Britain and the EU said they were assessing the implications of the US supreme court ruling against Donald Trump’s global tariffs, while business groups reacted to the court’s announcement with caution.

A spokesperson for Downing Street said: “The UK government is working with the US to understand how the overturning of Donald Trump’s tariffs by the supreme court will affect the UK but expects our privileged trading position with the US to continue.”

The UK was the first to strike a tariff deal with the US, with 10% tariffs on all imports from Britain, compared with a

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