Trump has always insisted that other nations or foreign companies will pay the full cost of the tariffs that the U.S.

The cyclone looks set to hit many household budgets – from higher building costs to damaged crops raising prices on staples like fruit and vegetables.

The budget and budget reply will be failures if they do not include a genuine plan for fiscal restraint and do not explain how higher defence spending must be paid for by cuts in other policy areas.

Alongside defense spending, the fiscal package outlines a €500 billion (11.6% of GDP) special fund for government investment, ...