We have not seen much in the way of deregulation. Nor have we signed many blockbuster trade deals. And yet for anyone who is still wondering what the benefits were of Brexit, we now have a decisive answer. It has allowed the UK to escape the worst of Donald Trump’s tariff wars – and in the medium term that could pay extraordinary dividends.

As he unveiled his global tariffs at the White House, the UK was mercifully low down on the list. It wasn’t quite the “nul points” we often get at Eurovision, but our exporters will only face a 10 per cent levy on everything they sell into the US. It was less than much of the rest of the world. And........

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