Rachel Reeves, the UK’s Finance Minister, has spoken out about the country’s trade relationship with the US, saying that the UK is “not part of the problem” when it comes to persistent trade deficits. She was speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland.
Reeves acknowledged that President Donald Trump is concerned about countries that are running large and persistent surpluses on the trade balance with the US, but said that the UK is not one of them. She pointed out that the UK has a trade surplus with the US in goods, and that the country is not a target for Trump’s trade tariffs.
Reeves expressed optimism about the outlook for UK-US commerce, saying that there is no reason why the two countries cannot increase their trade flows. She also emphasized the importance of attracting global investment into the British economy, saying that the country is “open for business” and wants to attract investment from US and global investors.
The UK’s finance minister is in Davos this week to attract global investment and promote the country’s economic growth. She has come under pressure since unveiling the Treasury’s spending and taxation plans last fall, which have been criticized by industry leaders for stifle investment, jobs and growth.
Reeves has also spoken about the recent gilt market turmoil, saying that the UK is not immune to what happens in global markets, but emphasizing that the country’s fiscal rules are non-negotiable and will continue to be met.
