Chancellor Rachel Reeves has asserted the Labour Government does not want to "escalate" the looming trade war between the UK and the United States. Yesterday, President Donald Trump announced a 25 per cent tariff on all motor vehicles imported to the United States,

British finance minister Rachel Reeves, facing a weak economy, trimmed her spending plans in a budget update on Wednesday that gave some reassurance to investors, but the risks of a global trade war could put tax hikes back on the table later this year.

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The UKeconomy's gross domestic product (GDP) is expected to grow by only one per cent in 2025, half of what was forecast last year, according to the latest estimates from the Office for Budget Responsibility (OBR).

Trump unveils 10% reciprocal tariff on imports from UK and 20% on EU in global trade shake-up - Donald Trump has announced a reciprocal tariff of 10% on Britain