At the annual Mansion House speech, the Chancellor highlighted the importance of increasing free trade with both the US and the EU.
However, some are concerned that moves towards a trade deal with the US could prevent the Government from negotiating the removal of red tape and trade barriers between the UK and it's largest market, the European Union.
The bloc is expected to respond to a promised increase in tariffs from the incoming administration and will move to prevent from non-compliant goods from the United States entering the single market.
Naomi Smith, Chief Executive of Best for Britain which campaigns for closer EU-UK ties said,
“A thin trade deal under Trump will almost certainly favour the US, undercutting British standards and protections particularly on food, while cementing the UK’s economic isolation.
“The Government must not be distracted. The path to growth lies in removing the trade barriers created by the last Government with the EU through beneficial regulatory alignment and a Youth Mobility Scheme."