Labour minister warns UK entering difficult period as country awaits Trump tariff announcementSource: Times Radio
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00:00Discussions are ongoing in terms of securing a wider economic deal with the US
00:04and this is undoubtedly a challenging period.
00:08A trade war would be in no one's interest, so the approach that we're taking as a government
00:13is one that is calm and pragmatic, we think that's what the British people want, it's what business want
00:17and we're focused on continuing with the negotiations with our US counterparts.
00:21Is there still a possibility then that we will get that negotiation over the line this week
00:25and prevent any really damaging effects?
00:28Our teams are working at pace, they've been working really hard in recent weeks
00:32to put us in the best possible position to secure a deal.
00:36But I think we all recognise this is going to be a difficult period.
00:40But there won't be any knee-jerk reactions from this government,
00:42we will reserve all our options in terms of the responses that are available to us.
00:47But our focus at the moment is on continuing those discussions
00:50and seeking to get a good deal that's in the national interest.
00:52Your colleague David Lammy has said the government is, quote, planning for the worst.
00:57What is the plan B here, because the OBR, the Office for Budget Responsibility,
01:01estimates that even if we don't retaliate, there will be a significant hit to the GDP of this country
01:06and Rachel Reeves is already in a difficult position.
01:09What is the plan B?
01:11Well, the negotiations are still underway at the moment, so you'll appreciate that I don't want to...
01:17If those don't work, what would be the plan B?
01:20Well, as I say, because the negotiations are still underway,
01:23you'll appreciate I don't want to speculate on eventualities.
01:26Our focus at the moment is on those discussions, the negotiation,
01:30and putting us in the strongest possible position to secure a deal.
01:34That work has been going on at pace.
01:36We're well-placed as a nation to reach the kind of economic deal
01:40that would be in our country's interest and right throughout this process.
01:43Everything that will motivate this government is doing what's right by Britain,
01:47by the national interest, for the public and for businesses too.