DONALD Trump last night spared iPhones, laptops and other electronics from brutal Chinese trade tariffs.
The US President’s major climbdown is a welcome relief to consumers who fear the cost of their gadgets would soar in the trade war.
It comes as Chancellor Rachel Reeves announces £20billion in Covid-style bailout loans for small Brit businesses getting clobbered.
And the UK is slashing tariffs on nearly 100 consumer goods to help Brits.
The Chancellor has agreed to the expansion in government-backed loans for exporters.
Small businesses will be able to access loans of up to £2million in another scheme.
READ MORE ON TRUMP
The schemes are not expected to cost the taxpayer any money.
Tariffs are also being suspended by Britain on 89 foreign imports such as pasta and fruit juice to help reduce costs for shoppers.
Products including agave syrup, which is used in margarita cocktails, will also see tariffs slashed until July 2027.
Additionally, the reductions will apply to black pepper, raisins, pine nuts, tinned pineapple, plywood and plastics.
Most read in The Sun
Ministers say the cheaper imports will save businesses at least £17million a year amid the global trade war downturn.
Mr Trump announced his major U-turn in the face of a looming global financial meltdown. He excluded smartphones, laptops and memory cards from huge tariffs on Chinese imports.
It is a major victory for companies such as Apple as most of their devices are made in China.
The tit-for-tat tariff war between the two giant economies saw Mr Trump raise the rate to 145 per cent on Chinese goods. China hit back with levies on US goods up to 125 per cent.
PM Sir Keir Starmer is scrambling for an economic deal after Britain was hit with 10 per cent tariffs.
It comes as an adviser with the ear of the US President raised hopes of a better deal for the UK.
Sebastian Gorka, US senior director for counterterrorism, told Times Radio: “Just go back and look at the pictures of the President with the late, great Elizabeth II.
“You can tell the President really has a soft spot in his heart for the UK. So you’ve got a really good deal in comparison to those on the continent. And I think it’s going to get even better in the not-too-distant future.”
Business Secretary Jonathan Reynolds told the Commons: “I do believe it is in our interests, of course, but also the US’s interests to agree a position with us that removes those tariffs.”
