The executive order raises import taxes for US firms buying from other countries - but the levy remains at 25% for the UK.

There had been fears that the UK was to be hit with the 50 per cent tariff. UK Steel director general Gareth Stace said: “The president’s decision not to impose a 50 per cent tariff on UK steelmakers, but to keep the rate at 25 per cent while the UK-US deal is completed, is a welcome pause.