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LONDON: U.K. Finance Minister Rachel Reeves expressed her desire for a stronger partnership with the European Union and cautioned that recent tariffs from the United States could significantly impact both the British economy and the global market.
In a column scheduled for publication in The Observer on Sunday, Reeves indicates her goal of establishing “an ambitious new relationship” with the EU while continuing to negotiate a trade agreement with the U.S.
A separate report in The Observer mentioned that Reeves stated the tariffs implemented by former President Donald Trump would have a “profound” effect on both the U.K. and global economies.
According to The Observer, Reeves acknowledges the considerable challenges ahead, making it clear: “The Labour Party stands as an internationalist organization. We recognize the advantages of equitable and open trade collaboration. Now is not the moment to isolate ourselves from the global community.”
At the forthcoming International Monetary Fund meeting later this month, the finance minister intends to advocate for a “more equitable global economic and trading framework.”
Following a period of stagnation, the U.K. economy saw renewed growth in February, marking its fastest expansion in 11 months, surpassing economists’ predictions and positioning it slightly more robustly as it anticipates the repercussions of the tariffs.
Additionally, Pamela Coke-Hamilton, the director of the United Nations trade agency, warned on Friday that tariffs and retaliatory measures could have a “catastrophic” effect on developing nations, likely more detrimental than cuts to foreign aid.
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