UK Finance Minister: No Rush for US Trade Deal, Prioritizes National Standards

British Finance Minister Rachel Reeves has stated that the UK is not in a rush to reach a tariff agreement with the US, emphasizing that the UK has its own security baseline and will not compromise easily in order to reach an agreement. Reeves is scheduled to visit the US to attend a series of meetings, including those with the International Monetary Fund, and will meet with US Treasury Secretary Janet Yellen to discuss the UK-US trade agreement. In addition to imposing a 25% tariff on UK cars and steel, the US has also imposed a 10% base tariff on all other UK exports.

Reeves stated that while an agreement can be reached, the UK will not rush into it. The UK aims to achieve an agreement that serves its national interests. She noted that the negotiations are ongoing, but it is clear that the US is more eager to reach an agreement. She also emphasized that the UK will not compromise on child protection rules in the Online Safety Bill or allow US-made cars with lower safety standards to be driven on UK roads.

Reeves further stated that the negotiations revolve around tariffs and trade barriers, and the UK will not change its standards based on foreign government demands. Decisions regarding food safety, digital services, and car standards are made by the UK government, and this will continue to be the case. She also mentioned that the UK has made its position clear to the US regarding lowering food safety standards to allow chlorinated chicken and hormone-treated beef into the market, and the US has expressed respect for this stance. Therefore, this issue is not currently under discussion.

US Vice President Kamala Harris recently stated that there is a high likelihood of reaching an agreement between the UK and the US. The UK government is considering lowering some agricultural tariffs and reducing the impact of the 800 million pound digital services tax on US tech companies in exchange for tariff relief. Both sides are also considering strengthening trade cooperation in the technology sector.

An informed source revealed that the UK still hopes to reach an economic agreement with the US. However, due to the uncertainty surrounding the impact of Trump's tariffs, the UK now feels less urgent about reaching a quick agreement compared to before the US announced its tariff policy. The UK does not want to accept an agreement hastily.

Reeves also mentioned that her discussions with Yellen will focus on how to further develop the existing trade relationship. She believes that both sides can reach an agreement on tariffs and also on broader issues, particularly in the technology sector. This will be a technology cooperation partnership based on the national security and defense partnership between the two countries.