UK Chancellor Reeves reassures MPs amid US trade war
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Chancellor Rachel Reeves stated today, during a meeting with Members of Parliament, that the UK banking system will remain resilient in face of the new global tariffs announced last Wednesday by Donald Trump, although she emphasized that the current US trade policy will have considerable implications for the global economy.
Reeves referred to the collapse of stock markets worldwide last week, which occurred shortly after the announcement of US tariffs, and stated that financial authorities have been closely monitoring the latest developments. Chancellor Reeves also mentioned that she had spoken with the Governor of the Bank of England, who confirmed the UK banking system's resilience and that, despite the tariff crisis, the markets continue to operate effectively.
UK is among the countries that have received the lowest tariff rates from the United States – at 10% – however, there is an additional 25% on vehicles, aluminum, and steel. Reeves also stated that the trade war will not benefit any country and that the government is ready to make the right decisions to protect UK's national interest.
Reeves referred to the collapse of stock markets worldwide last week, which occurred shortly after the announcement of US tariffs, and stated that financial authorities have been closely monitoring the latest developments. Chancellor Reeves also mentioned that she had spoken with the Governor of the Bank of England, who confirmed the UK banking system's resilience and that, despite the tariff crisis, the markets continue to operate effectively.
UK is among the countries that have received the lowest tariff rates from the United States – at 10% – however, there is an additional 25% on vehicles, aluminum, and steel. Reeves also stated that the trade war will not benefit any country and that the government is ready to make the right decisions to protect UK's national interest.