Shares in banks and credit card firms have fallen after US President Donald Trump called for credit card costs to be capped.

On Friday, Trump wrote on Truth Social that interest rates on cards should be limited to 10% for one year from 20 January. He did not specify how such a cap might be introduced or whether such a move would be legally enforceable.

UK bank Barclays, which has a sizeable US card business, saw its shares fall 3.5%, while US firms such as American Express, Visa and Mastercard were also lower in early trading.

US banking associations say capping rates will make it harder for people to access credit and be "devastating" for millions of families and small businesses.

The average interest rate for credit cards in the US is roughly 20%.