Overview

• Rachel Reeves will travel to Washington next week to meet US Treasury Secretary Scott Bessent, aiming to negotiate reductions to tariffs imposed under the Trump administration.
• The UK is advocating for relief from the 10% global tariff and 25% sectoral tariffs on goods such as steel, cars, and aluminum, while offering concessions on its digital services tax.
• Reeves continues to emphasize the importance of deepening economic ties with China, defending recent engagement despite US pressure to isolate Beijing.
• The chancellor will attend the IMF spring meetings to promote institutional reforms and advocate for free trade, positioning the UK as a leader in adapting to global economic shifts.
• Reeves must navigate complex trade dynamics, ensuring progress with the US does not jeopardize a planned UK-EU economic reset set for May 19.