The UK finance minister, Rachel Reeves, has called for an “ambitious new relationship” with the European Union, signaling a renewed push for deeper economic cooperation with Britain’s largest trading partner, even as tensions rise due to newly imposed US tariffs. According to Reuters, Reeves expressed her desire to forge a bold reset in relations with the European Union. She emphasized the need for the United Kingdom to rebuild trust with European partners after the Chanartic uncertainty of Brexit. Reeves to champion global trade reform and stronger EU ties at upcoming IMF summit In a separate piece published by The Observer on Saturday, Reeves also warned that tariffs imposed by former US President Donald Trump will likely have a “profound” impact on both the UK and the global economy. Reeves acknowledges the challenges ahead and is “under no illusion about the difficulties that lie ahead.” She emphasizes Labour’s global outlook: “The Labour Party is an internationalist party. We understand the benefits of free and fair trade and collaboration. Now is not the time to turn our backs on the world.” Reeve’s message marks a departure from past Conservative policies that shied away from EU ties. Trade barriers that have harmed British exporters and created logistical difficulties to trade would be removed under Reeves’ plan. She also wants smoother arrangements for services and professional standards across borders. At the International Monetary Fund meeting later this month, Reeves hopes to advocate a “more balanced global economic and trading system.” This is on the heels of an uptick in the UK economy, which, amid the uncertainty, saw its strongest growth in 11 months in February — beating economists’ estimates and giving a small buffer ahead of the anticipated effects of U.S. tariffs. Reeves rallies support for UK exporters as Trump tariffs threaten global trade stability The UK government has published new financial support for exporters in response to new US tariffs imposed by President Donald Trump. There will also be a £20 billion windfall in export financing to support businesses dealing with rising costs and supply chain issues created by the tariffs. That raises the lending capacity of the UK Export Finance Agency to £80 billion. Reeves warns the tariffs could have a “devastating” effect across the UK economy and beyond. She said Britain needed to stand alongside its businesses as the changing global landscape confronted them. Experts have also warned that these tariffs could hit developing countries the hardest. Pamela Coke-Hamilton, the director of the United Nations Conference on Trade and Development (UNCTAD), said such moves could be “catastrophic” — worse than recent cuts in foreign aid. Reeves pushes for balanced global trade Reeves remains engaged despite the trade tensions, reaffirming that the UK is still actively negotiating a trade deal with the United States. Reeves thinks the two countries can still come to a common understanding of fair trade rules, particularly in green energy and digital services. But she insisted that any deal must work for British workers and protect public services. With Britain’s economy showing stronger-than-expected growth in February — its best in nearly a year — Reeves has gained some breathing room. Still, uncertainty looms. The Labour government appears focused on rebuilding alliances, supporting domestic industries, and keeping Britain engaged worldwide. As the IMF meeting draws near, much attention will be paid to Reeves at home and abroad, especially how she steers the UK’s position in a storm-tossed global industry. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
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