Donald Trump 'could exempt Britain from his tariffs', sources close to the President-Elect have said. Sources close to Mr Trump have told the Telegraph that the UK could be exempt from the tariffs which formed the basis of his economic platform.

The UK could face a £22bn hit to its exports if Donald Trump imposes a blanket 20% tariff on all imports into the US, according to a new analysis. UK exports to the world could fall more than 2.6% due to lower trade with the US and knock-on effects globally, economists at the University of Sussex's Centre for Inclusive Trade Policy (CITP) said.

Donald Trump is considering offering the UK a special deal that would exempt British exports from billions of pounds of new tariffs.