Chancellor Rachel Reeves has downplayed fears of escalating protectionism under Donald Trump’s anticipated new trade tariffs, reaffirming Britain’s commitment to a robust economic relationship with the United States.
In her first comments following Mr Trump’s re-election, Reeves emphasized the UK’s intent to uphold “free and open trade” between the two countries.
Amid speculation over Trump’s pledge to impose steep tariffs—up to 60% on Chinese imports and 10-20% on other foreign goods—Reeves acknowledged the shift toward prioritising domestic manufacturing and economic sovereignty in the US. She suggested that such measures reflect “realism” in economic policy rather than pure protectionism, adding that “caring about where things are made, who makes them, and who owns them” has become increasingly relevant for global policymakers.
Appearing before the Treasury Select Committee on Wednesday, Reeves remarked, “Our trading relationship and our economic relationship with the United States is absolutely crucial. The US is our single biggest trading partner, with trade flows of £311bn a year. That relationship is vital not only for trade but also for security and defence.”
Reeves maintained that while the UK opposes new tariffs, it is ready to work with the US in areas of shared interest and will make “strong representations” against any tariffs that may be levied on British goods. She also underscored the UK’s role in shaping the global economic agenda, noting that free and open trade benefits both the UK and the US.
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