oversupply

Price cuts may benefit consumers, but they risk creating an oversupply of Chinese EVs in the long run, Prof Wu added.

Because bourbon must age in barrels for years, what's on the market today was predicted a few years ago, which means that there is currently an oversupply, which is driving down prices.

While some reported shortfalls in goods coming in, others described oversupply of some items, which meant food went to waste - with one saying they had to pour away multiple pints of milk.

“But there’s a good chance that by then, demand for gas in South Korea will have fallen alongside the broader push to decarbonize, which will lead to oversupply and depressed prices,” he said.

Reynolds acknowledged there was a global oversupply of steel and aluminium but said he would argue to the Trump administration that the UK was not the problem.