Government officials are taking advice on the possible impacts on the UK economy if Donald Trump imposes tariffs.

The president-elect has previously said that he would increase rates on goods imported into the US from around the world by 10%, rising to 60% on those which come from China.

Officials at the Department for Business and Trade have commissioned advice and forecasts on a number of economic scenarios that could result from the second Trump presidency.

A Government source said: “As anyone would expect, we monitored the US election campaign closely and made sure we were well prepared for any outcome.

“We will continue to monitor developments, take advice and build relationships with counterparts to ensure we are placing Britain in the best possible position.

“We look forward to working closely with President Trump’s team to strengthen UK-US trading relations to support businesses on both sides of the Atlantic.”

Meanwhile, former UK ambassador to the US, Lord Kim Darroch has said that he expects Mr Trump would carry out his “threat” of tariffs.

Writing in The Observer newspaper on Sunday, Lord Darroch said: “I think Trump will impose tariffs on all US imports immediately and say ‘If you want them lifted, offer me something to rebalance trade’.

“The EU will almost certainly retaliate; and the UK will face a difficult decision. Do we match EU retaliatory tariffs? Or do we seek a bilateral deal, like a free trade agreement?”

Kemi Badenoch, the leader of the Conservative Party has said that the return of Mr Trump to the White House is a “golden opportunity” for Britain to secure a trade deal with the US.

Writing in The Sunday Telegraph, she said that the Conservatives worked on a deal in 2020 that has was “left on a shelf” when Joe Biden entered office but is “ready to be dusted off”.

There are fears about the impact tariffs could have to economies across the globe but, on Friday, New Jersey Democrat governor Phil Murphy said that he thought there could be a “lane” for the UK when it comes to trade with the US.

Speaking to journalists, he offered an optimistic assessment of what a Trump presidency could mean for British exports.

“I’m sure you are concerned about tariffs, the bilateral relationship,” he said.

“If I had to speculate I would say there’s a lane for the UK.

“There’s less of a lane for the EU and Nato.

“There’s a lane for the UK to be determined.”