<\/p>\n
Britain’s finance minister said on Wednesday the UK would not “rush into action” over impending US tariffs, as the government hopes to reach a post-Brexit trade deal with Washington.<\/p>\n
The UK government is working to secure a new economic deal with the United States which could ultimately help it avoid — or at least mitigate — a fresh raft of tariffs soon to be announced by President Donald Trump.<\/p>\n
<\/p>\n
“The prize on offer is a good economic agreement between us and the United States, we won’t do anything to put that in jeopardy,” finance minister Rachel Reeves told a parliamentary committee.<\/p>\n
Reeves added that discussions were ongoing with other countries and the European Union over an “appropriate response,” noting that she had spoken with EU trade commissioner Valdis Dombrovskis.<\/p>\n
She said the government wanted to avoid a tariff response that could amount to “posturing,” preferring instead to take a “clear headed” approach as it seeks to shore up the UK’s struggling economy.<\/p>\n
As it stands, the United States is the UK’s single largest country trading partner.<\/p>\n
Britain’s spending watchdog, the Office for Budget Responsibility, has estimated that US levies of up to 20 percent would reduce the UK’s GDP by 0.6 percent in the 2026-2027 fiscal year.<\/p>\n
UK media has reported that London may scrap a tax on tech giants to avert US tariffs under Trump and clear a pathway to a trade deal.<\/p>\n
<\/p>\n
The digital tax is currently worth about \u00a3800 million ($1 billion) annually to the UK Treasury.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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