Chancellor Rachel Reeves will travel to Washington next week for her first meeting with US Treasury Secretary Scott Bessent, aiming to secure a trade agreement that safeguards Britain’s car, steel, and pharmaceutical industries. The visit coincides with the IMF spring meetings but will focus on advancing negotiations amid uncertainty over US tariffs.
The UK government is intensifying efforts to strike a deal before a potential state visit by President Donald Trump in September. Reeves is expected to advocate for a “deeper and more open” trade relationship than currently proposed. Officials remain doubtful about securing a full exemption from Trump’s 10% global tariff but hope to reduce the 25% rates on key British exports.
Prime Minister Keir Starmer and Trump held a 35-minute call on Friday, discussing what Downing Street called “ongoing and productive” trade talks. Starmer reiterated his commitment to free trade while protecting national interests.
The Office for Budget Responsibility has warned that a global trade war could cut UK GDP by 1% in 2026-27, raising the stakes for negotiations. With the EU and Canada imposing retaliatory tariffs, the UK is seeking a bilateral agreement to mitigate economic damage.
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