(Bloomberg) – British Chancellor of the treasury Rachel Reeves will have conversations this week with the American Minister of Treasury Scott Bessent, while the two countries continue to complete the details of an agreement to lower rates imposed by the government of President Donald Trump.
The two will speak on the sidelines of the group of seven ministers of the ministers in Banff, Canada, from Wednesday. It will be Reeves' first personal discussion with her American counterpart, because Great Britain and the US announced the sketch earlier this month for a trade agreement.
The pact was praised by Trump as “full and extensive”, despite the fact that it only covers a limited number of sectors and left the 10% Baseline rate of the US on unreputed goods. It included carve-outs for the British car and steel industry, which are confronted with 25% American sectoral rates that cause warnings for job losses.
However, the Agreement did not specify if the tariff reductions were to take effect, nor important details, such as the size of a quota for the export of the British steel and the nature of the American safety requirements with regard to the ownership of British steel factories.
The VK vehicle and steel sectors at the time welcomed the news about the American agreement, but are still in the dark when the rates can be lowered.
“The government is laser -oriented on delivering the British people,” said Reeves in a statement. “The world is changing, but we have shown in recent weeks that Great -Britain is a strong economy that can navigate due to that change.”
Prime Minister Keir Starmer's government tries to show voters that it provides its most important promise to cancel the British economy after years of stagnant growth, but has threatened Trump's global rate war to blow that project. Great -Britain's answer was to find deeper economic links with other allies, including signing a trade agreement with India and announcing a closer relationship with the European Union.
The deals with Washington, Brussels and New Delhi “will start economic growth and use more money in people's pockets,” said Reeves in the statement. “We are another nation that is open to business.”
-With the help of Zoe Schneweiss.
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