President Donald Trump’s widespread tariffs have increased uncertainty about the outlook across the globe, and BOE officials say that’s more likely to bring inflation rates down rather than push them up.

President Donald Trump hailed what he said would be "a very big and exciting day" for the U.S. and U.K. on Thursday after earlier touting a "MAJOR TRADE DEAL" that the countries are due to announce. The two sides are expected to outline an agreement on "heads of terms" for an eventual full trade deal,

If the US president moderates his tariff war against China, or if value networks find ways of “ China-washing ” exports to the US via third countries, the same can happen in reverse. Only if Trump is determined to keep ratcheting up protection to stop imports will trade and the economy fail to recover.