UK Chancellor Rachel Reeves acknowledged President Trump's rationale behind his tariffs ahead of talks with US Treasury Secretary. She indicated potential tariff reductions on US car imports from 10% to 2.5% as part of a trade deal. Reeves emphasized ongoing efforts to secure agreements with the US and collaborate with European and Canadian counterparts to eliminate trade barriers, while recognizing the economic strains affecting investment in the UK amidst current market uncertainties.
"We're all grappling with this issue of tariffs but I think that there is an understanding why President Trump wants to address some of the global imbalances there are in the system."
"Obviously there are strains. We are all following what's happening in our domestic bond markets, in our equity markets, and we all know that that uncertainty is bad for investment in the UK economy."
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