It's an agreement worth having, though not worthy of the hype nor will it halt global slowdown

In effect, Trump has stolen everyone's lunch money - and is now exacting concessions in exchange for giving a portion of it back

- Heather Stewart

Yesterday's trade agreement between the US and the UK fell far short of the superlatives heaped on it in Donald Trump's excruciating televised phone call with Keir Starmer. But it is worth having, nevertheless.

As the prime minister made clear by appearing in front of an audience of Jaguar Land Rover workers in Solihull, reducing the 27.5% tariff on 100,000 car exports will come as a mighty relief for that industry.

Steel and aluminium tariffs will also go completely, according to the UK side - though the fact sheet from the White House stopped short of saying that explicitly, instead saying a "new trading union" would be created in these two sectors.

The 10% across-the-board tariff on all exports remains; but Trump appeared to suggest that will be the case for all countries - so UK goods will not be at any competitive disadvantage.