Latest news with #UKTradeStrategy
Asharq Al-Awsat
11 hours ago
- Business
- Asharq Al-Awsat
Britain Vows to Toughen Its Trade Defenses Under New Strategy
Britain said it would toughen up its trade defenses to better protect industries amid a turbulent global outlook of trade wars and tariffs that has shaped its new trade strategy to be published on Thursday. Britain is set to partially implement a deal to remove some of US President Donald Trump's tariffs, but acknowledged that its trade remedies system needed to be more "agile, assertive, and accountable to guard British businesses against global turbulence". "The UK is an open trading nation, but we must reconcile this with a new geopolitical reality and work in our own national interest," Business and Trade Secretary Jonathan Reynolds said. "Our trade strategy will sharpen our trade defense so we can ensure British businesses are protected from harm." As part of the strategy, the government will reform the Trade Remedies Authority. UK Steel has said that the TRA's current powers, under which it proposed to cap how much of certain kinds of steel could be imported, needed to be more robust, and welcomed the trade strategy as a "critical turning point". Britain is aiming to remove US tariffs on steel imports under their agreement, although the implementation of the deal has not been finalized. The government has stepped in to take control of British Steel, and other industries are also seeking support, with AB Foods extending its deadline for deciding the fate of its Vivergo bioethanol plant to Thursday in the hope of a support package. The trade strategy is Britain's first since it has had an independent trade policy after leaving the European Union. The previous Conservative government hailed the opportunities of Brexit as it pursued several free trade agreements. While the Labor government, which came to power a year ago, has concluded free trade agreement talks with India and is making progress on another with the Gulf Cooperation Council, it said the new strategy would focus on quicker and more practical deals than the previous government did.
Reuters
11 hours ago
- Business
- Reuters
Britain vows to toughen its trade defences under new strategy
LONDON, June 25 (Reuters) - Britain said it would toughen up its trade defences to better protect industries amid a turbulent global outlook of trade wars and tariffs that has shaped its new trade strategy to be published on Thursday. Britain is set to partially implement a deal to remove some of U.S. President Donald Trump's tariffs, but acknowledged that its trade remedies system needed to be more "agile, assertive, and accountable to guard British businesses against global turbulence". "The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest," Business and Trade Secretary Jonathan Reynolds said. "Our trade strategy will sharpen our trade defence so we can ensure British businesses are protected from harm." As part of the strategy, the government will reform the Trade Remedies Authority. UK Steel has said that the TRA's current powers, under which it proposed to cap how much of certain kinds of steel could be imported, needed to be more robust, and welcomed the trade strategy as a "critical turning point". Britain is aiming to remove U.S. tariffs on steel imports under their agreement, although the implementation of the deal has not been finalised. The government has stepped in to take control of British Steel, and other industries are also seeking support, with AB Foods extending its deadline for deciding the fate of its Vivergo bioethanol plant to Thursday in the hope of a support package. The trade strategy is Britain's first since it has had an independent trade policy after leaving the European Union. The previous Conservative government hailed the opportunities of Brexit as it pursued several free trade agreements. While the Labour government, which came to power a year ago, has concluded free trade agreement talks with India and is making progress on another with the Gulf Cooperation Council, it said the new strategy would focus on quicker and more practical deals than the previous government did.
