UK Chancellor Rachel Reeves Talks Trump Tariff Threats
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What is the main topic discussed in this episode?
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Let's maybe start with with the news of the week. You know, the prime minister, Starmer and others are rebuking Donald Trump and saying he's wrong. And yet they're still trying to stop him escalating. I mean, can you really have it both ways or is now the time to go strong against him?
We absolutely want to de-escalate. The future of Greenland is for the people of Greenland. But the message that I've come here with this week in Davos is that amidst all the uncertainty and instability in the world, Britain's plan for economic growth, built on the platform stability, investment and trade, is actually going very well. We've had six interest rate cuts since I became Chancellor of the Exchequer. Inflation is coming down. The Bank of England expect it to get back to target in the next couple of months. And we've done trade deals with India, with Korea. We're improving our trading relations with Europe. And despite challenges at the moment, we've secured a trade deal with the US as well, which means we've got lower tariffs than pretty much anywhere in the world.
I mean, you know, President Trump has gone after Keir Starmer also on the sale of an island, which he previously approved. So how would you characterize relationships between the two right now?
Very good. I mean, look, no one wants to see what's happening at the moment in terms of Greenland. Recognize what the president said last night, criticizing decisions of a number of leaders. But previously, the US administration, including Secretary of State Rubio, have supported what is happening in Diego Garcia because it's enabling the UK, US military bases to stay open and to continue the vital work they do there for decades to come. And so, you know, we're confident that that is the right decision and has had the support of the US administration.
If we had a level of anxiousness in Davos right now, it would be like... through the roof and there's a lot of opinion saying, look, are the UK and EU sleepwalking into disaster right now because they were blindsided about what to do with Greenland? Like, what's your response to those criticisms?
Well, Denmark is a member of NATO, a very close ally of the UK and has been a very close ally of the United States. Everybody recognises the importance of the Arctic and the High North and also the challenges that we face, the Western world, NATO faces in that part of the world. We've just done a big deal with Norway to sell frigates to them, reflecting those sorts of threats. No one is naive around the threats in the Arctic and the High North. The question is how to face into those challenges.
What are the main concerns regarding Trump's tariff threats?
We firmly believe in the UK and across Europe that we do that by NATO allies, by friends working together to secure the best outcomes, not unilaterally making decisions about another country.
What are the risks if this escalates? Is it to the economy or does the UK and Europe worry about intelligence sharing with the US and Ukraine?
All of our focus is on de-escalation, not in worst-case scenarios. We have worked incredibly closely with President Trump the last year because we believe it's in our UK national interest to do so. The strategic relationship between the US and the UK, the military and strategic partnership between our countries is more important than... partnership between any two countries in the world and it's very important for the safety and security of the western world that that continues and we're determined that it will do so.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–3:34
2
What are the main concerns regarding Trump's tariff threats?
3:34–5:36
3
How is the UK planning to de-escalate tensions with the US?
5:36–6:18
4
What is the current state of UK economic growth and stability?
6:18–10:58
5
How are recent trade deals impacting the UK economy?
10:58–14:15
6
What challenges does the UK face in its relationship with the EU?
14:15–24:32
Speakers
6 identifiedMore from Bloomberg Talks
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