LONDON — The U.K. government will fight for free and open trade with global economies including the U.S., Chancellor Rachel Reeves said Thursday.
The chancellor said she will “always do what is in our national interest for our economy,” adding “that means free and open trade, especially with our most economically important partners … that includes the U.S., our single most important destination for financial services trade.”
“I look forward to working closely with President-elect Trump, and his team, to strengthen our relationship in the years ahead,” she said.
The chancellor made the remarks while speaking Thursday night at her first Mansion House event, where she also outlined reforms to boost the City of London by allowing extra risk in the U.K. financial system, among other policy maneuvers.
Donald Trump won the U.S. election in a landslide last week, and has pledged to impose a flat tariff of up to 20 percent on all U.S. imports, as well as 60 percent tariffs on goods from China.
Analysts have warned tariffs on British goods could seriously hurt the U.K. economy.
Reeves told MPs on the Treasury Committee last week that the government will “continue to make the case for free trade” and that she is “not in favor of new tariffs against countries.”
In her speech to City of London attendees, the chancellor said the U.K. would not reverse Brexit but the country “must reset our relationship” with the EU as it faces “geopolitical uncertainty” and “structural challenges, including those which have come from Brexit.”
“That will be my message when I attend the Eurogroup meeting of finance ministers in Brussels next month,” Reeves said.
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