UK government is trying to cut red tape to stimulate growth, as US president confirmed the US will implement reciprocal and sectoral tariffs next month

• Reeves to outline plan to cut regulation costs and boost growth

Hopes that US president Donald Trump might sway away from deepening his global trade war next month have taken a knock overnight.

Trump has insisted that reciprocal and sectoral tariffs will be imposed on US trading partners on 2 April, and also insisted that he has no intention of creating exemptions on steel and aluminum tariffs.

“They charge us, and we charge them. Then, in addition to that, on autos, on steel, on aluminum, we’re going to have some additional.”

“April 2 is a liberating day for our country.

We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

Entrepreneurs who work day and night to build a business from scratch. Family companies that have passed know-how across the generations. Iconic British companies employing thousands of people across all sectors. Investors who provide the capital and expertise that fuels growth and innovation.

Reshaping our state, our regulatory system, our economy, is not the work of weeks and months. It will take years of discipline, focus and a willingness to make tough choices.

But my government is taking on that challenge to bring back the animal spirits of the private sector, and to make Britain the best place in the world to start and build a business.