Rachel Reeves has signalled the UK could slash tariffs on US car imports as part of negotiations with the Trump administration to secure a trade deal. It follows the Chancellor indicating a willingness to reduce the current 10 per cent levy on US vehicles to potentially as low as 2.

The chancellor is in Washington DC as pressure mounts over dire IMF predictions of the effect on Britain’s economy if Trump goes ahead with his tariffs

The UK isn’t in a hurry to strike a deal with the US that lowers the tariffs President Donald Trump’s administration has slapped on British imports, Chancellor of the Exchequer Rachel Reeves said, highlighting that Britian is prepared to stand by red lines on safety standards.