Donald Trump's second term economic plan can be summed up in one word: tariffs. When his barrage of these import taxes went into overdrive a month ago, markets trembled and business leaders sounded alarms about the economic damage they would cause.

The US has agreed to reduce import taxes on a set number of British cars and allow some steel and aluminium into the country tariff-free, as part of a new agreement between the US and UK. The announcement offers relief for key UK industries from some of the new tariffs announced by President Donald Trump since entering office in January.

President Donald Trump announced a trade framework with the UK, hailing it as a “breakthrough” that US officials hoped would unlock other deals to expand market access for American goods.