Further afield, European economies are also at risk from Trump's tariff regime. The U.S. president told reporters on Sunday that tariffs on the EU "will definitely happen" — but said a deal "could be worked out" with the U.

With the US President threatening import tariffs, the Crown Dependencies' strong financial services may make a trade war with the UK less likely. | ITV News Channel

Donald Trump has said import taxes will "definitely happen" with the EU. He said the UK "is out of line" on trade with the US and told reporters "we'll see what happens".

There’s a trade war a-brewin’ — and we’re not talking about the on-again, off-again one between the U.S. and Mexico, Canada and China. We’re talking about the one happening inside President DONALD TRUMP’s mind.