Britain hasn’t agreed a trade deal with the US – it’s ended a hostage negotiation

News Snapshot:

Hang out the bunting and let the church bells ring. A VE Day trade deal with Donald Trump is done, and in the car plants of the West Midlands as much as in the backrooms of No 10, there will be understandable relief that, for now at least, America’s phoney war on them is over. It’s true that the easing of arbitrary tariffs on cars, steel and aluminium that didn’t even exist until eight weeks ago falls far short of being an actual trade deal, not least because the president could rip it up again tomorrow if he felt like...