“We’re going to have a great trade agreement, one way or the other,” Trump told reporters during a joint press conference with Starmer at the White House, adding that a new deal could come together “rather quickly.”

Pro-Brexit politicians dangled the promise of a US-UK trade deal as one of the benefits of leaving the EU ahead of the 2016 referendum on EU membership.

But they failed to agree a deal following the vote.

Billionaire property tycoon Trump, who authoured a book called the “Art of the Deal,” hailed former human rights lawyer Starmer’s negotiating skills during the press conference.

“You’re a very tough negotiator – I’m not sure I like that, but that’s ok,” Trump joked.

Asked if Starmer had managed to persuade him to drop the threat of tariffs, the US president chuckled and said: “He tried. He was working hard, I’ll tell you that.”

“He earned whatever the hell they pay him over there,” he added.

Since taking office, Trump has threatened to impose sweeping tariffs against trading partners with whom the US has a large trade deficit, including the EU and China.

Trump’s comments on a deal signal that his administration is keen to revive the trade talks with Britain, which made little progress during his predecessor Joe Biden’s term in office.

Starmer said he had had a “productive discussion” with Trump, adding that the US and Britain were now working on a new “economic deal.”

“We could very well end up with a real trade deal where the tariffs wouldn’t be necessary,” Trump told reporters, adding that the eventual deal could be “really terrific for both countries.”

On Thursday, Starmer defended Britain’s trade balance with the US, calling it “fair, balanced and reciprocal.”