The UK will not “enter into a contract” with President Trump regarding tariffs, but is focused on minimizing trade barriers, according to UK finance minister Rachel Reeves.
“We are not rushing into any contracts. Our goal is to reach the best agreement for the national interest, and those talks are happening,” Reeves informed the media.
“These discussions are ongoing,” she noted, adding that the Trump administration is eager for a deal with the UK, “it’s evident.”
“I would prefer to see both tariff and non-tariff barriers lessen not only between the UK and the US but also globally,” she expressed. I spoke to the BBC.
Reeves indicated that post the 90-day halt on mutual tariffs by Trump, tariffs in the UK would be lower than in other countries, though she remains dissatisfied with the results.
“We are currently engaging in comprehensive discussions with the United States to achieve an economic agreement,” she stated. “An agreement to lower these tariff and non-tariff barriers.”
Last month, Reeves cautioned about escalating tensions between the Trump administration and the UK, emphasizing that Britain does not wish to heighten the trade conflict as it “benefits no one.”
London Mayor Sadiq Khan echoed her sentiment, stating that a trade war among allies is “detrimental to us all.”
British Prime Minister Kiel Starmer aimed to foster robust trade relations with Trump before the imposition of tariffs, and at that time, Trump had not disclosed any intentions of targeting the UK with tariffs.
Reeves, along with many other world leaders, seeks to formalize a contract with the Trump administration concerning import duties.
This week, the Wall Street Journal reported that the United States is urging the UK to cut its taxes and other non-tariff barriers, specifically regarding agricultural imports from the United States.
Reeves may unveil details of the agreement this week in a meeting with Treasury Secretary Scott Bescent.
