U.S. Treasury Secretary Scott Bessent takes questions from reporters on the Institute of Worldwide Finance (IIF) International Outlook Discussion board on sidelines of the IMF and World Financial institution’s 2025 annual Spring Conferences in Washington, D.C., U.S., April 23, 2025.
Elizabeth Frantz | Reuters
British finance minister Rachel Reeves met U.S. Treasury Secretary Scott Bessent on Friday to debate a commerce deal, shortly after saying that bettering enterprise ties with the European Union was “arguably much more necessary.”
Reeves held discussions with Bessent at a gathering of world finance chiefs on the Worldwide Financial Fund that has been dominated by issues about U.S. President Donald Trump’s import tariffs.
“The UK-U.S. relationship has delivered prosperity for companies and dealing individuals on either side of the Atlantic,” Reeves mentioned in a short assertion on social media.
“At the moment I met with Secretary Scott Bessent to debate the UK-U.S. financial prosperity deal and our objective of reaching an settlement that’s in each our nationwide pursuits,” she added.
The U.S. Treasury mentioned in a readout that Bessent famous the necessity for progress on truthful and reciprocal commerce and that the 2 additionally “held constructive discussions on taxation, monetary innovation, and expertise partnerships.”
Britain, like many different international locations, needs to ease the influence of Trump’s tariffs – which might be significantly excessive for British automotive and metals exporters – by putting an financial settlement together with his administration that would additionally foster extra tech funding.
Reeves sought to point out Trump’s workforce throughout her journey to Washington that she shares the president’s issues in regards to the world economic system – specifically China’s export-heavy mannequin – however she has additionally mentioned that top tariffs will not be the reply.
On the identical time, Reeves and Prime Minister Keir Starmer are hoping to take away some post-Brexit commerce boundaries with the EU. The USA is Britain’s single greatest buying and selling accomplice however the EU as a bloc buys extra of the nation’s exports.
“I perceive why there’s a lot concentrate on our buying and selling relationship with the U.S., however really our buying and selling relationship with Europe is arguably much more necessary, as a result of they’re our nearest neighbours and buying and selling companions,” Reeves advised the BBC.
Earlier this week, she mentioned Britain wouldn’t rush to safe a take care of Washington and dominated out making concessions on meals requirements which might jeopardise London’s means to spice up meals exports to the EU.
Reeves met German Finance Minister Joerg Kukies earlier on Friday in Washington to arrange for a gathering of European leaders that may search to enhance ties between Britain and the bloc which have been strained by the 2016 Brexit vote.
“We mentioned the upcoming UK-EU Summit in Could, marking an necessary second within the reset between the UK and the European Union,” Reeves mentioned.
She and Starmer promised voters final 12 months they might pace up Britain’s economic system which the IMF this week mentioned appeared set to develop by 1.1% in 2025, nonetheless quicker than in Germany and France however down from a earlier forecast of 1.6% partly as a result of hit to the world economic system from Trump’s tariffs.
Reeves additionally held talks on Friday with China’s finance minister Lan Foan after this week asserting more durable customs controls and strengthening Britain’s anti-dumping system, which might influence Chinese language exporters.
“Our clear-eyed reengagement with China ensures we grasp alternatives when it is proper for the UK,” she posted on X, including the 2 sides would proceed cooperation.
