Rachel Reeves to meet US counterpart Scott Bessant as global trade tensions intensify
Chancellor of the Exchequer Rachel Reeves has vowed to “defend Britain’s interests” as she heads to Washington for high-stakes meetings with finance ministers and international leaders, amidst growing global uncertainty over trade policy.
Ms Reeves will attend the International Monetary Fund (IMF) Spring Meetings this week, a major gathering of G7 and G20 finance ministers, central bank governors, and business leaders. Her visit marks the first official face-to-face meeting with the US Treasury Secretary, Scott Bessant, since taking office, with discussions focused on securing a landmark UK-US economic deal.
The talks have gained fresh urgency following former President Donald Trump’s announcement earlier this month of sweeping new tariffs. Although later scaled back, the proposed measures included 10% levies on all UK goods and eye-watering 25% tariffs on steel and car imports—causing concern for British industries already grappling with inflation and supply chain challenges.
Trump’s revised plan excludes China but maintains the 10% tariff on other nations, including the UK, unless an “extraordinary deal” is reached. His senior economic adviser, Kevin Hassett, described the tariff level as a “baseline”, suggesting Britain would need to offer significant concessions to secure a better outcome.
Speaking ahead of her trip, Ms Reeves struck a determined tone:
“The world has changed and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.
“This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will mean for them. But our task as a Government is not to be knocked off course or to take rash action which risks undermining people’s security.
“Instead, we must rise to meet the moment and I will always act to defend British interests as part of our plan for change.”
Reeves is expected to press Bessant for assurances that the UK will not be penalised under new trade frameworks being considered by the United States. Sources close to the Treasury indicate that Britain will argue the case for a closer economic partnership rooted in mutual investment, shared security concerns, and long-standing transatlantic cooperation.
Alongside the US-UK talks, Ms Reeves is expected to engage in discussions with a range of international counterparts during the IMF summit, exploring potential trade and investment partnerships with other global economies. The Chancellor has been vocal in her support for diversifying Britain’s trade relationships, with particular emphasis on emerging markets.
Earlier this month, she hosted India’s Finance Minister in London for talks aimed at advancing a UK-India free trade agreement. A follow-up summit between the UK and the EU, set for May, is also expected to feature trade as a dominant theme.
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Ms Reeves’ Washington trip comes at a sensitive moment, with the global economy navigating inflationary pressures, geopolitical instability, and shifts in longstanding trade alliances. The Chancellor is expected to use her platform at the IMF to advocate for fairer, rules-based global trade that supports stability and growth for working families and businesses alike.
“There is no future in protectionism,” one Treasury official said. “We need to ensure British goods, services, and innovations remain competitive on the world stage. The Chancellor is going to Washington to make that case clearly and forcefully.”
Rachel Reeves’ efforts to defend Britain’s economic interests on the world stage come as part of a broader strategy to position the UK as a dependable, forward-thinking partner in an increasingly unpredictable international environment. Her message to Washington and beyond is clear: Britain is open for business—but it won’t be taken for granted.
