wooly aphid. Give it a good blast with a hose to wash them off. They are difficult to kill with sprays as they smother themselves in protective greasy foam. You may find they lurk in rough bark and scars on the trunk and branches. I have had some success dabbing fence stain on these areas in the winter.
Some people say you can brush meths over the fluff to kill them. Might work on a small tree.
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