UK Finance Minister Rachel Reeves has expressed her desire for a stronger relationship with the European Union and cautioned that new US tariffs could severely damage both the British and global economies.
The British minister articulated this in a column for “The Observer,” scheduled for publication on Sunday. She stated her aim to achieve “an ambitious new relationship” with the European Union while simultaneously pursuing a trade deal with the United States.
In a separate article drawing from Reeves’ column on Saturday, “The Observer” reported that the finance minister wrote that tariffs imposed by US President Donald Trump will have a “profound” effect on Britain and global economies.
Reeves will convey that she is “under no illusion about the challenges that lie ahead,” according to “The Observer.”
“The Labour Party is an internationalist party. We understand the benefits of free and fair trade and collaboration. Now is not the time to turn our backs on the world.”
The finance minister intends to advocate for a “more balanced global economic and trading system” at the upcoming International Monetary Fund meeting later this month.
Britain’s economy returned to growth in February, experiencing its fastest expansion in 11 months, exceeding economists’ expectations and placing it on a slightly more stable footing as it prepares for the impact of the tariffs.
Meanwhile, Pamela Coke-Hamilton, the director of the United Nations trade agency, stated on Friday that tariffs and countermeasures could have a “catastrophic” impact on developing countries, potentially exceeding the severity of foreign aid cuts.
