JD Vance, the US vice-president, has said there is a "good chance" of a trade deal being struck with the UK.
Vance made the comments in the wake of Trump's market-rocking tariffs triggering a global trade war.
He told the UnHerd website: "We're certainly working very hard with Keir Starmer's government."
Trump's tariff announcement included a baseline 10% levy on all imports from the UK, but the BBC understands any trade deal would elements of trade in both goods and services.
Meanwhile, the International Monetary Fund (IMF) has warned the trade war runs the risk of causing a global financial meltdown.
It said, The Telegraph reports, geopolitical risk is at its highest level in decades, which "raises concerns” about further tensions and “the potential implications for macro-financial stability”.
The IMF said: “Major geopolitical risk events can trigger large and persistent corrections in asset prices, generating market volatility that could threaten macro-financial stability.”
And Goldman Sachs chief executive David Solomon has cautioned the trade war poses "material risks" to the US and world economy.
The boss of one of the world's largest investment banks, Solomon, The Times reports, said: “The level of uncertainty is up significantly.
“Fears over the potentially escalating effects of the trade war have created material risks to the US and global economy."
Drawing attention to the bank's economists slashing their forecast for US economic growth this year to 0.5%, Solomon warned: “The prospect of a recession has increased.”