Trump's whims still hang over the UK-and the world-economy Gaby Hinsliff

Hang out the bunting and let the church bells ring. A VE Day trade deal with Donald Trump is done, and in the car plants of the West Midlands as well as the backrooms of No 10, there will be relief that, for now at least, America's phoney war on them is over.

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It's true that the easing of arbitrary tariffs on cars, steel and aluminium that didn't even exist until two months ago falls far short of being an actual trade deal, not least because the president could rip it up again tomorrow. But the terms agreed between London and Washington could save thousands of jobs, even if they're jobs that need never have been at risk in the first place. More surprisingly, Rachel Reeves seems to have managed to hang on to her digital services tax on (mostly US) tech companies, while for all the president's bluster about "dramatic" new access for cattle ranchers to British markets, it could have been infinitely worse: no chlorinewashed chicken, hormone-injected beef or flooding of the market with heavily subsidised US meat at prices British farmers just couldn't afford to match.