Brexit's eased the pain of Trump's tariff bombardment ...but it's our industries that will hurt the most

LIKE with all major explosions, you have to wait for the smoke to clear and the dust to settle before the full extent of the damage becomes evident.

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Three days after Donald Trump detonated his global tariffs big bang we're beginning to get a better understanding of the fallout.

The US president's "Liberation Day" blitzkrieg understandably sent shockwaves around the world, with governments, financial markets, businesses and consumers left reeling. Britain was hit hard, but not as hard as others.

A 10% tariff on all exports to the United States half that imposed on the EU - was less than feared and represents a key benefit of Brexit. The new levy, which came into force at 5am today, is considerably lower than the 34% placed on China. But targeted 25% tariffs on cars and steel, which came into effect in the early hours of Thursday, will impact these British industries more severely.

Mr Trump claims Sir Keir Starmer was "very happy" with the way Britain was treated, but the mood coming out of Downing Street is more of tempered relief.

However, the Tories pointed out that Trump also imposed tariffs of 10% on nations including the Congo, Costa Rica and Kosovo, suggesting Britain's diplomatic efforts, including the offer of a state visit for Mr Trump hosted by the King, had made little difference. The Prime Minister has promised a "cool and calm" response but has indicated Britain could strike back at the Trump empire.