Economy Update – Follow-up
Rachel Reeves, the British Treasury Secretary, has indicated that the United Kingdom is likely to experience repercussions from the global trade slowdown, even in the absence of direct customs duties impacting its economy.
Her remarks came in relation to the recent actions taken by U.S. President Donald Trump, who has implemented tariffs on both Mexico and Canada.
Reeves stated, “It’s evident that regardless of whether fees are applied to the United Kingdom, we will still contend with the challenges presented by a deceleration in global trade, a decline in GDP growth, and persistently high inflation rates.” These insights were shared during a conference on Tuesday.
Additionally, she affirmed, “I will persist in discussing these concerns with my foreign counterparts to advocate for the importance of free and open trade.”
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