U.S. Treasury Secretary Scott Bessent takes questions from reporters on the Institute of Worldwide Finance (IIF) World 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 enhancing 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 considerations about U.S. President Donald Trump’s import tariffs.
“The UK-U.S. relationship has delivered prosperity for companies and dealing individuals on each side of the Atlantic,” Reeves stated in a quick assertion on social media.
“Right now 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 stated in a readout that Bessent famous the necessity for progress on honest and reciprocal commerce and that the 2 additionally “held optimistic discussions on taxation, monetary innovation, and know-how partnerships.”
Britain, like many different international locations, needs to ease the impression of Trump’s tariffs – which might be notably excessive for British automobile and metals exporters – by placing an financial settlement along with his administration that might additionally foster extra tech funding.
Reeves sought to point out Trump’s staff throughout her journey to Washington that she shares the president’s considerations in regards to the world financial system – particularly China’s export-heavy mannequin – however she has additionally stated that top tariffs are usually not the reply.
On the similar time, Reeves and Prime Minister Keir Starmer are hoping to take away some post-Brexit commerce boundaries with the EU. America is Britain’s single largest buying and selling associate 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 informed the BBC.
Earlier this week, she stated Britain wouldn’t rush to safe a cope with Washington and dominated out making concessions on meals requirements which may jeopardise London’s skill 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 can 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 Might, marking an necessary second within the reset between the UK and the European Union,” Reeves stated.
She and Starmer promised voters final yr they might velocity up Britain’s financial system which the IMF this week stated 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 financial system from Trump’s tariffs.
Reeves additionally held talks on Friday with China’s finance minister Lan Foan after this week saying more durable customs controls and strengthening Britain’s anti-dumping system, which may impression 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.