Britain has been advised that a new agreement will not reduce existing 10% tariffs on certain exports to the US, prompting greater attention on protecting domestic sectors from elevated levies.

In a dramatic policy shift, the US President has paused certain tariffs for 90 days, while imposing higher duties on some imports, signalling a marked change in trade relations.

London has dropped down the global wealth rankings, having lost more millionaires than any other city except Moscow, prompting concern over the capital’s long-term economic appeal.

Trump reaffirmed that he would not halt tariffs on Chinese imports, sparking investor anxiety and a sharp fall in markets as the threat of a 50% charge loomed.