The Government is willing to rework its Online Safety Act in order to swerve tariffs from Donald Trump’s administration.

The law, which regulates online speech, is thought to be heavily disliked by the president’s administration because it can levy massive fines on US tech companies.

Downing Street is willing to renegotiate elements of the Act in order to strike a trade deal, should it be raised by the US, The Telegraph understands.

The law has been heavily criticised by free speech advocates and economists, who argue its broad provisions to tackle harmful online content could lead to excessive censorship and deter investment from American tech giants.

Elon Musk, one of the president’s closest advisers, is among those inside the administration understood to be concerned about online regulation in the UK.

Congressional Republican sources said Mr Musk was pushing Mr Trump to raise curbs on social media regulation in trade talks with the UK.