The government has confirmed it is looking at retaliatory tariffs against the US.
On Wednesday, the Trump administration announced wide-ranging tariffs that the US would be imposing on imports from the rest of the world.
The president has put a universal 10 per cent tariff on all imports into the US, with higher rates for what Trump has called the “worst offenders.”
This includes the European Union (20%), China (54%) and Japan (24%).
The UK has been hit with a 10 per cent tariff, along with the global 25 per cent tariff on car exports to the US.
Now, business and trade secretary Jonathan Reynolds has confirmed the government is launching a consultation with businesses on how taking retaliatory tariff measures against the US would impact them.
The minister told the Commons the Labour government still believes a deal with the US is “possible” and “favourable”
But he said the UK would reserve the right to take any action it deems necessary if an agreement is not secured.
He told the Commons: “To enable the UK to have every option open to us in future, I am today launching a request for input on the implications for British businesses of possible retaliatory action.”
Reynolds explained this would keep all options on the table.
The government will seek the views of stakeholders until 1 May on products that could potentially be included in any tariff response, and will draw up an “indicative list” of American products that the UK could put tariffs on.
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