Overview

• Chancellor Rachel Reeves met with top City executives on Wednesday to discuss the impact of US tariffs and outline a strategy for financial services growth.
• US tariffs, including a 10% levy on UK goods and additional charges on cars, steel, and aluminum, have caused significant market volatility, with the FTSE 100 dropping and bond yields surging to 1998 levels.
• Reeves emphasized the UK’s commitment to reducing trade barriers and securing bilateral agreements, particularly with the US and India, to mitigate economic challenges.
• The Chancellor will meet her Indian counterpart later on Wednesday to advance long-standing negotiations for a trade deal, with key issues including visa rules and market access for British services.
• Reeves will also visit Washington later this month to pursue a trade agreement with the US during the IMF’s spring meeting, aiming to address the economic strain caused by the tariffs.