Reeves rejects parts of Trump’s economic agenda before talks with Bessent

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UK Chancellor Rachel Reeves rejected the main panels of Donald Trump’s economic schedule before talks with Scott Bessin, her American counterpart, saying she was “proud that the UK has its open global reputation.”

RefizWho will discuss a potential trade deal with Treasury Secretary Besint on Friday, said at the Spring meeting in the International Monetary Fund that she wanted to “strengthen” Britain’s position as an open economy.

In a speech on Thursday, Reeves said that the world should adapt to a “new era of global trade” and accepted the American president’s determination to address what he called “excessive global trade imbalances.”

But she said that global stability depends on the decrease in commercial barriers and the respect of international institutions, which has not been the distinctive features of Trump’s presidency so far.

“We are in a new era of global trade,” Reeves said. “In that new era, we need a system that provides security for workers, the stability of companies and the prosperity of national economies.”

“To provide this, we need to do three things: addressing excessive global trade imbalances, reducing barriers that prevent trade and strengthening strong multilateral institutions.”

Her comments came before her planned meeting with BESSENT, where she will press the issue to get a business deal in the early UK to reduce Trump High tariff On British exports – including 25 percent of cars and steel fees.

Reeves on Wednesday, while in Washington, she said that Britain would look forward to reducing the definitions of imports from the United States as part of a deal, and did not refuse to suggest that the country may cut it. 10 percent tax On American -made cars to 2.5 percent.

Greg Hands, the former conservative Minister of Trade, said that he has intentionally retained a 10 percent imposition on American cars after Britain left the European Union as a bargaining in any future trade negotiations in Washington.

Reeves comments put a new focus on the customs tariff imposed by Britain on American goods, and many of them were transferred from the before Britain’s exit from the European Union when the UK was part of the European Union’s customs union.

While the United Kingdom reduced some customs tariffs after leaving the European Union, many are still high in industries in which the United States has vital attention, including agricultural products – such as meat, dairy and seafood – as well as textiles, chemicals and active ingredients in pharmaceutical products.

For example, British drawings are high quality Frozen beef From the United States, it is set by 12 percent, and it contradicts how Irish meat exporters are sent to products to Britain free from customs tariffs under the European Union’s commercial deal.

In the latest The annual report At foreign trade barriers, the American trade representative has allocated some “high customs tariff” on US exports to the United Kingdom, including 25 percent for some fish and seafood products, 10 percent for cars and trucks, and up to 6.5 percent for some mineral or chemical fertilizers.

Al -Recsson, a former UK trade department, now in the SEC Newgate consultations, said that eliminating or reducing some of these definitions will have a “remarkable impact” for some American exporters, partly depending on the availability of classes and the speed of any changes.

However, many illogical and regulatory arrangements in the United Kingdom-from food safety standards that prohibit hormone treated beef to the so-called geographical indicators that protect from foreign competitors to local products such as cheddar cheese or Scottish-whiskey cheese-are difficult for American industries to fully benefit from the British market.

Renison added the UK’s plans to fully comply with the European Union food standards as part of a veterinary agreement expected to reset after Britain’s exit from the European Union between the two sides would also limit access to some American exporters, although Britain still recognizes American products under a reduced tariff that meets these requirements.

The UK said it will not reduce the food and agricultural standards to accommodate the demands submitted by the United States, which has long said that Britain should move away from the European Union standards that claimed to be “non -scientific” and protectionist.

In the annual report, the American commercial actor said that the American agricultural exporters “are increasingly anxious”, the UK will maintain the European Union’s approach to organizing agricultural chemicals and pesticides, which he said created restrictions “does not seem to be based on science.”