LONDON (Reuters) -British finance minister Rachel Reeves mentioned on Wednesday she would make “robust representations” over the significance of free commerce to the incoming administration of President-elect Donald Trump who has proposed imposing tariffs on all U.S. imports.
“We aren’t only a passive actor on this,” Reeves informed the Treasury Committee within the decrease home of Britain’s parliament.
“It is a commerce relationship with the USA and we are going to make robust representations concerning the significance of free and open commerce, not simply between ourselves and the USA however globally.”
Trump has proposed a ten% common tariff on imports from all overseas nations and has mentioned there can be extra tariffs on imports from China.
Earlier on Wednesday, analysts at Goldman Sachs reduce their British financial progress forecast for 2025 to 1.4% from 1.6%, citing potential increased U.S. tariffs and different monetary dangers to nations in Europe after Trump’s re-election.
Individually, a number one British suppose tank mentioned the nation’s already sluggish financial progress charge could possibly be greater than halved subsequent 12 months if Trump imposed his import tariff proposals.
Reeves mentioned it was too early to contemplate modifications to official forecasts within the mild of the election end result and she or he held out the hope that the specter of tariffs may not materialise.
“President Trump has been president of the USA earlier than and we proceed to have a powerful and wholesome financial relationship, and we as a authorities will proceed to make the case at no cost commerce,” she informed lawmakers.
“I am assured that these commerce flows will proceed beneath the brand new president,” she mentioned, including the British authorities would elevate commerce points within the conversations it was as a result of have with the subsequent U.S. administration.
“We are going to put together for various eventualities. I completely don’t wish to sound in any method sanguine,” she mentioned. “However however I’m optimistic about our capacity to form the worldwide financial agenda as we now have beneath successive governments.”
