Britain Will Think Carefully About Retaliating to US Tariffs, Minister Says
Britain will think very carefully about retaliating if the US hits the country with fresh tariffs, according to the country’s business and trade minister, Jonathan Reynolds. In an interview with the Financial Times, Reynolds expressed concerns over the impact of tariffs on consumers and the economy.
Reynolds emphasized that there is no political constituency in Britain for protectionism and that increasing costs of goods or food for citizens is not an attractive option. He suggested that Britain could consider retaliatory measures in some cases, but highlighted the need to balance the interests of different parties.
Reynolds also expressed hope that Britain would not be directly targeted by new tariffs and that the country’s balanced trade with the US would reduce the risk of fresh tariffs. He downplayed the prospects of a traditional free trade agreement between the two countries, citing concerns over food standards as an obstacle.
Reynolds’ comments come as the UK prepares to leave the EU and navigate a new trade landscape, with the country’s finance minister, Rachel Reeves, having recently expressed concerns over the importance of free trade to the incoming Trump administration. Bank of England policymaker Megan Greene has also cast doubt over whether higher US tariffs on goods imports would raise or lower British inflation.
