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The US is ‘our nearest ally’, but ‘nothing is off the table’ in response to Donald Trump’s 10% rates on imports from the UK, the business crite said.
In a statement to the US president’s almost hour-long speech to the world, Jonathan Reynolds, business and trade secretary, said: “We will always act in the best interests of UK companies and consumers.
“Therefore, over the past few weeks, the government has fully focused on negotiating an economic agreement with the United States that strengthens our existing fair and balanced trading relationship.”
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Mr. Reynolds has repeated the statements of the Prime Minister and his cabinet over the past few days, saying the US is ‘our nearest ally’, and the government’s approach is to ‘calm down and be committed to doing this agreement, which we hope to reduce the impact of what was announced today’.
Business secretary Jonathan Reynolds says “nothing is off the table” after the announcement of the rates. Photo: Dad
But he continued: “We have a variety of tools at our disposal, and we will not hesitate to act. We will continue to work with British companies, including assessing the impact of any further steps we take.
“No one wants a trade war, and our intention remains to secure an agreement. But nothing is off the table, and the government will do everything needed to defend the national interest of the UK.”
The Shadow Business and Trade Secretary of the Conservative Party described the announcement of the US president as “disappointing news that will worry the working families across the country”.
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Sky’s Ed Conway investigates how economies are affected by rates all over the world
Andrew Griffith dropped to the government for “not negotiating with President Trump’s team for too many months after the election, failed to hold our experienced top trading negotiator and could not get an agreement to avoid the imposition of these rates by our nearest trade partner”.
“The emergency budget of the chancellor of just a week ago with the insufficient main space is now at risk, casting uncertainty about more tax or cutting expenses,” he continued. “Unfortunately, it is British businesses and workers who will pay the price for labor’s failure.”
He called on ministers to ‘swallow their pride’ and ‘to go back to the negotiating table to agree to a fair agreement to protect work and consumers in both the UK and the US.
Liberal democratic leader Sir Ed Davey furiously announced at the announcement of Mr. Trump responded of a ‘devastating trade war’ and called on the government to stand up to “Trump’s efforts to divide and rule”.
“The prime minister must bring our Commonwealth and European partners together in a coalition of the willing on Trump’s rates, where necessary to use retaliation tariffs and, where possible, sign new trade agreements with each other.”
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