British Finance Minister Rachel Reeves met U.S. Treasury Secretary Scott Bessent on Friday to discuss advancing a UK-U.S. economic prosperity deal. The meeting, held at the IMF’s gathering of global finance chiefs, comes as Reeves prioritizes both U.S. and European Union relations amid escalating concerns over U.S. President Donald Trump’s import tariffs.
Reeves emphasized that while the U.S. remains Britain’s largest single trading partner, strengthening ties with the EU is "arguably even more important" due to proximity and volume of trade. Reeves highlighted her commitment to securing a trade agreement that supports both nations’ economic interests without compromising UK food standards, a key issue for preserving EU export potential.
The U.S. Treasury noted that Bessent stressed the importance of fair and reciprocal trade. Discussions also covered taxation, financial innovation, and technology collaboration. Britain is particularly eager to shield its car and metals sectors from Trump’s steep tariffs while attracting greater U.S. tech investment.
In parallel, Reeves met German Finance Minister Joerg Kukies to prepare for the upcoming UK-EU Summit, aiming to reset post-Brexit relations. The UK economy is forecast to grow by 1.1% in 2025, outperforming Germany and France despite a downward revision tied to global trade tensions.
Reeves also engaged with Chinese Finance Minister Lan Foan, following Britain’s announcement of tougher customs controls and a strengthened anti-dumping system. She reaffirmed that the UK would pursue opportunities with China where it aligns with national interests.
Reeves and Prime Minister Keir Starmer have pledged to accelerate Britain's economic growth while balancing global partnerships amid the evolving geopolitical landscape.