky global risk sentiment that typically sends the UK currency lower.

The pound is on course for its biggest gains against the euro in four years after Donald Trump suggested that the UK’s trade issues with the US could be "worked out." Global markets tumbled after the US president ordered 25 per cent tariffs on Mexican and Canadian goods,

Sterling slid against the dollar but rose against the euro on Monday as the greenback rallied after the U.S. imposed tariffs on Canada, Mexico and China, while comments from President Donald Trump fuelled hopes Britain may be able to avoid levies.