Britain's trade minister Jonathan Reynolds will meet U.S. Trade Representative Jamieson Greer on Tuesday to discuss the implementation of a trade deal that has been complicated by the announcement of fresh U.S. tariffs on steel.
Reynolds will review recently agreed deals with counterparts from the U.S. and EU, Britain's two biggest trading partners, during a three-day trip to Paris and Brussels this week.
The deals struck last month are both political pacts rather than formal trade agreements, and the details of their implementation have not been set out.
Starmer and U.S. President Donald Trump agreed to reduce tariffs on British imports of cars and steel to the United States, but its delayed implementation means tariffs may go up before they come down.
Last week, Trump said that tariffs on imported steel would rise to 50% from 25% from Wednesday. Industry body UK Steel said it understood that British producers would likely be impacted by the change, which would be a "body blow" to the sector.
A British government spokesperson said the UK was engaging with the United States on the implications of the announcement ahead of Reynolds' meeting with Greer to discuss implementation timelines of the bilateral agreement in Paris.
"We recognise our relationship with G7 allies and EU counterparts must continue to evolve and deliver a better trading environment for our businesses and exporters," Reynolds said in a statement ahead of the trip.
Reynolds will also meet Indian Minister of Commerce Piyush Goyal to discuss a recently negotiated Free Trade Agreement, which is still having its legal text finalised and is subject to ratification in both countries, which could take months.
After meetings with G7 and OECD counterparts in Paris, Reynolds will hold talks with EU trade commissioner Maros Sefcovic.
As part of efforts to reset ties without fundamentally reopening the Brexit deal, Britain and the EU have agreed to conclude talks to remove red tape on its food trade, but details of the plan have yet to be finalised.
In advance of that agreement coming into force, Britain on Monday said it would scrap border checks on fruit and vegetables imported from the European Union, that had been due to be effective beginning in July.
Source: Investing.com
Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Was...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance rose to 208,000 for the week ending January...
Geopolitical issues have heated up again after statements and political signals from the United States sparked speculation about a possible US takeover of Greenland. Although no concrete action has be...
Private employment rose less than economists expected in December, according to the ADP report. Private employment rose 41,000 (Estimate +50,000) in December, compared with a revised -29,000 in Novem...
Greenland is not only a strategic location, but also a world-class mineral repository. The island holds vast reserves of rare earth elements (REEs), essential for modern technology. These minerals are...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...