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Business Secretary Jonathan Reynolds says there is no need for tariffs because the US has no goods trade deficit with the UK.
Businesses in the most distress include those in hospitality, leisure and retail, say insolvency specialists.
Your rights explained as residents and businesses count the cost of storm damage.
The president says he wants Opec and Saudi Arabia to bring down the price of oil which he says is fuelling the Russia-Ukraine war.
The changes are part of a cost-cutting plan, but recent tax rises for businesses have also been a factor.