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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,

The UK will be hit by the global impact of US tariffs even if ministers succeed in their mission to secure an exemption for British goods, Chancellor of the Exchequer Rachel Reeves said.