Ben Caswell, Neisr’s senior economist, said: “Whilst the new trade deal with the US constitutes a political win for the Government, the direct impacts on UK GDP are likely to be very small, given we export just £9 billion worth of cars to the US each year and the vast majority of goods won’t benefit from this tariff relief announcement.”

Donald Trump and Keir Starmer celebrated their “historic” trade deal yesterday, promising it was a “great” agreement for both the US and the UK. The Labour government has been trying to get a deal with the White House for months.