Despite the back-slapping in the White House, there is limited reason for cheer. Britain was already in the lowest group for the “Liberation Day” across-the-board tariffs, only ever facing a rate of 10%, and it received no relief in this regard. Peter Mandelson, the British ambassador to Washington, called the agreement a “springboard” for further liberalisation. Yet Mr Trump was less sure. He suggested both that the deal was going to “get bigger” and that it was “maxxed out”.

Leave it to Trump to create a crisis and then “solve” it such a way that leaves everyone worse off than before.

Here is the archive link.