Brexit Britain is coming out in better shape than the European Union on tariffs, Donald Trump revealed in a historic speech on Wednesday evening. The US president stood in the White House’s Rose Garden to make a “declaration of economic independence” on what he called “Liberation Day” for the States.

Mr Trump’s administration decided to apply “reciprocal tariffs” on several nations around the world, with both the UK and the European Union among those affected by the sweeping move. But Mr Trump appeared to consider the “special relationship” between London and Washington when he decided to apply a 10% reciprocal tariff on Britain. EU member states will be charged a 20% levy.

The Conservative Party’s trade spokesman, Andrew Griffith, noted the Brexit silver lining in the sweeping tariffs being applied by the US.

He said: “This is disappointing news which will worry working families across the country. Labour failed to negotiate with President Trump’s team for too many months after the election, failed to keep our experienced top trade negotiator, and failed to get a deal to avoid the imposition of these tariffs by our closest trading partner.

“The Chancellor’s emergency Budget of just a week ago, with its inadequate headroom, is now at risk, casting uncertainty about more taxes or spending cuts. Sadly, it is British businesses and workers who will pay the price for Labour’s failure.”

But he added: “The silver lining is that Brexit, which Labour ministers voted against no less than 48 times, means that we face far lower tariffs than the EU – a Brexit dividend that will have protected thousands of British jobs and businesses.

“President Trump is an admirer of Britain and our negotiations in government showed he wants to do a deal. Labour must swallow their pride, put Britons first and get back round the negotiating table to agree a fair deal to protect jobs and consumers in both the UK and the US alike.”

Reacting to the announcement by Mr Trump, Business Secretary Jonathan Reynolds said: “We will always act in the best interests of UK businesses and consumers. That’s why, throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship.

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“The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today. We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.

“Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the government will do everything necessary to defend the UK’s national interest.”

Mr Trump called his tariff policy “kind reciprocal”, saying he could have been much harsher on US trading partners. The president said the steep tariff rates he is charging do not match the levies that some countries impose on US exporters.

Mr Trump also used his tariff speech to champion the Gilded Age again. As he has repeatedly said since starting his second term, the US president suggested the country was at its wealthiest when it was a “tariff nation” between 1870 and 1913.

However, economists and historians say that while the US did grow between 1870 and 1913, that was mostly due to immigration rather than to the use of tariffs.