The UK would not be “out of the woods” on tariffs even if it could secure an economic deal with the US, the Chancellor has told MPs. Rachel Reeves told the Commons Treasury Committee that the main impact on the British economy would be from “global tariffs” rather than UK-specific ones,

The UK will be hit by the global impact of US tariffs even if ministers succeed in their mission to secure an exemption for British goods, Chancellor of the Exchequer Rachel Reeves said.

British business minister Jonathan Reynolds said the government was hopeful that any tariffs imposed by U.S. President Donald Trump would be reversed shortly, if the two sides agree a tech-led economic deal.