I've read small print of Trump's tariffs - and it spells utter disaster for Rachel Reeves

There was a flicker of optimism this morning, as US Vice President .

He pointed to President Trump's admiration for the British monarchy and his longstanding cultural and business ties with Britain.

The FTSE 100 nudged up 1.1% on the back of this charm offensive, but the bounce was short-lived.

Investors, like the rest of us, have started to realise that the devil is in the detail. And .

Tariffs of up to 25% UK steel and car experts are currently due to take effect after Trump's 90-day pause. Along with a flat 10% tariff on all other British exports.

Businesses hate uncertainty more than they hate tax. Thanks to Trump and Reeves, they have both in spades. Firms don't know how much their exports will attract in tariffs, when rates will change, or what Trump's next target will be.

This threatens to blow apart carefully structured supply chains and completely upend business planning.

It's a nightmare for Reeves too.

These tariffs could shave an eye-watering £24billion off GDP over the next two years.

The Office for Budget Responsibility has already warned that they could also obliterate what's left of the Chancellor's fiscal headroom.

This could force Reeves to either cut spending and hike taxes in her Autumn Budget, or most likely both.

Otherwise bond investors could lose faith in the UK's ability to balance the books, sending our borrowing costs through the roof.

As I've written before, . The last thing she needed was Trump exposing just how vulnerable her missteps have left us.

Take pharmaceuticals. This is not some fringe sector. AstraZeneca is now the biggest company listed in the UK, valued at £160billion.

It's bigger than Shell, HSBC, Unilever and Rolls-Royce. Rival drugs maker Glaxo is also huge, with a total value of around £54billion.

Both are now in Trump's crosshairs.

Britain exported almost £5billion in pharmaceuticals to the US last year, supporting tens of thousands of jobs.

Traditionally, the sector has been spared from trade wars. Not anymore.

Trump has said he wants to slap tariffs on pharma to force companies to "come roaring back" to the US.

As he puts it: "All I have to do is impose a tariff. The higher I do it, the faster they come."

It gets worse.

Britain exported £3.65billion in electronics to the US last year. Trump is now reviewing the entire electronics supply chain as part of a "national security" probe.

He wants those jobs in America too.

Vance might be right. Trump may soften his stance and negotiate some of these tariffs away. But if he doesn't?

Rachel Reeves has already put herself in a difficult position. Thanks to Trump, it could soon become impossible.