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The global investment bank Citi said: "If Apple cannot get exempted this time and assuming Apple gets hit by the accumulative 54% China tariffs and does not pass it through, we estimate about 9% negative impact to the company's total gross margin."

They co-operate multilaterally, from Brics, the alliance of major developing countries, to the Asian Infrastructure Investment Bank.

Brian Gardner, chief of Washington policy strategy at the investment bank Stifel, said businesses and investors had thought Trump intended tariffs as a negotiating tool.

Thresholds were frozen by the previous Conservative government until April 2025, but the chancellor could decide to extend the freeze to raise about £7bn a year, according to consultancy Pantheon Macroeconomics and investment bank Citi.

The European Investment Bank would also be allowed to finance military projects.