Rachel Reeves hints UK might make main concession to strike US commerce deal | Politics | News | EUROtoday

Rachel Reeves has hinted that the UK might decrease tariffs on US automotive imports in a bid to strike a commerce take care of Donald Trump. The Chancellor has travelled to the US capital for the International Monetary Fund (IMF)’s spring conferences of G7 and G20 finance ministers.

She can also be anticipated to satisfy US Treasury secretary Scott Bessent on Friday in an try to make progress on negotiations for an financial settlement aimed toward mitigating the influence of tariffs unveiled by the US president earlier this month. The UK was positioned within the lowest tier when Mr Trump unveiled his world levies, dealing with a ten% tax on all items besides vehicles, metal and aluminium, which magnetize a 25% cost.

A doc circulated amongst US enterprise teams and unions searching for views on a possible take care of Britain, centered on slashing UK tariffs on US vehicles to 2.5% from their present 10%.

Ms Reeves instructed she was open to this to safe a wider commerce deal.

She advised the BBC that UK negotiators are working “flat out” to get an settlement that’s within the nation’s nationwide curiosity.

She added: “We are willing to reduce trade barriers in the UK, those trade barriers that do exist. And we want to build on the relationship that we have.”

Ms Reeves insisted that the UK was “not going to rush into a deal”.

But she mentioned the Government was “confident that working with our partners in the US we can get a better trading relationship and build on the substantial trade that already exists between our two great countries”.

She added: “We want to get the right deal for Britain, to better support our industry, our jobs and consumers.”