UK trade talks with the US have hit a roadblock as Chancellor Rachel Reeves dashing hopes of an early breakthrough, amid demands to drop agricultural product standards and tariffs.
UK’s Trade Talks with US Hit Roadblock as Chancellor Rachel Reeves Dashes Hopes of Early Breakthrough.
The UK’s trade talks with the US have hit a roadblock, with Chancellor Rachel Reeves stating that negotiations will take time and the government is not going to rush into a deal. ‘negotiations will take time’ ‘we are not going to rush into a deal’
Reeves met with US Treasury Secretary Scott Bessent for their first face-to-face meeting, during which she expressed her commitment to free trade. However, she also made it clear that the UK wants to get the right deal that’s in its national interest, rather than rushing into a poor deal.
Rachel Reeves is a British Labour Party politician serving as the Member of Parliament (MP) for Leeds West since 2005.
She previously served as the Shadow Chief Secretary to the Treasury from 2011 to 2013 and Shadow Secretary of State for Work and Pensions in 2016.
Reeves has been a vocal advocate for women's rights, education, and social welfare policies.
Born on March 18, 1979, in Leeds, England, she graduated from Oxford University with a degree in Philosophy, Politics, and Economics.
The talks have been ongoing since Reeves arrived in Washington for the IMF spring meetings, with hopes of securing concessions on tariffs and trade barriers. The UK has already offered concessions, including reducing the digital services tax on US tech companies. ‘reducing the digital services tax’
However, new leaked documents from the US have derailed talks, with demands to drop agricultural product standards, including allowing hormone-treated beef into the UK. Reeves rejected this idea, stating that food standards will not be relaxed based on asks from foreign governments. ‘food standards will not be relaxed’ ‘based on asks from foreign governments’
Agricultural product standards refer to the guidelines and regulations set by governments, organizations, and industries to ensure the quality and safety of agricultural products.
These standards cover aspects such as pesticide residue levels, GMO content, and packaging requirements.
The Codex Alimentarius Commission, a joint body of the Food and Agriculture Organization (FAO) and the World Health Organization (WHO), sets international food standards.
Many countries also have their own national standards, which may be more stringent than international ones.
The UK has also been under pressure from car industry bosses to secure a deal to shield British manufacturers from tariffs. However, Reeves emphasized that the most important thing is getting the right deal for Britain in its national interest.
The negotiations have been complicated by recent comments from Trump’s vice-president, JD Vance, who said there was a ‘good chance’ of agreement. However, a leaked document has shown how difficult finalizing a deal will be, with officials expressing concerns about the risks to economic growth and the need to renegotiate certain aspects of the agreement.
The Bank of England governor, Andrew Bailey, also expressed concerns about the risks to economic growth from the chaos in the global trading system. The UK’s fiscal position has been under pressure, with borrowing figures showing a significant increase in the previous financial year.
Andrew Bailey is a British economist and banker who has been serving as the Governor of the Bank of England since March 2020.
Prior to his appointment, he was the Chief Executive of the Financial Conduct Authority (FCA) from 2016 to 2020.
Bailey holds a degree in economics from the University of Cambridge and a Ph.D. in economics from the University of Oxford.
He has also worked as an economist at the Bank of England and the European Bank for Reconstruction and Development.
Despite the challenges, Reeves remains committed to securing a good deal for Britain. She emphasized that her fiscal rules are non-negotiable and that she will continue to prioritize controlling public finances. ‘fiscal rules are non-negotiable’
- theguardian.com | Rachel Reeves dashes hopes of early breakthrough in UK US trade deal
