Reeves pledges to defend UK interests ahead of IMF meetings in Washington
Chancellor Rachel Reeves has pledged to “defend Britain’s interests” as she prepares to meet fellow finance ministers in Washington and push for a US trade deal.
Reeves will spend three days in the US capital for the International Monetary Fund (IMF)’s spring meetings of finance ministers and business leaders from across the G7 and G20.
She will hold her first face-to-face meeting with American counterpart Scott Bessant for talks on an economic deal between the US and UK, while she champions Britain as a destination for investment.
Securing such a deal acquired a new sense of urgency earlier this month when US President Donald Trump announced sweeping tariffs on imports from the rest of the world.
These included 10 per cent levies on all UK goods – then the lowest level imposed on any country – along with 25 per cent tariffs on steel and cars.
UK ministers have said talks on a deal remain ongoing, despite White House figures casting doubt on their prospect of success.
And Trump himself has said he is in “no rush” to negotiate exceptions to the tariff regime due to the revenues he claimed the charges were generating.
Ahead of her visit to Washington, Reeves said: “The world has changed and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.
“This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will mean for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security.
“Instead, we must rise to meet the moment and I will always act to defend British interests as part of our plan for change.”
She added: “We need a world economy that provides stability and fairness for businesses wanting to invest, and trade, more trade and global partnerships between nations with shared interests, and security for working people who want to get on with their lives.”
As well as progressing a US deal, Reeves is also expected to discuss improving trading relations with other nations – which she has previously said the government is keen to do.
Earlier in April, she hosted India’s finance minister for talks on a potential free trade agreement and trade is expected to feature heavily at a UK-EU summit in May.
But Liberal Democrat Treasury spokesperson Daisy Cooper MP warned: “The Chancellor must set out clear red lines on any Trump trade deal, and reject any attempts by Trump’s America to water down our food and farming standards, undermine our NHS, discard online protections for our children or cut taxes for tech barons.
“It’s also vital that Parliament has a vote on any deal as there’s simply too much at stake.”