US and UK to announce deal to reduce tariffs today
Faisal Islam
Economics editor
Chancellor Rachel Reeves has been clear that food standards - for example, allowing imports of chlorinated chicken or hormone-treated beef - will not feature in this deal for domestic political reasons.
This is an area where the UK has chosen alignment with EU - and the forthcoming "Brexit reset" with the EU - over the US.
It would be a diplomatic win for the UK if the US has accepted even a narrow deal while dropping demands in this area. Indeed the chancellor hinted at this in her interview with me in Washington.
The big question here, which I pressed Rachel Reeves about, external, is really why the US in any way justifies levying a so-called 10% reciprocal tariff against UK goods.
On its own measures, the US sells more to us than it buys from us - ie, there is nothing to "reciprocate" against.
If a trade deficit is a sign of "cheating" as the White House argues, then it is the UK that is suffering. The underlying 10% tariff looks like staying in place.
This is also an important signal to the rest of the world, and to the markets about substantive moves away from a global trade war.
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