Commercial agreement with the United States: London does not want to rush

This article was automatically translated from HIBAPRESS, the Arabic version:

Hibapress

The Chancellor of the British chessboard stressed, in this regard, that negotiations would take time and that an agreement would only be concluded if it was in the national interest.

We are not going to rush an agreement. We want to obtain an agreement that is in the national interest, and these discussions are underway, “she told the press in Washington, where she went to attend the spring of the International Monetary Fund (IMF) and the World Bank.

While London hopes to obtain exemptions on certain American customs rights, including 25% taxes on cars, aluminum and steel, Ms. Reeves has excluded any concession on the United Kingdom’s food standards for American goods, ensuring that London will not change its standards according to requests from foreign governments.

“Decisions relating to food standards, digital services and automobile standards are the responsibility of the British government, and we will continue to take them,” she insisted.

In addition, the high-end automobile industry in the United Kingdom has warned of job cuts, given the potential impact of these taxes on emblematic brands like Jaguar, Land Rover, Rolls-Royce or Aston Martin.

Since the announcement of American customs tariffs in early April, London has adopted a “pragmatic and guided by the national” posture, while actively continuing its efforts to conclude a bilateral trade agreement with the United States.

According to figures from the public budget forecasting organization (OBR), the country’s GDP could be saved by 0.6% by 2026, due to customs duties. This figure up to 1% if London decides to impose retaliatory measures.