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4d ago

UK Chancellor Resists US Pressure on Standards in Pivotal Trade Talks

Rachel Reeves, in Washington for IMF meetings, seeks tariff relief while maintaining UK standards as US tariffs weigh on economic growth.

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The government is in negotiations with the US in order to cut tariffs on British carmakers, such as Land Rover
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Overview

  • Rachel Reeves is meeting US Treasury Secretary Scott Bessent to negotiate relief from President Trump's tariffs on British goods, steel, aluminum, and cars.
  • The UK Chancellor has emphasized that any trade deal must prioritize Britain’s national interest and will not compromise UK regulatory standards, including food safety and the Online Safety Act.
  • The US administration has reportedly set a 10% tariff on British goods as a baseline unlikely to be reduced, complicating negotiations.
  • The IMF has downgraded the UK's growth forecast from 1.6% to 1.1% for 2025, citing the impact of US tariffs and domestic economic challenges, including high energy costs.
  • Recent PMI data shows UK private sector activity at a 29-month low, reflecting declining overseas demand as Reeves works to ease trade barriers.