In a separate article from Reeves’ column on Saturday, the Observer said the finance minister wrote that tariffs introduced by U.S. President Donald Trump will have a “profound” effect on Britain and world economies.
“The Labour party is an internationalist party. We understand the benefits of free and fair trade and collaboration. Now is not the time to turn our backs on the world.”
Britain’s economy returned to growth in February with its fastest expansion in 11 months, beating economists’ expectations and placing it on a slightly firmer footing as it braces for the impact of the tariffs.
Meanwhile, Pamela Coke-Hamilton, the director of the United Nations trade agency, said on Friday that tariffs and countermeasures could have a “catastrophic” impact on developing countries, hitting even harder than foreign aid cuts.
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