London: Britain’s finance minister, Rachel Reeves, is set to deliver a key speech this week aimed at promoting “free and open trade between nations”, according to The Observer. Reeves will address the financial and professional services industry during her highly anticipated ‘Mansion House Speech’ on Thursday, where she is expected to emphasize the importance of global trade, especially in the face of potential tariffs under the leadership of U.S. President Donald Trump.
Trump, who won the 2024 U.S. presidential election, has proposed a sweeping tariff plan, including a 10% tariff on imports from all countries and a 60% duty on imports from China. Reeves is anticipated to be firm in her commitment to defending free trade, signaling that she will take the fight to Washington and engage with Trump’s incoming administration. On Wednesday, she stated she would make “strong representations” regarding the critical role of free trade for the global economy.
The National Institute of Economic and Social Research (NIESR), a prominent British think tank, warned that the UK’s already sluggish economic growth could be further stunted by such tariffs. The think tank cautioned that a slowdown could see the nation’s growth rate halved if the tariffs are imposed.
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For British Prime Minister Keir Starmer, whose economic strategy aims to make the UK the fastest-growing economy in the G7, such a setback could be a significant challenge. The annual Mansion House Speech is traditionally a platform for the finance minister to outline the government’s approach to key issues like regulation, and is closely scrutinized for insight into upcoming policies.
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