The path towards a deal could start with the UK joining the Pan-Euro-Mediterranean (PEM) Convention, an agreement which allows for tariff-free movement of some goods across the continent, Lib Dem leader Sir Ed Davey said. A full EU-UK customs union could be reached “at the latest by 2030”, he added.

The European Union wants to engage swiftly with the United States over President Donald Trump's planned tariffs, trade chief Maros Sefcovic said on Tuesday, while his boss Ursula von der Leyen stressed the bloc would protect its interests in negotiations.