Wed, 23 Apr 2025

Wed, 23 Apr 2025 UK could lower US car tariffs in push for trade deal

UK negotiators are working "flat out" to get a trade deal with the US, Chancellor Rachel Reeves says.

* Chancellor Rachel Reeves signals willingness to lower UK tariffs on US car imports
* UK seeking to reduce 25% tariff on cars, steel and aluminium and 10% tariff on other British exports
* Reeves wants "to see tariff and non-tariff barriers reduced between the UK and the US"
* Sticking point for trade deal is food standards, but Reeves says UK will not lower agricultural standards
* Document circulated among US business groups and unions proposes lowering UK tariffs on US cars to 2.5% from 10%
* President Trump has imposed 25% tariff on all car imports to the US, including from the UK
* UK negotiators working "flat out" to get an agreement in the country's national interest
* Vice-President JD Vance says there is a "good chance" of a trade deal with the UK
* Reeves says UK will not rush into a deal and wants to get the right deal for Britain
* Shadow chancellor Mel Stride says Conservatives would expect Reeves to stick to agricultural standards
* Trump has imposed large number of tariffs on imports to the US, including 145% on Chinese goods
* IMF has cut global growth forecast due to uncertainty caused by tariffs
* Bank of England Governor Andrew Bailey warns UK must take risk of trade wars seriously
* UK announces review of low-value imports coming into the country which are "undercutting the British High Street and British retailers"
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