Reeves holds ‘positive and upbeat’ trade talks with Bessent
Rachel Reeves discussed what she called a “prosperity deal” with the US treasury secretary, Scott Bessent, in a meeting her team claimed was “upbeat and positive” on Friday,“Today I met with Scott Bessent to discuss the UK-US economic prosperity deal and our goal of reaching an agreement that is in both our national interests,” Reeves said, after meeting the treasury secretary,The UK has been negotiating hard in the hope of securing exemptions from some of Donald Trump’s harshest tariffs, including the 25% levy on car imports, but Reeves left Washington without being able to claim any tangible progress,The US has made fresh demands in recent days, including calling for tariffs on car imports to the UK to be cut; and the chancellor was forced to concede earlier in the week that she was “not going to rush a deal”,UK Treasury sources said trade negotiators from the two countries would continue to work hard on a deal.
Bessent is regarded by UK officials as one of the more moderate forces inside the Trump administration – but it is unclear how much he can influence trade policy.Before meeting him, the chancellor suggested that the UK’s trading relationship with the EU is “arguably even more important” than that with the US.“I understand why there’s so much focus on our trading relationship with the US but actually our trading relationship with Europe is arguably even more important, because they’re our nearest neighbours and trading partners,” she said.As well as Bessent, Reeves said she had held discussions with her counterparts from a string of European countries at this week’s International Monetary Fund meetings.“I’ve also this week met the French, the Germans, the Spanish, the Polish, the Swedish [and] the Finnish finance ministers – because it is so important that we rebuild those trading relationships with our nearest neighbours in Europe, and we’re going to do that in a way that is good for British jobs and British consumers,” she said.
The UK and EU are holding a summit aimed at resetting the relationship between the two sides next month, with Labour preparing to accept some form of youth mobility scheme in order to strike a deal that could lower trade barriers.The IMF managing director warmly welcomed the rapprochement between the UK and the EU at a panel event on Thursday, describing the two sides as divorcees that are now dating.Downing Street said Reeves’s remarks had merely been a statement of fact, and were not aimed at minimising the weight the UK places on ties with the US.“The EU is our largest trading partner,” No 10 said.“It is factually a matter of public record.
Both have incredible importance to us,And we treat both with enormous respect,”As UK negotiators battle to secure an exemption from Donald Trump’s 25% tariff on cars, which British carmakers have warned could lead to job losses “within weeks”, Reeves has signalled a willingness to cut the UK’s tariffs on car imports, now set at 10%, in return,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionAddressing US investors at a reception at the British ambassador’s residence in Washington on Thursday evening, Reeves said she shared some of the White House’s concerns about longstanding trade deficits,Drawing parallels between the frustrations that drove British voters to back Keir Starmer last July and those of Trump’s supporters, she said: “In this country, but also back home in my country last year, people voted for change.
“They voted for change because they didn’t think that the economy worked well enough for them and their families.They saw the erosion of good jobs that paid a decent wage.They saw industries that once powered their towns disappear.And as elected politicians we have to respond to that.”Britain’s high-end carmakers such as Aston Martin, Bentley, Rolls-Royce and McLaren are particularly affected by the 25% tariffs because a large proportion of their customers are in the US.
Bentley has previously said it would pass on tariff costs to buyers, a move that would probably hit demand.However, the industry is wary of the UK government offering very low tariffs on US exports as inducement to a broader deal.Any cuts to tariffs on US goods imported into the UK would have to be offered to every country in the world, unless they are part of a formal free-trade agreement, according to World Trade Organization rules.That means a cut in tariffs on US exports below the existing 10% would make it easier for Chinese carmakers to sell in Britain.Amid the tariff turmoil, the leaders of the Society of Motor Manufacturers and Traders, a UK automotive lobby group, travelled this month to Washington, meeting industry counterparts and Britain’s ambassador to the US, Peter Mandelson.
County cricket day one: Gus Atkinson’s pace puts Somerset on the back foot
Gus Atkinson had the Surrey faithful purring on the day he was given his county cap. With his tiptoeing, tightrope approach and tightly knit hands, he made the ball spit like an overheated wok against Somerset. In his first over he hit Sean Dickson on the hand, who retired hurt, and later removed a softened-up Archie Vaughan, did James Rew for pace and greeted Kasey Aldridge with a missile at his neck. Jordan Clark, all muscle to Atkinson’s venom, did most of the rest, picking up five wickets, including two in two balls. Some oomplah from Lewis Gregory took Somerset to a first batting point and beyond
First Europe, then the world: Twickenham awaits in year of twin peaks for England
Grand slam clash is vital stepping stone in Red Roses’ quest to reclaim the World Cup crown they last held in 2014There are two games to think about at Twickenham on Saturday, the one the Red Roses will play in, and the one they want to play in. The first is their grand slam decider against France, which kicks off at 4.45pm. The second – at the same venue, five months and one day later – is the World Cup final which, if everything goes as the team hopes at the Stadium of Light, Franklin’s Gardens, Ashton Gate and the other grounds they will visit between now and then, will be the next game they play at the home of English rugby.The Red Roses head coach, John Mitchell, has been around long enough to know the smart thing to do is separate the two
Hard sell of Eubank Jr v Benn fails to disguise ugly fight loaded with danger and spite
Ben Shalom and Eddie Hearn usually do not like each other but on Thursday evening, at the final press conference for the troubling bout between Chris Eubank Jr and Conor Benn, the promoters were almost breathless in their audacity and unity as they hailed a gift from the boxing heavens.Shalom, Eubank Jr’s promoter, lauded “the biggest British boxing story ever”, “a monumental event” and “an unbelievable show” which has been “35 years in the making” as he suggested that Saturday night’s showdown completes the trilogy between two families – after the fighters’ fathers, Chris Eubank Sr and Nigel Benn, shared a couple of seismic bouts in the early 1990s. Hearn, who promotes Benn, spoke of “a fight for the generations … an iconic main event … an incredible time for boxing” and urged us to “remember this night … this is what it’s all about.”Eubank Jr is 35 years old and he has often campaigned as a super-middleweight at 168lb, which is 21lb heavier than the welterweight category in which Benn has mostly fought. He and Benn will now bridge the size-gap and meet as middleweights, but, on Friday morning, at the official weigh-in behind closed doors, Eubank Jr failed twice to make the 160 pound mark
Emma Raducanu toils in three-set defeat by Marta Kostyuk at Madrid Open
In the searing heat of the Spanish capital, the warmest day of this year’s Madrid Open so far, Marta Kostyuk stepped on to the clay courts of the Caja Mágica determined to make a statement against her most prominent contemporary. By the end of a tense, difficult tussle, it had duly been delivered. Kostyuk, the 24th seed, produced an impressive performance to end Emma Raducanu’s tournament in round two with a 6-4, 2-6, 6-2 victory.Although Raducanu fought well and maintained her composure until the end, a victory over Kostyuk would have marked her best career win outdoors on clay. She was ultimately defeated by a superior clay-court player who was far more comfortable playing her offensive game in fast conditions at Madrid’s elevated altitude
Top basketball prospect Alijah Arenas out of coma after Cybertruck crash
Alijah Arenas, a top basketball prospect and son of former NBA All-Star Gilbert Arenas, is out of an induced come after a car crash in Los Angeles, according to a statement from his family.The 18-year-old was involved in a crash in the early hours of Thursday morning when a Tesla Cybertruck left the road and crashed into a fire hydrant before hitting a tree. He was taken to a local hospital and placed into a induced coma. His family said he is now out of the coma but remains intubated. The family said he has “shown significant signs of progress within the last 24 hours
Will Jacob Kiplimo be the first to run a marathon in less than two hours?
Earlier this year Jacob Kiplimo produced a performance so staggering that it sent the jaws of even seasoned track and field watchers crashing to the floor. It came on the streets of Barcelona, where the 24-year-old Ugandan covered 13.1 miles in 56min 42sec – a half marathon time 48 seconds quicker than anyone else in history.Little more than two months later, Kiplimo is in London for his full marathon debut and the noise has only grown louder. Could he break the world record on Sunday? Could he even become the first man to break two hours in an official race? It is speculation that the event director, Hugh Brasher, is more than happy to stoke
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