Reeves to say global trade should provide ‘security for working people’
Rachel Reeves will tell foreign finance ministers that global trade should provide “security for working people” as she prepares for talks with her US counterpart.
The Chancellor is in Washington for the International Monetary Fund’s (IMF) spring meeting of finance ministers from the G7 and G20, and is due to sit down with US Treasury secretary Scott Bessent on Friday.
She will tell attendees that they should “reduce barriers to trade” when she speaks at a debate on the future of the global economy on Thursday.
UK officials are trying to negotiate a deal with the Americans, in the hope that it could exempt Britain from some of Donald Trump’s trade tariffs.
The US President imposed a 10 per cent import levy on goods earlier this month, as well as a 25 per cent charge on steel, aluminium and cars.
Reeves is expected to say on Thursday: “The world has changed and so must we.
“We are in a new era of global trade, and in that new era we need a system that provides security for working people, stability for businesses, and prosperity for national economies.”
She will add: “To deliver this, we need to do three things: tackle excessive global trade imbalances, reduce barriers to trade, and promote strong multilateral institutions.”
Earlier in her trip, the Chancellor insisted that there was “a deal to be done” between London and Washington, but also appeared to rule out at least some changes the US is thought to be seeking.
Reeves insisted that the Government would not dilute British standards as part of a trade deal, telling BBC News the US administration “respect and understand that”.
Agricultural imports are thought to be a potential sticking point, with some US exports not meeting UK food standards.
The Chancellor also appeared to rule out changes to the Online Safety Act, which some US politicians regard as restricting free speech, telling Sky News: “We’ve just passed the Online Safety Act and the safety, particularly of our children, is non-negotiable for the British government.”