Speaking at Reform UK’s south-west England conference in Exeter, Devon, Mr Farage said: “Yes, of course (it will give the UK an exemption).

“But we need to negotiate and argue with him. Remember, we now have our own trade policy. We got rid of the European Union. It gives us more flexibility.

“Trade relations between our two countries are vital. We’re still the biggest foreign investor in America, which is great. They’re the biggest foreign investor in the UK. You know, those things are really important.”

“And we should actually go beyond tariffs and, of course, aim for a free trade agreement in terms of many sectors, financial services, etc.”

He added: “Look, I know Team Trump has always wanted to have a better trade relationship with the UK. That goes back to 2016. I don’t believe any of that has changed. So yes, that can be sorted.”

Ms Badenoch also encouraged the Prime Minister to reach a deal with the incoming Trump administration.

He said the US trade deal proposal the conservative government worked on with the last Trump administration was “ready to be dusted off”.

‘Golden opportunity’ for trade deal

Writing for The Telegraph, Mr Trump’s return to the White House ‘Golden opportunity’ for UK to reach trade deal.

“The onus is now on the Labor Government to put aside the disgraceful student political diplomacy that has shot the UK in the foot over Israel and the Chagos Islands and move forward at full speed to secure a deal that will enrich the country’s people and businesses. “England,” he said.

“If trade barriers are removed without any easing, Britain will be brought to its knees economically, politically and diplomatically. The negative impact on growth, investment and productivity will be profound,” he said. “The foundations are there to build on, but Labor has no business outside the EU.” I’m worried you’re not interested in anything.”