Car firms across in a range of countries saw their share prices fall sharply following Trump's tariffs announcement. This included US automotive-makers such as General Motors, Ford and even Tesla, which is owned by major Trump ally Elon Musk.

Data published by analysts Tussell in January revealed Tesla has benefited from £188 million in UK taxpayer subsidies since 2016, primarily through the plug-in car grant scheme. This scheme offers financial incentives for purchasing low-emission vehicles.

The electric vehicle maker has large factories in California and Texas that churn out all the cars it sells in the US, insulating it to a greater degree from Trump’s new levies on auto imports and