Britain does not want to escalate trading wars, Finance Minister Rachel Riviz said Thursday after US President Donald Trump announced tariffs for car imports and auto parts.
The answer came with London, closed in negotiations with Washington about the potentially securing trading transaction after Brexit.
“We are currently not in a position if we want to do everything to remake these trading wars,” said Reivz Sky News.
“We are looking to ensure the best trade relations with the United States,” she said The Broadcaster, adding that the Labor Government “holds extensive talks” with the Trump administration for ensuring a trade transaction.
Trump on Wednesday announced the steep tariffs in the bus station, causing a threat to retaliation from trading partners ahead of additional promised trade levies next week.
“What we will do is a 25 percent tariff on all cars that are not manufactured in the US,” Trump said, signing an order in the oval office.
On April 3, responsibilities come into force at 12:01 (0401 GMT) and affect cars and light trucks. Key car details will also be reached within a month.
A trading body in the UK in the field of the automotive sector has called on the US and Britain to make a deal that avoids “frustrating” Trump tariffs on cars with foreign products.
“The industry calls on both sides to gather and conclude a transaction that works for all,” said Mike Haws, CEO of Muzzling and Merchants, said in a statement at the end of Wednesday.
“In the UK and US automobile industries there is a long-standing and productive relationship when US consumers use vehicles built in Britain by some iconic brands, while thousands of motorists in the UK buy cars made in America,” Houses said.
He said that “Instead of introducing additional tariffs, we need to study ways in which opportunities for British and American manufacturers can be created within mutually beneficial relations, benefiting consumers and creating jobs and growth across the Atlantic.”
Foreign players are dominated by the British automotive industry, including Nissan, Peugeot-Handler Stellantis and BMW, making Mini.
Most of their cars produced in the UK are intended for export mainly to the European Union.
Speaking in late January, Haws said the US was a “important market” for luxurious brands produced by the UK such as Bentley and Rolls-Royce, adding that it allowed “to absorb more”.
Originally this story was presented on Fortune.com
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2025-03-27 11:28:00
AFP
