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Sir Keir Starmer said trade talks in the US-Ik are “well advanced” before rates that are expected to be imposed on the UK by Donald Trump this week, but that he rejected a “knee-pressure” reaction.
Talk to Sky News political editor Beth RigbyThe Prime Minister said the UK is “working hard on an economic agreement” with the US and said “rapid progress” was made before the rates were imposed on Wednesday.
But he admitted, ‘Look, the likelihood is that there will be rates. No one welcomes that no one wants a trade war.
“But I have to act in the national interest and that means all options must stay on the table.”
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Sir Keir added: “We discuss economic transactions. We are well advanced.
“It would normally take months or years, and within a few weeks we progressed well in those discussions, so I think that a tranquil approach, a collected approach, not a knee-pressure approach, is what is needed in the best interests of our country.”
Keir Starmer
Downing Street said on Monday The UK is expected to be hit by new US rates Wednesday – branded ‘Liberation Day’ by the US President – as an agreement to release British goods, it would not be reached on time.
A 25% levy has already been announced on car and auto parts, but the new rates are expected to cover all exports to the US.
Jonathan Reynolds, the secretary of business and trade, told Sky News earlier that he was “hopeful” that the rates could be reversed soon.
But he warned: ‘The longer we do not have a potential resolution, the more we will have to relate our own position [tariffs]to impede retaliation rates. “
He added that the government is using a ‘tranquil’ approach in the hope that an agreement can be agreed, but said it is only ‘reasonable’ retaliation rates, is an option, which reflects Sir Keir’s sentiments this weekend.
Read more:
Why a figure of 48% is important if Trump rates nearby
Starmer and Trump discusses a wealth agreement of the US-UK
Donald Trump talks to reporters on board Air Force One on Sunday. Photo: Reuters
Tariff announcement Wednesday
Mr. Trump has threatened rates – tax tax – on countries with the largest imbalances in trade with the US.
This weekend, however, he suggested that the rates hit all countries, but did not mention or reveal what industries would be targeted.
Read more: How Trump’s rates can affect the UK
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‘Everything on table over our rates’
Mr. Trump will reveal his tariff plan on Wednesday afternoon at the first Rose Garden news conference of his second term, the White House press secretary said.
“On Wednesday it will be the liberation day in America, as President Trump called it so proud,” Karoline Leavitt said.
“The president will announce a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He is doing so in the best interests of the American worker.”
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Trump’s rates: What can we expect?
Rates would lower the UK economy by 1%
The British Government Predictor The Office for Budget Responsibility (OBR) said that a 20 percentage point increase in rates on UK goods and services will lower the size of the UK economy by 1% and the tax increase this fall is rising.
The world markets remained flat or lower on Monday in anticipation of rates, with the FTSE 100 stock exchange trading about 1.3% lower on Monday, with a loss of 0.9%.
On Wall Street, the S&P 500 rose 0.6% after a volatile day it dropped to 1.7% in the morning.
However, the FTSE 100 will open about 0.4% on Tuesday, while the Asian markets also stabilized, with Nikkei 225 of Tokyo, after a 4% slump yesterday.
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