Starmer offers big US tech firms tax cuts in return for lower Trump tariffs

John Springford, of the Centre for European Reform, said: “At a minimum, Trump’s trade wars make it even more likely that further spending cuts or tax rises are coming in the autumn budget – we just don’t know how much at this stage.”

He added that even if the UK is not hit with tariffs, “the far bigger costs would arise from an escalating global trade war, even if a deal is done or the UK does not retaliate. Higher trade barriers would hurt demand in the EU and the US, with knock-on effects for British exports.”